eBay Beats, But Traders Want More

By Paul Shread | July 24, 2003
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eBay beat earnings and revenue estimates after the close on Thursday, but the stock fell 5 points after hours because traders wanted more.

Pro forma earnings of 37 cents a share beat analyst estimates by 2 cents, and revenues rose more than 90% to $509.3 million, $5 million ahead of estimates. eBay also raised full-year guidance to $1.47 a share - a penny higher than estimates - but the company's full-year revenue outlook of $2.075 billion was less than $2.086 billion estimates. eBay also announced a 2-for-1 stock split.

Also in the after hours session, Priceline beat estimates and raised guidance; VeriSign matched estimates; Nortel , JDS Uniphase and Gateway missed revenue estimates; and KLA-Tencor warned.

During the day, stocks gave up strong gains on better than expected weekly jobless claims to close sharply lower on reports of heavy futures selling and terrorism concerns.

The Nasdaq fell 17 to 1701, the S&P 500 lost 7 to 981, and the Dow dropped 81 to 9112. Volume rose to 1.56 billion shares on the NYSE, and 1.91 billion on the Nasdaq. Decliners led 16-15 on the NYSE, and 16-15 on the Nasdaq. Downside volume was 57% on the NYSE, and 59% on the Nasdaq. New highs-new lows were 174-16 on the NYSE, and 273-7 on the Nasdaq.

Earnings reports were a mixed bag once again.

Symantec , Computer Associates , Veritas and Sina surged on their earnings reports.

Overture and Qualcomm rose after beating estimates, but EDS , RealNetworks , NetIQ and Netscreen plunged on their reports.

Intel weighed on chip stocks on a report that it may delay capital spending.

And iPass had a successful IPO.

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