EBay Not Spinning Off PayPal: Sources
EBay's stock got a pop in afternoon trading amid rumors that the online marketplace was planning to spin off its payment service PayPal.
EBay declined to comment on the matter but sources close to the matter said the company has no immediate plans to spin off PayPal.
However, trader Jon Najarian, co-founder of OptionMonster.com, said on CNBC's Fast Money that investors should still keep an eye on eBay.
"Perhaps this was some sort of trial balloon that they tossed up there to see how people would react," Najarian said.
PayPal has been undergoing a reorganization under the company's new president, David Marcus.
Share of eBay traded about three percent higher in afternoon trading Monday. Click here for the latest after-hours quote.