eBayweighed on the tech sector Thursday, falling 5% on the departure of its PayPal chief and concern about competition from Google.
PayPal President Jeff Jordan will leave in the fall to spend more time with his family, the company announced. He will be replaced by Skype chief Rajiv Dutta. Skype VP Alex Kazim will take over at Skype.
In a research note, Citigroup analyst Mark Mahaney said eBay may face more competition from Google Checkout than is widely anticipated, and he called Google’s service easier and cheaper. Lehman and CIBC also weighed in with cautionary comments.
Blue chips rose ahead of the Labor Department’s monthly jobs report, with half of the Dow’s gain coming from a 5% jump in shares of Altriaon a favorable court ruling.
The Nasdaq added 2 to 2155, the S&P 500 tacked on 3 to 1274, and the Dow climbed 73 to 11,225. Volume declined to 2 billion shares on the NYSE, and was unchanged at 1.67 billion on the Nasdaq. Advancers led 20-12 on the NYSE, and 16-14 on the Nasdaq. Upside volume was 60% on the NYSE, and 46% on the Nasdaq. New highs-new lows were 80-66 on the NYSE, and 80-60 on the Nasdaq.
Borlandgained 6% after raising guidance.
Openwave, Aladdin Knowledge Systemsand NetScouttumbled on warnings.
Open Textlost 3% after making an offer for Hummingbird.
Applelost 2% on possible iPod competition from Microsoft.