Yesterday eBay announced their earnings, and while they were wonderful of course (no doubt with much massaged numbers) for the very first time they announced not so rosy expectations for the first quarter.
The stock market did not like this and eBay stock has plunged 20% thus far today.
Even still, eBay's stock price is a joke. It is a company with virtually no assets, save the good will of its users, which is plunging faster than the stock price.
I would like to think today's plunge is also affected by the many store closings, the many announcements by users such as myself that we will soon be leaving eBay altogether, etc, but there is no knowing if this is the case.
I have felt for two years that eBay is an Enron in waiting, but thus far I have never been more wrong, as buyers line up to buy eBay stock at ever more insane prices. But one of these days I may be vindicated. And if it turns out there has been massive massaging of numbers, look for the mother of all class action lawsuits by stockholders.
Bruce
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