Shares of eBay (EBAY) rose almost 8% over the past trading week. The operator of the same name online market place, and the owner of the fast growing online payment service PayPal benefited from strong Black Friday and Cyber Monday sales.
Strong Online Sales Season
Online sales on Cyber Monday rose 24.1% according to IBM which tracks transaction data from 500 US retail websites. This compares to growth of 15% last year. IBM notes that online sales growth mostly represents additional online sales, rather than cannibalization of sales during the rest of the season.
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