Shares of online auctioneer eBay jumped in Tuesday’s session after a Bear Stearns analyst raised his first-quarter revenue estimate for the company due to increasing conversion rates and rising average selling prices.
On a day of gains for the broader market, eBay shares rose 80 cents, or 2.4 percent, to close at $33.80 on the Nasdaq Stock Market. During the past year, the stock has traded between $22.83 and $40.82.
Bear Stearns analyst Robert S. Peck increased his revenue estimate for the company’s first quarter of fiscal 2007 to $1.74 billion from $1.71 billion Tuesday, which he noted was $15 million higher than the high end of the company’s estimate of $1.72 billion.
EBay gains after analyst ups estimates
Blogged with Flock
No comments yet.