PayPal's Gain Is eBay’s Pain Midday; Skechers Paints a Pretty Consumer Picture
Published Oct 19, 2018 12:15PM ET
Shares of eBay struggles midday.
Investing.com - It was a tale of have and have-nots in midday trading as PayPal’s results boosted the company’s stock, but hit eBay hard.
PayPal (NASDAQ:PYPL) rose 8% at 12:10 PM ET (16:10 GMT), while eBay Inc (NASDAQ:EBAY) sank about 9%.
Shares of PayPal jumped after the company reported solid earnings after the bell Thursday.
The company also provided bullish numbers on its mission to monetize Venmo.
But the company also said it is seeing softness in business from eBay and shares of the online commerce and auction site tumbled.
Meanwhile, the consumer discretionary sector received a boost from a strong earnings report from Skechers USA Inc (NYSE:SKX), which rose 13%.
The clothing company reported a solid rise in U.S. comparable sales growth, which gave the broader market a little confidence about retail sales. The company also touted its strength in its business in China.
The S&P Consumer Discretionary Sector index was down about 0.2%.
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