Why have investors dumped all over eBay's stock in the past 18 months? Because the core marketplace business has ground to a halt. PayPal and Skype are still doing well, but the same can't be said for eBay itself.
Collins Stewart analyst Sandeep Aggarwal initiated coverage today with a SELL and included the following summary. We disagree with Sandeep about the stock--with eBay trading at 5X EBITDA and 12X earnings, we think the downside is in the stock--but there's certainly no sign of life in the marketplace business.