eBay Inc (EBAY) Brings Back Money to America

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eBay Inc (EBAY) Brings Back Money to America

Ebay Inc. (NASDAQ:EBAY) is a San Jose, California based American multinational Internet consumer-to-consumer corporation, containing more than  128 million active users around the globe. It is one of the world’s biggest online marketplaces, where almost anyone can buy and sell practically anything via any connected device. With more than 500 million items listed on its website, eBay connects a varied community of individual buyers and sellers, as well as many small businesses.

On April 29, eBay Inc (NASDAQ:EBAY) disclosed that it is obtaining a $3 billion tax charge to move $9 billion of its foreign proceeds into the United States. John Donahoe, eBay’s Chief Executive Officer, explains that the move “simply gives [them] greater financial flexibility.” Although eBay reported first-quarter profits above predictions, the tax charge and feeble perspective for the current quarter sent the company’s shares tumbling down.

As a result, there are rumors circulating that eBay is planning an acquisition. Robert Swan, eBay’s Chief Financial Officer, noted that “historically, [the company] has planned to use overseas profits for overseas purposes. What’s changed is the opportunities in the U.S.—while [eBay] ha[s] a strong balance sheet and [its] cash balance continues to grow—the opportunities in the U.S. are even bigger.”

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Shares of eBay Inc (NASDAQ:EBAY) opened at $51.95 on Wednesday, April 30. The company has a 1-year high of $59.70 and a 1-year low of $48.06. The stock’s daily moving average is $51.64 and has a 50-day moving average of