Icahn accused Marc Andreessen (one of the founding fathers of the Worldwide Web) and Intuit CEO Scott Cook of using their positions on eBay's board to enrich themselves at the expense of eBay shareholders, a charge the company itself vehemently denies.
Then, on Thursday, the founder, chairman, and largest shareholder of eBay, Pierre Omidyar, chimed in, saying in a statement, "Instead of having an honest discussion about a reasonable question, Mr. Icahn has chosen to attack the integrity of two highly respected and qualified board members, Scott Cook and Marc Andreessen."
To top it off, Omidyar also rejected Icahn's call for PayPal to split off from eBay. PayPal accounted for roughly 40% of the company's $16 billion in revenues this past year but it's growing at 19%, far faster than the company's marketplace's growth of 12%.
Chad Morganlander, portfolio manager at Stifel's Washington Crossing Advisors, says Ichan may be right about splitting off PayPal but he thinks eBay is already near its full valuation.
"He does have a point that perhaps they should break up the company," says Morganlander on CNBC's Street Signs' Talking Numbers segment. "But, the problem is that valuations really don't make sense…. Our sum-of-the-parts estimate is around $62 a share. But, from a 19 times [price-to-earnings] multiple and a growth rate of roughly around 12%, we just don't see much juice or much upside from here."
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Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson, disagrees with Morganlander.
"While the sum-of-the-parts may not be compelling, the sum-of-the-charts is extremely compelling," says Ross. "It doesn't get much better than this."
Ross sees the stock as finally breaking out of a sideways countertrend channel that lasted much of 2013. On the longer-term, though, he sees it poised to break above a decade-long head and shoulder pattern with a neckline just about its current price level.
"This stock's got some significant upside above $59," says Ross. "You want to buy it now."
To see the full discussion on eBay with Morganlander on the fundamentals and Ross on the technicals, watch the video above.