EBay's stock soar to record high on heavy volume
Shares of EBay Inc. soared 11% to a record high in active afternoon trade Thursday, in the wake of the e-commerce company's second-quarter results. Volume topped 30 million shares about two hours before the close, which was nearly triple the full-day average. EBay reported late Wednesday earnings and revenue that beat expectations and increased its stock buyback program. The stock reached an all-time intraday high of $30.31 earlier in the session, above the previous record of $29.82 on Dec. 1, 2015. EBay's stock has now climbed 16% since it completed the spinoff of PayPal Holdings Inc. on July 6, 2015. PayPay shares have climbed 8.4% over the same time, while the S&P 500 has gained 4.5%.
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