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Needham downgrades eBay (EBAY -6.4%) to Hold following its Q2 revenue miss and light Q3...

Needham downgrades eBay (EBAY -6.4%) to Hold following its Q2 revenue miss and light Q3 guidance, citing international softness and "slowing Marketplace fundamentals." Though granting eBay is taking steps to revamp Marketplaces, the firm doesn't "expect any single investment to serve as a momentum-changing catalyst in the near term." Top-rated sellers (22% Q2 same-store sales growth) and mobile (2M new users, 5.6M listings/week, $20B+ in 2013 transactions expected) remain areas of strength for Marketplaces. Amazon (AMZN -1.2%) continues to follow eBay lower, but Overstock (OSTK +15.7%) is soaring after trouncing Q2 estimates and reporting a 170 bps Y/Y increase in gross margin to 19.7%. (eBay transcript)
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