Shares of eBay (EBAY) surged Wednesday after Meta Platforms (META) said some listings on the auction site will be included in Facebook Marketplace.
Major U.S. equities indexes were mixed on Wednesday as the minutes from last month's Federal Reserve meeting revealed some uncertainty about the trajectory of inflation and suggested that policymakers will adopt a cautious approach to interest-rate cuts in 2025.
Shares of online marketplace eBay (EBAY 9.51%) jumped to three-year highs on Wednesday thanks to an unlikely collaboration. Meta Platforms (META -0.81%) is facing regulatory pressure in Europe.
Meta said Wednesday that it will allow some Facebook users to view eBay listings on its Marketplace service, as it tries out a possible way to resolve European Union charges of anticompetitive behavior that the bloc leveled last year.
Shares of eBay soared 12% Wednesday as Meta said it will allow some listings to show up on Facebook Marketplace. The rollout will begin with a test in Germany, France and the United States.
Shares of eBay are on track for their largest daily percentage increase since Feb. 1, 2018.
Meta is set to start displaying eBay listings in its own Facebook Marketplace classifieds platform, in an effort to appease European regulators.
Meta Platforms Inc (NASDAQ:META, ETR:FB2A, SWX:FB) has announced plans to trial showing eBay Inc listings on its Facebook Marketplace in order to comply with a landmark European antitrust ruling. Users in Germany, France and the US will see listings from eBay on Facebook and be redirected to the rival platform to complete purchases, Meta said on Wednesday.
Meta said on Wednesday it would launch a test in Germany, France and the United States that will enable buyers to browse listings from eBay on Facebook Marketplace and then complete their transactions on eBay.
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eBay Inc (NASDAQ:EBAY, ETR:EBA) shares shed more than 3% after the online marketplace was downgraded to ‘Underperform' by Jefferies analysts. They also reduced their price target on the stock to $52 from $60, representing $32 per share for the marketplace, $15 for advertising and $5 for outside investments.
Shares of eBay (EBAY) fell after analysts at Jefferies downgraded the auction site Tuesday based on slowing advertising revenue growth.