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eBay 's headquarters in Silicon Valley.
eBay’s headquarters in Silicon Valley

eBay hits all-time high as Wall Street cheers Q2 beat and tariff resilience

Analysts raised their price targets on the marketplace as luxury goods, cards, and collectibles helped drive strong results.

Nia Warfield

eBay shares climbed 19% Thursday, leading the S&P 500 and hitting an all-time intraday high of $92.30 after the online marketplace posted strong Q2 results and struck a confident tone on navigating tariff uncertainty.

The company topped both earnings and revenue estimates, driven by growth in its “Focus Categories” like trading cards, collectibles, and luxury goods. Ad revenue jumped 17% from a year ago, while new services, including card-grading partnerships and authentication tools, helped drive momentum.

Despite pressure on direct-shipped inventory from Greater China due to tariffs and the end of the de minimis exemption, CEO Jamie Iannone said the marketplace “has proven resilient,” calling the results a testament to eBay’s return to profitable growth. Wall Street was quick to react to the results.

BMO Capital

Price target: up $102 from $70

BMO upgraded the stock to “outperform” and called eBay’s strategic bets “durable growth drivers,” citing focus category momentum and cost controls. Analysts also flagged upside from new luxury authentication services and stronger-than-expected GMV trends.

Stifel

Price target: up $75 from $68

Stifel pointed to 10% year-over-year growth in focus category GMV and eBay’s ability to maintain solid performance despite macro pressure. They see consumer engagement sticking, particularly in collectibles.

Needham

Price target: up $95 from $78

Needham was bullish on eBay’s live commerce tools and broader platform upgrades, saying the company is “better positioned than peers” to gain share during economic uncertainty.

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Retail traders are “skipping the dip” this time

Here’s one noteworthy feature of the recent market downturn that has the S&P 500 poised for its worst week since reciprocal tariffs were announced in early April: retail traders seemingly aren’t eager to buy the weakness in single stocks the way they used to be.

JPMorgan strategist Arun Jain has flagged that retail traders instead appear to be “skipping the dip.”

“In contrast to the behavior observed during the post-Liberation Day selloff, retail investors did not seize the opportunity to buy-the-dip on Tuesday, with a few exceptions such as META,” he wrote of the day where the benchmark US stock index fell 1.2%. “In fact, they scaled back their ETF purchases and turned net sellers in single stocks.”

Then on Thursday, when the S&P 500 fell 1.1%, Jain projected that retail traders sold $261 million in single stocks. Through noon ET on Friday, his daily outflow estimate stands at $851 million.

With that intel, it’s little wonder why the carnage this week has been particularly intense in more speculative single stocks that had been favored by the retail community, including IREN, IonQ, Rigetti, Cipher Mining, Bloom Energy, and Oklo.

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Archer Aviation plunges on $650 million share sale following its third-quarter results

Air taxi maker Archer Aviation is deep in the red on Friday morning after reporting its third-quarter results after the bell Thursday. The stock is down more than 12%.

Investors don’t appear to be thrilled about the company’s $650 million direct stock offering, announced alongside its results.

The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

Archer Aviation sinks after reporting better-than-expected Q3 loss, announces it will acquire LA’s Hawthorne Airport

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The move marks at least the third major equity raise, and dilution, for Archer this year. The company raised $300 million from a new stock sale in February, and sold $850 million worth of shares in June.

On Archer’s earnings call Thursday, interim CFO Priya Gupta said the company came to the decision after “substantial inbound interest.” According to Gupta, the company has heard from government and commercial partners that liquidity is a “key driver to their decisions of who to partner with.” With its latest share sale, Archer said its total liquidity is more than $2 billion.

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