Third Point LLC, the hedge fund run by Daniel Loeb that is known for pushing companies to perform better, has taken a "significant" stake in eBay Inc and has had discussions with its chief executive officer, a source familiar with the matter said on Tuesday.Third Point's involvement comes on the same day that eBay, under pressure from billionaire activist Carl Icahn, said it will spin off its PayPal payments unit into a separate, publicly traded company. EBay's share price rose 7.8 percent.Third Point, a closely watched hedge fund with $17 billion in assets, occasionally pushes companies in which it invests to make management or operational changes. Those companies have included Yahoo Inc and Sotheby's. Loeb also pushed for a spinoff at Dow Chemical Co earlier this year.With eBay, Loeb urged the company months after Icahn began loudly calling for eBay to offload PayPal.
Sotheby?s is a global auctioneer of authenticated fine art, decorative art, and jewelry. Shares of BID traded higher by 0.03% or $0.01/share to $36.01. In the past year, the shares have traded as low as $35.00 and as high as $54.00. On average, 973570 shares of BID exchange hands on a given day and today's volume is recorded at 438916.
eBay Inc., is a global technology company. The Company enables commerce through three reportable segments: Marketplaces, Payments, and GSI. Shares of EBAY traded higher by 7.71% or $4.06/share to $56.72. In the past year, the shares have traded as low as $48.06 and as high as $59.70. On average, 12375400 shares of EBAY exchange hands on a given day and today's volume is recorded at 64944440.
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