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eBay to Get Dropped Back in Attic


Online auction site has been seeing increased competition.

Minyan Morning Memo

One to Watch: eBay (EBAY) announces earnings this afternoon. Until recently the company filled its coffers pawning off Pez dispensers and emptying America's attic, becoming a cultural icon in the process. Then the novelty wore off and user patience wore thin over a fee policy perceived as excessive. With Amazon (AMZN) attacking from on high and Craigslist undercutting from below, eBay is in for tougher times as the CEO moves it beyond the era of Meg Whitman (who has incidentally set her sights on becoming California's next governor; talk about being gluttonous for punishment). Even so, an electronic yard sale will always appeal to a nation of pack rats so don't count it out.

What Just Happened: Conventional wisdom has it that banks are key to any economic recovery, thus poor performance from the regionals yesterday could be a canary in the coal mine. Though Peoria's finest was the Cat (Caterpillar (CAT)) that ate the canary, the construction company's shares gaining seven percent plus on strong earnings in another up day for equities. The Nasdaq registered its first ten day tear since July of 1997, the month Hong Kong ceased to be British and F.W. Woolworth ceased to be.

What's Happening: Asia ended mostly higher in ho-hum trading. Over in Europe today's four letter word is Fiat, the auto outfit announcing a $254 million loss. Here at home futures are lower as investors fret the Dow's recent gain is only a seven-day wonder. CIC is investing in Diageo but CIT (CIT) may be the one desperate for a drink after digesting the stiff terms of its latest lifeline. And after the anniversary of a moonwalk monopolized attention on Monday, today's solar eclipse gives the sun (and oil, apparently) its moment to shine.

What Will Happen: We'll be learning about earnings from Altria (MO), Bank of New York Mellon (BK), Boeing (BA), Eli Lilly (ELY), E*Trade (ETFC), Morgan Stanley (MS), Pepsico (PEP), Pfizer (PFE), Qualcomm (QCOM) U.S. Bancorp (USB) and Wells Fargo (WFC). House Price data are out at 10:00AM Eastern. And Ben Bernanke's back before the Hill, this time testifying to the Senate Banking Committee.

Happenstance: I know it's Hump Day, but the sudden outbreak of articles on camel milk seems a bit much.
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