There is no longer a perception that eBay has few meaningful competitors.
Much to everyone's surprise, eBay seems to have had a much better quarter across several crossover categories.
It gives eBay a new resource to leverage in search marketing efforts.
We continue to view eBay as a core Internet holding. However, we are still struggling to find a meaningful near-term catalyst and believe that the company is entering a more mature phase of its growth cycle that could limit potential upside in future quarters.