AlphaBetaStock.com’s stock to watch today is eBay stock (NASDAQ: EBAY). The online trading platform continues to be in the volatile corridor, trading down this morning at $34.00. Recently eBay announced the completion of a deal to sell Viagogo’s StubHub service for USD 4.05B.
The main reason I see eBay stock as one to watch is because of the coronavirus. With people staying home, all online retailers will see increases in sales. Although Amazon stock (AMZ) is likely to see the most significant surge, eBay is likely to close second, and the stock is at a better price than Amazon. Also, the business model of eBay is more friendly for people to sell used or odd items than Amazon.
EBay reported on the results for 2019 and revenue amounted to $10.8B, which is 1% higher than a year earlier. The company’s GMV amounted to F90.2B, down by 5%. GAAP and Non-GAAP operating margins were 21.5% and 28.2%, respectively. The repurchase of ordinary shares amounted to 5 billion units. EBay’s board of directors also decided on the number of quarterly dividends, which will amount to $0.16 per share, which is 14% higher than the previous dividend.
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Looking at a weekly chart of eBay stock, a head and shoulders reversal pattern has almost completed its formation. If the pattern is implemented according to the classical scenario, the stock price can reach a level of 27.00. The range of EMA fluctuations on the Alligator indicator is narrowed, and the AO histogram has almost reached zero.
Resistance levels: 38.00, 42.00.
Support levels: 33.00, 27.00.
eBay Wall Street Stock Price Recommendations
Neutral → Outperform
$34 → $38
$40 → $38
Equal Weight → Underweight
$45 → $32
Hold → Underperform
$45 → $42
Outperform → Mkt Perform
Buy → Hold
$46 → $42
Outperform → Market Perform
Buy → Neutral
$43 → $45
The Benchmark Company
$42 → $45
The Benchmark Company
$41 → $42
$33 → $43
$35 → $39
$42 → $41
$34 → $38
Buy → Neutral
$44 → $40
Overweight → Equal-Weight
Stock Market Today –
The market is currently experiencing significant volatility. In days like today, there is a chance that exchanges place a halt on trading for some or all securities.
Key points today:
Futures Trade Limit Down in the Overnight Session
Fed Cuts Rates 100 Basis Points and Increases Bond Purchases…
…As IEF Tests Support at a Key Breakout Level
Foreign Markets Trade Lower on Monday…
…Despite Coordinated Central Banks Easings Around the Globe
Crude Oil Prices
The last time the price of Brent crude oil was trading at the current level in January 2016. The decline in demand amid the spread of coronavirus and the price war continues to exert intense pressure on the hydrocarbon market.
An emergency cut in the Fed key rate has not yet become a measure to gain more control over the situation. The US regulator is trying to limit the global decline in economic activity due to the spread of coronavirus. Soon, the Fed will begin to implement a quantitative easing program and additional anti-crisis measures to maintain the economy. In any case, economic activity will not recover until the end of the pandemic, and therefore, highly likely, the oil will continue to fall.
On Friday, US President Donald Trump announced his intention to take advantage of the low oil prices and buy up a large amount of it to replenish strategic reserves. It is worth noting the problematic situation for American companies producing shale oil: at the current price of “black gold,” they cannot survive without the help of the state.
Evidence-based financial writer with 9 years of experience specializing in earnings, economic data coverage, and bond markets. I combine fundamentals, technicals, and macro to identify low-risk, asymmetric opportunities.
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