eBay Inc. operates marketplace platforms that connect buyers and sellers in the United States, the United Kingdom, China, Germany, and internationally. Its platforms include the online marketplace at ebay.com, off-platform businesses, and the eBay suite of mobile apps, enabling users to list, sell, buy, and pay for various products. The company was founded in 1995 and is headquartered in San Jose, California.
GameStop's eBay stake grows, but takeover bid fades
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GameStop may drop its $56B eBay bid GameStop CEO Ryan Cohen is considering withdrawing his $56 billion buyout offer for eBay, possibly seeking a partnership or joint venture instead. Without a takeover bid, eBay loses the buyout premium that had lifted its stock, so the shares could fall back toward where they traded before the offer.
This is the key new event that removes the takeover premium supporting eBay's price.
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eBay buys Etsy's Depop, expanding its marketplace eBay acquired Depop from Etsy, adding a popular secondhand fashion marketplace to its portfolio. This grows eBay's reach in resale and could boost long-term revenue and user growth, a positive for the stock even though the price paid wasn't disclosed.
This is a new strategic acquisition that directly affects eBay's business and growth outlook.
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GameStop's $4.9B eBay stake signals confidence GameStop disclosed it owns about 43.4 million eBay shares worth roughly $4.9 billion, making it eBay's second-largest shareholder. That large, committed stake shows strong outside belief in eBay's value and could support the stock by reducing the number of shares available to trade.
This new disclosure highlights a major shareholder's confidence and potential support for eBay's stock.
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Cohen buys more GameStop stock, not eBay Ryan Cohen spent $26.4 million buying more GameStop shares, raising his personal stake past 40 million shares. This suggests his focus is shifting back to GameStop rather than pursuing eBay, making it less likely he'll raise his eBay offer and weakening the takeover premium in eBay's stock.
This new insider buying shows Cohen's priorities may be moving away from an eBay deal.
Q3 2026
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eBay's UK fee-free bet and GameStop stake drove a 52% surge
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UK fee-free experiment sparks 52% stock surge eBay's UK experiment to drop selling fees drove a 52% stock surge, showing investors that fee cuts can boost buyer and seller activity and revive growth.
This was the single biggest positive price driver in the quarter.
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Q2 revenue up 15%, net income up 51% eBay reported Q2 revenue of $3.13B, up 15%, and net income up 51%, giving investors concrete evidence that the business was accelerating, not just cutting costs.
Strong financial results directly supported the stock's rise.
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GameStop's $4.9B stake and UK approval of Depop GameStop's roughly $4.9B, 43.4-million-share stake signaled outside confidence, while UK regulators cleared the $1.2B Depop acquisition, removing a key deal risk.
Both events added confidence and removed uncertainty for investors.
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GameStop bid uncertainty, Meta threat, downgrade, Icahn push GameStop's $125-per-share hostile bid created board uncertainty and could be withdrawn, Meta's Seller app threatens high-margin sellers, Wells Fargo downgraded eBay over Depop's 2027 earnings drag, and Carl Icahn is pushing for a PayPal spin-off and board seats.
These risks capped gains and could erase the takeover premium.
News & notes movingEBAY
United States
EBAY
Bernstein: US e-commerce growth tops forecast at 10% as Shopify and Walmart gain share
US e-commerce growth has run at about 10% year-on-year through the first three quarters of 2026, beating Bernstein's 8% forecast made at the start of the year, the broker said. Bernstein estimates third-quarter growth at about 8.4%, with second and third quarter growth combined at about 10.4% after adjusting for the timing of Prime Day, while first-quarter growth was 9.7%. The broker pointed to better digital advertising, resilient consumer spending and less aggressive competition from online retailers such as Temu and Shein, and sees the advertising improvement as a potentially lasting tailwind. The top 14 US e-commerce platforms accounted for about 82% of gross merchandise value in the second quarter, up roughly 3 percentage points from a year earlier, with Shopify's share rising to 14.2% from 13.2%, Walmart's to 8.7% from 7.8% and Amazon's to 42.9% from 42.3%. Bernstein estimates second-quarter growth of 52% for Carvana, 25% for Walmart, 24% for eBay and 21% for Shopify, against 14% for Amazon and 12% for the overall market, and rates Amazon, Shopify and Wayfair outperform while eBay and Etsy are rated market perform.
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Cloud & Digital Infrastructure
Amazon launches Global Warehousing and Distribution for eight-country shipping
Amazon said Thursday that sellers will be able to ship one manufacturing run to a single Amazon-operated facility near their factory and reach customers in eight countries from that inbound shipment. The service, Global Warehousing and Distribution (GWD), connects to the U.S. today and adds seven more countries by the end of the year: the U.K., Japan, Germany, France, Italy, Spain, and Canada. Once all eight are connected, storage costs will run up to 45% lower than Amazon Warehousing and Distribution (AWD) in the U.S., and replenishment into Fulfillment by Amazon (FBA) will be up to five days faster, the company said. Only 30% of Amazon's selling partners list in more than one country, according to the company, and those that do earn 70% more revenue on average than sellers in just one. Separately, Amazon said its first version of multichannel selling tools lets sellers connect eBay, Shopify, TikTok, and Walmart accounts to Seller Central, rolling out gradually to U.S. sellers over the coming months at no additional cost.
Cloud & Digital Infrastructure › Mega-cap Hyperscalers ▲Demand
AMZN · Demand · Positive Amazon launches Global Warehousing and Distribution, a new service that lets sellers reach eight countries from one inbound shipment, expanding its logistics offering to attract and grow seller demand.
EBAY · Competition · Neutral eBay is named as one of the marketplaces Amazon's new multichannel selling tools will connect to Seller Central, a passing mention with unclear net impact.
SHOP · Competition · Neutral Shopify is named as one of the platforms Amazon's multichannel selling tools will connect to Seller Central, a passing mention with unclear net impact.
WMT · Competition · Neutral Walmart is named as one of the marketplaces Amazon's multichannel selling tools will connect to Seller Central, a passing mention with unclear net impact.
ByteDance · Competition · Neutral ByteDance's TikTok is named as one of the platforms Amazon's multichannel selling tools will connect to Seller Central, a passing mention with unclear net impact.
GameStop Discloses $4.9B eBay Stake as $1.9B Warrants Near October 30 Expiry
GameStop's second-quarter 8-K, filed September 8, 2026, disclosed approximately 43.4 million shares of eBay common stock valued at approximately $4.9 billion and referenced a proposed acquisition of eBay in its risk factors. The filing reported cash and equivalents of $4.85 billion, down 41.8% year over year, alongside roughly $2.8 billion in long-term convertible debt following a post-quarter retirement. Operating income reached $160.2 million, up 141.27% year over year, with gross margin of 43.7% versus 29.1%, while GAAP net income of $298.7 million was flattered by a $166.3 million gain on a derivative asset and a $72.1 million unrealized gain on the equity investment. Approximately 59 million warrants carrying a $32.00 exercise price and capable of raising up to approximately $1.9 billion if fully exercised expire October 30, 2026, with GameStop trading at $22.76, well below the strike. Chair and CEO Ryan Cohen held no call and issued no guidance, and the company raised its full-year adjusted EBITDA outlook to more than $650 million from more than $600 million.
GME · Capital · Neutral GameStop's 8-K showed strong operating income and margin gains and a raised EBITDA outlook, but cash fell 41.8% and net income was flattered by derivative and equity-investment gains.
EBAY · Capital · Positive GameStop disclosed a ~$4.9B stake in eBay and referenced a proposed acquisition of eBay in its risk factors, signaling takeover interest.
GameStop CEO Ryan Cohen Buys $26.4 Million of GME Stock
GameStop CEO Ryan Cohen purchased 1,150,680 shares of GameStop Class A common stock on Monday, spending roughly $26.4 million and pushing his total stake past 40 million shares, according to a Form 4 filed with the Securities and Exchange Commission. The weighted average price across Cohen's transactions was $22.9375 per share, with execution prices ranging from $22.76 to $23.02, and his direct holdings now stand at 40,498,522 shares. No Rule 10b5-1 designation appears on the filing, indicating Cohen did not execute the purchase through a pre-scheduled trading plan. The buy continues a stretch of insider accumulation: Cohen purchased one million shares on Sept. 10 at an average price near $20.38, and three GameStop directors — Lawrence Cheng, James Grube, and Alain Attal — also bought shares that same week, with Monday's per-share cost representing a premium of more than 12% over what Cohen paid just 11 days earlier. Cohen has been pursuing a major acquisition while building his personal stake, having put forward a non-binding proposal to acquire all of eBay's outstanding shares at $125 apiece, split evenly between cash and GameStop stock, valuing eBay's equity at roughly $55.5 billion; eBay's board rejected the offer, calling it "neither credible nor attractive," and Cohen has more recently considered withdrawing the takeover bid in favor of a partnership or joint venture with eBay. In July, GameStop disclosed it had increased its eBay stake to 9.75%, making it eBay's second-largest shareholder behind Vanguard Group funds, and at GameStop's current market cap of roughly $10.2 billion, Cohen's direct stake represents approximately 9% of the company.
GME · Capital · Positive CEO Ryan Cohen bought 1,150,680 GME shares for ~$26.4 million, pushing his direct stake past 40 million shares.
EBAY · Capital · Negative GameStop's Cohen proposed a $125/share cash-and-stock takeover of eBay, which eBay's board rejected as 'neither credible nor attractive,' and he may withdraw the bid.
GameStop Q2 Net Income Rises to $298.7 Million as Collectibles Reach 45.1% of Sales
GameStop Corp. reported second-quarter net income of $298.7 million, up from $168.6 million a year earlier, even as revenue fell to $790.2 million from $972.2 million, according to a Wall Street Journal report on September 8, 2026. The video-game retailer raised its full-year adjusted EBITDA outlook to more than $650 million from a prior target of more than $600 million. Collectibles revenue jumped 57% year over year to about $356.3 million, now representing 45.1% of total sales and helping push gross margin to 43.7% from 29.1% a year earlier. Adjusted EBITDA rose to roughly $174 million from $75.7 million, and operating income reached $160.2 million, the highest for any second quarter in company history. The quarter's net income was boosted by approximately $238 million in net gains related to GameStop's equity stake in eBay, while a roughly $75 million loss on digital assets and related receivables showed the swing from its investment portfolio. Video-game revenue fell to about $263.2 million from $494.6 million a year earlier, and the company retired approximately $1.4 billion of convertible notes, reducing long-term debt to about $2.8 billion.
eBay Bans Airbag and Inflator Listings After Counterfeit Parts Exposed
eBay has banned listings for airbags and airbag inflators after counterfeit and unsafe parts were exposed on its marketplace. The company is removing existing airbag-related listings and blocking new ones as part of tighter automotive safety controls, following media scrutiny over potentially dangerous counterfeit airbags sold through third-party sellers. eBay operates marketplace platforms across the US, UK, China, Germany and other regions, and carries a market cap of $48.5b, so the policy shift affects cross-border parts transactions for both casual buyers and professional sellers. The ban removes a slice of automotive parts volume but also trims exposure to accidents, liability disputes and potential refunds tied to unsafe products. Investors will watch how eBay reports any impact on gross merchandise volume and transaction losses in its next few quarterly updates.
GameStop Amends Debt Exchange, Retires $1.4 Billion in Notes
GameStop announced it has amended agreements with certain noteholders to exchange and cancel about $1.40 billion of its convertible notes due 2030 and 2032, a move that retires significant debt while increasing share dilution. Under the revised terms, noteholders will receive approximately 55.5 million GameStop shares and $358.40 million in cash, funded from existing cash reserves, instead of the original all-stock settlement. The company, which has a market capitalization of $8.25 billion, reported a 14% year-over-year revenue increase to $835.30 million for the quarter ended May 2, driven by a 65% surge in collectibles revenue to $348.90 million, now its largest segment. Net income soared 769.6% to $389.60 million, boosted by $268.40 million in unrealized gains on derivative assets tied to eBay. For the second quarter ended Aug. 1, GameStop expects net sales between $780 million and $800 million, down from $972.20 million a year earlier, but projects operating income of $150 million to $170 million and net income of $290 million to $310 million, including about $238 million in gains from its eBay investment. The company also converted its eBay derivative position into a direct stake of approximately 43.4 million shares, valued at about $4.95 billion, as of Aug. 1.
GameStop enters its Sept. 8 earnings report with a profit surge driven more by its investment portfolio than its video game stores. Preliminary results show fiscal second-quarter net income of $290 million to $310 million, up from $168.6 million a year earlier, but roughly $238 million in net gains came from GameStop's equity stake and derivative positions in eBay, partly offset by a $75 million loss on digital assets. As of Aug. 1, GameStop owned 43.4 million eBay shares valued at $4.95 billion, making eBay's stock performance a major earnings driver. Meanwhile, quarterly sales are expected to fall to between $780 million and $800 million from $972.2 million last year, a decline of roughly 18% to 20%, due to store closures, the sale of French operations, and a difficult comparison with last year's Nintendo Switch 2 launch. Operating income is expected to reach $150 million to $170 million, up from $66.4 million, but investors must separate sustainable operating improvement from market gains that could reverse if eBay shares weaken. GameStop ended the first quarter with $8.4 billion in cash and marketable holdings, authorized a $2 billion buyback program through June 2029, and used $358.4 million in cash and stock to exchange convertible notes.
GameStop shares rose after the company released preliminary second-quarter results showing profits well above expectations, driven by a conversion of its derivative position in eBay into shares. The gaming retailer expects profits between $290 million and $310 million, up from $168 million a year ago, with the eBay conversion alone booking $238 million. GameStop now holds more than 43 million eBay shares worth nearly $5 billion. However, net sales are expected to decline to $780 million to $800 million from $972 million last year, and the company also anticipates a loss on its crypto holdings. The preliminary results were announced alongside an amendment to its $1.4 billion debt-for-stock swap, which fixes the share count. Final results are due on September 8th.
GME · Capital · Positive GameStop's Q2 profit beats estimates due to eBay stake conversion and debt-for-stock swap amendment.
EBAY · Capital · Positive GameStop's conversion of derivative position into eBay shares and holding worth nearly $5 billion is a financial event for eBay, but not central to the news.
GameStop Rises 4% as $358M Cash Payment Caps Dilution
GameStop shares climbed 4% to $18.52 after the company amended its convertible note exchange to fix the total share count and pay part of the consideration in cash, eliminating the dilution overhang. The revised terms give noteholders roughly 55.5 million shares, or 73% of the consideration, and about $358.4 million in cash, or 27%, with no additional shares issuable. The exchange covers approximately $1.4 billion aggregate principal of 0.00% convertible senior notes due 2030 and 2032, and after closing, about $2.8 billion of notes will remain outstanding. GameStop also released preliminary Q2 results showing net income between $290 million and $310 million, boosted by a roughly $238 million gain on its eBay stake, despite net sales falling 20% year over year to $780-$800 million. Meanwhile, Roblox slipped 1% to $38.12, and Take-Two Interactive edged up 0.1% to $235.63 ahead of the Grand Theft Auto VI launch.
eBay Names Renee Paradise Global General Manager of Fashion
eBay has appointed Renee Paradise as global general manager of fashion to lead its worldwide fashion business. The role covers both luxury and non-luxury fashion categories as eBay looks to build out its broader fashion offering. Paradise is expected to work closely with Depop to deepen collaboration and reach more younger, fashion-focused shoppers.
PayPal's Branded Checkout Growth Stalls Despite Rising Total Payment Volume
PayPal's branded checkout segment grew just 2% in the second quarter, dragging down overall transaction margin dollars to a 1% increase even as total payment volume rose 10% year over year to $486 billion. CEO Enrique Lores said on the Q2 2026 earnings call that the company is raising its expectation for online branded checkout to the low-single-digit range for the year. The branded checkout business, which includes PayPal-branded checkout, Pay with Venmo, and eBay, accounted for 28% of PayPal's entire TPV and is its most profitable segment. Competition from Apple Pay, which has an estimated 900 million global users, is pressuring growth. PayPal's stock is down 81% from its 2021 peak as of August 12.
eBay's second quarter results surpassed Wall Street expectations for revenue and non-GAAP profit, yet the stock fell from $111.15 to $106.31. Revenue reached $3.13 billion versus analyst estimates of $3.02 billion, and adjusted EPS was $1.60 versus $1.51. CEO Jamie Iannone highlighted that over 70% of gross merchandise volume came from strategic priorities like collectibles and fashion, each growing more than 20% year-over-year. Analysts probed topics including eBay Live's impact, C2C competition, Depop's U.S. marketing strategy, GMV growth durability, and seller penetration. Management noted eBay Live buyers spend 70% more than non-Live buyers, and CFO Peggy Alford clarified that Motors GMV includes both vehicles and parts.
GameStop's Ryan Cohen Considers Scrapping $56B eBay Takeover for Store Partnership
GameStop CEO Ryan Cohen is reportedly considering withdrawing the company's unsolicited $56 billion bid for eBay and replacing it with a partnership or joint venture. Bloomberg reported on August 10 that Cohen is exploring a more limited approach that would let eBay expand in high-margin areas like trading cards and collectibles using GameStop's roughly 1,600 US retail locations, in exchange for one or two board seats. GameStop shares climbed 1.6% in early trade while eBay shares sank 2.2% following the report. GameStop's initial May offer of $125 per share in cash and stock was rejected by eBay's board as neither credible nor attractive, and GameStop has since built a 9.75% stake in eBay. GameStop has not yet made a final decision, and the potential partnership is only a fraction of the initial bid's ambition.
EBAY · Capital · Negative GameStop considering scrapping $56B takeover for a partnership reduces the likelihood of a premium acquisition, causing eBay shares to fall.
GME · Capital · Positive GameStop's shift to a partnership approach is seen as less costly and more strategic, lifting its shares.
eBay reported second-quarter 2026 results that exceeded consensus expectations, with gross merchandise volume growing 14% year over year to $22.4 billion and revenue also up 14% to $3.13 billion. Non-GAAP operating income rose 16% to $893 million, and non-GAAP earnings per share increased 17% to $1.60. The company completed its acquisition of Depop for $1.4 billion in cash, reflecting the purchase price of $1.2 billion and approximately $200 million of net purchase price adjustments. Strategic priorities including focused categories, consumer-to-consumer, and recommerce each grew over 20% and now represent more than 70% of total GMV. eBay raised its full-year GMV growth outlook to between 11.5% and 12.5% on an FX-neutral basis, while expecting Depop to be roughly a 2-percentage-point headwind to consolidated non-GAAP operating income growth.
Etsy tops revenue, sells Depop to eBay, and launches $2 billion buyback
Etsy reported second-quarter 2026 revenue that exceeded expectations, announced job cuts, sold its Depop subsidiary to eBay, and authorized a new US$2 billion share repurchase program. The stock has risen 38.8% year to date, with a one-year total shareholder return of 19.5%, though the five-year return remains materially lower. Etsy closed at $79.48, slightly above a widely followed fair value estimate of $76.33, while a Simply Wall St discounted cash flow model suggests a fair value of $156.94 per share. The company faces ongoing pressure from higher marketing spend and softer buyer metrics that could challenge growth and margin assumptions.
Berkshire Hathaway beats Q2 estimates, accelerates buybacks and equity purchases
Berkshire Hathaway posted second-quarter operating earnings per Class B share of $6.03, easily beating the $5.13 consensus forecast, and accelerated capital deployment with a $4.5 billion share buyback—its largest since 2021—and nearly $22 billion in equity purchases, including a new $10 billion stake in Google parent Alphabet. The conglomerate's cash pile slipped to $365.5 billion from $397.4 billion at the end of the first quarter, marking a shift from the prior nine months when it was a net seller of equities. In other corporate news, Barrick Mining reached an agreement with Newmont over their Nevada Gold Mines joint venture, resolving all outstanding conflicts and clearing the path for Barrick to list its North American assets in New York, with Newmont making a one-time payment of $1.95 billion to Barrick; however, Barrick shares fell 5.8% pre-market after missing second-quarter adjusted earnings expectations. Archer Aviation announced it will acquire Boeing's Wisk Aero, SkyGrid, and Insitu subsidiaries for an undisclosed sum, sending its shares up 12.5% in premarket trading. GameStop CEO Ryan Cohen is reportedly considering withdrawing his $56 billion buyout offer for eBay to propose a partnership or joint venture instead, according to Bloomberg.
eBay CEO Jamie Iannone sells 22,220 shares for $2.4 million under pre-set trading plan
eBay President and CEO Jamie Iannone sold 22,220 shares of common stock at a weighted average price of $109.03 per share on August 5 and 6, 2026, for a total transaction value of $2.4 million. The sale was executed under a Rule 10b5-1 trading plan adopted on November 20, 2025, and does not reflect a change in his outlook on the company. Following the transaction, Iannone retains 460,158 total shares, consisting of 242,101 directly held shares and 218,057 indirectly held through grantor retained annuity trusts, with a combined market value of $50.68 million based on the August 6 closing price of $110.14. eBay shares have returned 19% over the past year, and the company recently reported second-quarter revenue of $3.1 billion, up 15% year-over-year, with diluted earnings per share rising to $1.60 from $1.36.
Carl Icahn Demands eBay Board Overhaul and PayPal Spin-Off
Activist investor Carl Icahn has launched a campaign targeting eBay, demanding a spin-off of PayPal and major board changes. In a letter dated August 6, 2026, Icahn alleges conflicts of interest involving directors Scott Cook and Marc Andreessen, and questions the board's handling of the 2009 Skype sale. He is seeking two board seats and access to books and records related to that transaction. eBay founder Pierre Omidyar has rejected the claims and backed the current directors. The pressure comes as eBay recently reported second-quarter 2026 results, issued third-quarter guidance, and confirmed its regular dividend.
eBay is making a bigger push into live shopping after seeing record results. During its second-quarter earnings call, the company said eBay Live's gross merchandise volume jumped about 8 times year-over-year across seven markets, with increases in viewers, watch time, and items sold. Over 90% of sellers who stream regularly have seen their GMV grow, and those who use Live sell about three times more than those who don't. First-time shoppers in the collectibles category spend around 70% more than non-Live counterparts. eBay plans to expand Live to more international markets and recently moved to self-service onboarding for eligible sellers in over 300 categories.
eBay's Third-Quarter Revenue Outlook Tops Estimates
eBay, the major U.S. e-commerce company, issued a third-quarter revenue outlook of 3.07 billion to 3.12 billion dollars, exceeding the average analyst estimate of 2.97 billion dollars compiled by LSEG. The company is benefiting from efforts to attract customers purchasing high-value items by strengthening its authenticated luxury goods, collectibles, and refurbished products businesses. In its second-quarter results, gross merchandise volume rose 15 percent year-on-year to 22.4 billion dollars, and revenue came in at 3.13 billion dollars, beating the market forecast of 3.02 billion dollars.
eBay Shares Drop 6.7% on Depop Cost Concerns and Analyst Downgrades Ahead of Q2 Earnings
eBay shares fell 6.7% after multiple analyst downgrades ahead of its August 5 second-quarter 2026 earnings release, driven by concerns over rising marketing costs tied to the newly closed US$1.40 billion Depop acquisition and intensifying competition in U.S. recommerce. The recent analyst downgrades and share pullback look material for near term sentiment and expectations. The Depop deal directly links to worries that eBay will need higher marketing and product spend to defend share against platforms like Vinted, potentially diluting profits in the near term. At the same time, eBay is advancing AI-enabled tools, eBay Live monetization, and Australia's new Extended Bidding auction format to improve engagement and transaction quality. The company's narrative projects $13.4 billion revenue and $2.5 billion earnings by 2029, requiring 4.9% yearly revenue growth and a $0.5 billion earnings increase from $2.0 billion today.
GameStop Drops 6%, AMC Rallies 6% in Meme Stock Divergence
GameStop shares fell 6% while AMC Entertainment rose 6% on Monday, marking a sharp divergence in the meme-stock cohort. GameStop declined after agreeing to exchange approximately $1.4 billion of its convertible senior notes for new Class A common stock, a dilutive move that increases the share count without generating cash proceeds. AMC rallied on the back of a record weekend, driven by the opening of Spider-Man: Brand New Day, which grossed about $355 million domestically and $927 million globally, the second-highest opening weekend ever. BlackBerry shares slipped 1% with no company-specific catalyst, underscoring the split from the group's past tendency to move together on sentiment. GameStop CEO Ryan Cohen has forgone his pay package to focus on a rejected takeover bid for eBay, in which GameStop holds a 9.8% stake.
Alibaba, Bristol-Myers Squibb, and eBay lead premarket movers
Several stocks made notable premarket moves on Monday. U.S.-listed shares of Alibaba gained 4% after the company unveiled its new Qwen3.8-Max AI model, one of the most powerful in its portfolio, set for official release next week. Bristol-Myers Squibb jumped more than 5% while AstraZeneca fell more than 4% following a Financial Times report that the two pharmaceutical companies were in merger talks. eBay tumbled more than 3% after Wells Fargo downgraded the stock to underweight from equal weight, citing that the acquisition of Depop will lead to weaker earnings in fiscal year 2027 and potentially increased marketing spend. Ferguson Enterprises rose nearly 8% on news it will join the S&P 500, replacing Electronic Arts before the opening bell on Wednesday. ArcelorMittal was up more than 2% after announcing a deepened technology partnership with Microsoft, whose Azure platform will modernize the steelmaker's systems. Memory stocks were broadly lower, with SanDisk and Micron Technology down more than 3% and Seagate Technology off 2.5%. Circle Internet Group declined 5% after Morgan Stanley downgraded the stablecoin issuer to underweight, pointing to tactical and structural headwinds including a weaker outlook for USDC in circulation in 2027.
Etsy completes sale of Depop to eBay for approximately $1.4 billion
Etsy has completed the sale of its fashion resale marketplace Depop to eBay for approximately $1.4 billion in cash. The purchase price was $1.2 billion plus $200 million of net purchase price adjustments and interest, with net cash proceeds subject to further post-closing adjustments. Etsy plans to use the proceeds for general corporate purposes, including accelerating its share repurchase program as outlined in its April 29th Shareholder Letter. CEO Kruti Patel Goyal said the divestiture allows Etsy to focus exclusively on driving sustainable long-term growth for the Etsy marketplace.
eBay agrees $55.7m settlement over Steiner cyberstalking campaign
eBay and several former executives have agreed to pay $55.7m to settle a civil lawsuit brought by Ina and David Steiner over a 2019 harassment campaign. The Steiners, operators of the EcommerceBytes news site, were targeted by former eBay employees in what their lawyers described as a terror campaign intended to stop their reporting. Under the settlement, the Steiners will receive $48.7m in total compensation, with eBay paying $46.15m, former chief executive Devin Wenig paying $2m, former executive Wendy Jones paying $500,000, and former executive Steve Wymer paying $50,000. eBay has also agreed to provide $6m in charitable donations to non-profit groups, and Wenig will make a separate $1m donation to an organisation that supports First Amendment rights in Ina Steiner's name. The agreement does not include a confidentiality clause, allowing the Steiners to speak publicly about the case.
Meta launches Facebook Marketplace Seller app, challenging eBay's professional seller base
Meta has launched a dedicated Seller app for Facebook Marketplace aimed at professional sellers, introducing fresh competitive pressure on eBay's marketplace model. The app focuses on enhanced seller tools and potentially lower fees, directly targeting the high-margin seller segment central to eBay's business. eBay's stock trades at $109.39, with a 25.6% return year to date and a 36.1% return over the past year, alongside a very large three-year gain of around 7x and a 75.0% return over five years. The launch raises questions about seller loyalty, fee structures, and platform tools that could influence the mix of high-value sellers on eBay's platform. Investors may watch for shifts in seller activity, management commentary on competitive pressure, and any changes in eBay's take rates or service offering as signals of how this new rivalry unfolds.
EBAY · Competition · Negative Meta's new Seller app for Facebook Marketplace directly targets eBay's professional seller base with enhanced tools and potentially lower fees, increasing competitive pressure on eBay's marketplace model.
META · Competition · Positive Meta launches a dedicated Seller app for Facebook Marketplace, challenging eBay and potentially attracting professional sellers to its platform.
eBay Stock Shows Split Valuation After 156% Three-Year Gain
eBay stock has returned 156.1% over the past three years, but its valuation picture is split. A Discounted Cash Flow model using last twelve month free cash flow of about $1.7 billion and a two-stage framework estimates intrinsic value at about $152.88 per share, implying the stock is around 28.4% undervalued. In contrast, the price-to-earnings ratio stands at about 24.2 times, above a tailored fair P/E of roughly 19.5 times, suggesting overvaluation on that metric. The mixed picture is further complicated by GameStop's increased stake and ongoing takeover push, which introduce deal uncertainty.
EBAY · Capital · Neutral DCF model suggests 28.4% undervaluation, but P/E ratio indicates overvaluation; mixed signals.
GME · Capital · Neutral GameStop's increased stake and takeover push introduce deal uncertainty, but impact on GameStop itself is not directly assessed.
eBay returned $20 billion to shareholders over five years while its stock trailed the S&P 500
eBay returned about $20 billion to shareholders over the past five years through $17 billion in share repurchases and $2.6 billion in dividends, a sum equal to roughly 41% of its current market value. Despite those payouts, the stock’s five-year total return of 75% lagged the S&P 500’s 81% gain, raising questions about whether the cash returns compensated for underperformance. The company generated $11.6 billion in revenue over the last twelve months with a 19.6% operating margin, and management has focused on faster-growing segments like collectibles, fashion, and consumer-to-consumer sales, which now account for about 70% of total gross merchandise volume. In its most recent quarter, gross merchandise volume rose 14% to over $22 billion, but second-quarter guidance points to FX-neutral GMV growth of 8% to 10%, a slowdown that could test the sustainability of future capital returns.
Intel, Amkor rise on AI optimism while eBay slips on Meta competition
U.S. stock futures edged higher on Friday, recovering from a broad selloff, as upbeat corporate earnings and AI-related announcements offset geopolitical concerns. Intel surged 6% in premarket trading after forecasting third-quarter revenue above Wall Street expectations and raising its 2026 capital expenditure plan to $20 billion from $18 billion, reflecting growing adoption of its data center CPUs for AI infrastructure. Amkor Technology jumped 10.8% after announcing a $1.5 billion multi-year strategic partnership with Nvidia to expand advanced semiconductor packaging capacity in the United States. Verizon Communications gained 2.2% after the telecom company reported second-quarter earnings, extending its track record of consistently outperforming Wall Street expectations. eBay slipped 3.7% as Meta Platforms launched a dedicated Seller app for Facebook Marketplace, fueling concerns about competition for eBay's core seller base.
AMKR · Demand · Positive Amkor announced a $1.5B partnership with Nvidia to expand advanced packaging capacity, boosting AI-related demand.
EBAY · Competition · Negative Meta launched a Seller app for Facebook Marketplace, threatening eBay's core seller base.
INTC · Demand · Positive Intel forecast Q3 revenue above expectations and raised 2026 capex to $20B, citing growing adoption of its data center CPUs for AI.
VZ · Capital · Positive Verizon reported Q2 earnings that beat Wall Street expectations.
META · Competition · Positive Meta launched a Seller app for Facebook Marketplace, which is positive for Meta as it competes with eBay.
NVDA · Demand · Positive Nvidia partnered with Amkor for advanced packaging capacity, supporting its AI chip supply chain.
GameStop builds 9.8% eBay stake after rejected bid
GameStop disclosed it owns 43.4 million eBay shares, representing a 9.8% stake in the e-commerce company, a significant increase from the roughly 5% economic stake it held in early May when CEO Ryan Cohen offered to buy eBay for about $56 billion. The videogame retailer converted that exposure into common stock over recent weeks, buying 3.5 million shares for about $381 million last month and settling 39 million shares from put/call pairs on Friday. In an interview with Bloomberg Television, Cohen reiterated his intent, saying "we're coming for eBay one way or another," but declined to say whether he would raise his offer. eBay's board rejected the cash-and-stock bid as neither credible nor attractive, and financing remains a key question, relying on a non-binding commitment letter from TD Securities for up to $20 billion in debt contingent on an investment-grade rating.
EBAY · Capital · Negative GameStop builds 9.8% stake and reiterates intent to acquire eBay, but board rejected bid as not credible and financing is uncertain
GME · Capital · Positive GameStop increases eBay stake to 9.8% and CEO reiterates intent to acquire, signaling aggressive M&A strategy
TD · Capital · Neutral TD Securities provided non-binding commitment letter for up to $20 billion in debt financing for GameStop's bid, contingent on investment-grade rating
The UK Competition and Markets Authority has cleared eBay's acquisition of Depop from Etsy. The approval allows Etsy to proceed with the divestment of the fashion resale app, narrowing its focus back to its core marketplace for unique and handcrafted goods. The decision signals a shift in Etsy's business mix and raises questions about how the company will deploy the sale proceeds, including potential reinvestment, debt reduction, or shareholder returns. Etsy's stock recently showed a 30-day return of 15.5% amid the Depop clearance news.
ETSY · Capital · Positive Clearance allows Etsy to proceed with divestment, narrowing focus and raising potential for reinvestment or shareholder returns.
EBAY · Regulation · Positive UK CMA clearance removes regulatory hurdle for eBay's acquisition of Depop.
Wedbush skeptical on GameStop's eBay bid as financing gap looms
Wedbush Securities analyst Michael Piccolo expressed skepticism that GameStop's bid for eBay will succeed on current terms. Piccolo noted that eBay trades well below the implied $125 per share offer price, signaling the market assigns low odds to a deal closing, and identified the financing gap as the core obstacle, with GameStop's roughly $9 billion in cash plus a conditional $20 billion TD facility against a target nearly $50 billion in size. He suggested CEO Ryan Cohen's next move is more likely an exchange offer or direct appeal to eBay holders rather than a materially higher price. Piccolo advised GameStop shareholders to stay on the sidelines pending concrete financing details, while viewing eBay as reasonably valued on standalone fundamentals with modest optionality if Cohen sweetens terms, though warning of downside risk if Cohen abandons the pursuit.
GME · Capital · Negative Analyst skeptical of GameStop's eBay bid due to financing gap, advises shareholders to stay on sidelines pending concrete financing details.
EBAY · Capital · Neutral Analyst views eBay as reasonably valued on standalone fundamentals with modest optionality if Cohen sweetens terms, but warns of downside risk if pursuit abandoned.
Etsy to announce second quarter 2026 financial results on August 5
Etsy plans to release its second quarter 2026 financial results after the market closes on Wednesday, August 5, 2026. The company will host a webcast conference call to discuss those results at 8:30 a.m. Eastern Time on Thursday, August 6, 2026, which will be live-streamed via its Investor Relations website. A replay of the webcast will be available starting at 12:00 p.m. Eastern Time that day for at least three months. Etsy also noted that its pending sale of Depop to eBay is now expected to close on July 30, 2026, subject to regulatory approval and other closing conditions.
ETSY · Capital · Neutral Etsy announced its Q2 2026 earnings release date and the pending sale of Depop to eBay; the earnings announcement is routine, and the sale's impact is mixed (divestiture may be positive or negative).
EBAY · Capital · Positive eBay is acquiring Depop from Etsy, which is expected to close on July 30, 2026, subject to regulatory approval.
Depop · Capital · Neutral Depop is being sold to eBay, but as a private company not publicly traded, the impact is ambiguous and not directly applicable.
eBay expands live shopping and invests in AI resale startup Fleek
eBay has expanded its eBay Live livestream shopping platform into the eBay Partner Network affiliate program and invested in AI-powered secondhand fashion startup Fleek. These moves deepen eBay's focus on interactive commerce and recommerce technology, blending social-style shopping with AI-driven resale infrastructure. Fleek's AI engine for grading and pricing secondhand apparel complements eBay's push into authenticated fashion and higher-value resale. The initiatives aim to sustain gross merchandise volume and engagement in collectibles and fashion, though the investment narrative remains balanced by risks such as volatile demand in enthusiast categories and growing competition for younger shoppers.
Fleek · Capital · Positive Fleek receives investment from eBay, providing capital and strategic partnership for its AI-powered secondhand fashion platform.
EBAY · Technology · Positive eBay expands live shopping platform and invests in AI resale startup Fleek, enhancing interactive commerce and recommerce technology.
GameStop shareholders approve expanding authorized Class A shares to 2.5 billion
GameStop shareholders approved an amendment to expand the company's authorized Class A common stock to 2.5 billion shares, giving the retailer more flexibility to use stock as currency in its stalled bid for eBay. The vote came six days after Sony confirmed it will stop manufacturing physical PlayStation game discs in January 2028, accelerating the decline of GameStop's core business. GameStop's non-binding proposal to acquire eBay at $125 per share was rejected by eBay's board in May, with concerns over financing. The company directly owns 4.3 million eBay shares and holds options tied to another 39 million, according to Reuters. GameStop shares closed down 2.46% at roughly $22.20 on Tuesday and slipped further in early Wednesday trading.
eBay’s UK C2C experiment signaled a 52% stock surge
eBay’s stock surged 52% after a successful U.K. experiment that proved its consumer-to-consumer turnaround strategy could drive profitable growth. In late 2024, eBay eliminated most selling fees for casual sellers in the U.K., leading to a double-digit improvement in C2C gross merchandise volume growth versus the pre-launch baseline, which management said outperformed internal expectations. By April 2025, the company confirmed that even after introducing a buyer-facing fee and managed shipping, C2C GMV growth and other key performance indicators remained significantly higher than pre-launch levels, validating the monetization model. Despite these positive signals, options market implied volatility hovered around the 52nd percentile of its one-year range, indicating traders were not pricing in a breakout before the surge occurred.
EBAY · Demand · Positive eBay's UK C2C experiment eliminated selling fees, driving double-digit GMV growth and validating its turnaround strategy.
ETSY · Competition · Negative eBay's successful C2C experiment in the UK could intensify competition for Etsy, which also relies on C2C marketplace model.
GameStop Stockholders Approve Increased Share Authorization for eBay Acquisition
GameStop stockholders approved all proposals at the 2026 Annual Meeting, including an amendment to increase authorized Class A common stock. The amendment passed with 68.7% of votes cast, providing capacity to issue shares for strategic transactions such as the proposed acquisition of eBay. Stockholders also re-elected all five director nominees, approved executive compensation on an advisory basis, and ratified the appointment of the independent auditor. Final voting results will be filed with the SEC on Form 8-K.
GME · Capital · Positive Stockholders approved increased share authorization and other proposals, enabling strategic acquisitions like eBay.
EBAY · Capital · Positive GameStop stockholders approved increased share authorization to facilitate the acquisition of eBay, which is a strategic transaction that could benefit eBay.
GameStop renews eBay pursuit as Ryan Cohen drops performance award and raises targets
GameStop is pursuing a potential acquisition of eBay after an initial rejection, signaling continued interest in expanding beyond its core video game retail business. CEO Ryan Cohen has withdrawn a controversial performance award to emphasize alignment with shareholders and reduce distractions during ongoing talks. The company has raised its financial targets as it renews its push around this potential deal. The stock closed at $22.82, with the share price up 4.9% over the past week and 10.7% year to date, while the 1-year return declined 2.1% and the 5-year return declined 51.7%.
GameStop Stock Looks Undervalued on Earnings But Mixed on Fair Value
GameStop stock appears undervalued on an earnings basis, trading at about 13.4 times earnings compared with the Specialty Retail industry average of roughly 19.6 times and a peer group average of about 26.2 times. However, broader valuation checks score 4 out of 6, pointing to a mixed picture rather than a clear bargain. The market is weighing risks from the shift to digital gaming, including Sony's plan to end physical PlayStation discs, against potential benefits from GameStop's diversification into collectibles and a proposed eBay merger. The key question is whether the current discount compensates for the erosion of its traditional business or represents a mispricing if repositioning efforts gain traction.
GME · Capital · Neutral Stock appears undervalued on earnings but mixed on fair value; risks from digital shift and potential benefits from diversification and eBay merger.
EBAY · Capital · Neutral Mentioned as a proposed merger partner for GameStop, but no details on impact to eBay.
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