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US STOCKS-EBay pares sharp gain, dismisses Google stake talk

Reuters - UK Focus

By Caroline Valetkevitch

NEW YORK, Sept 12 (Reuters) - Shares (Frankfurt: DI6.F - news) of eBay were up but paring earlier sharp gains on Friday after a company spokesman said eBay has had no conversations with Google about acquiring a stake in the company.

The stock jumped as much as 4.7 percent in heavy volume earlier. U.S. and Europe-based traders had cited rumors that Google (Xetra: A0B7FY - news) was taking a stake in or buying eBay.

EBay (Xetra: 916529 - news) shares were last up 2.5 percent on volume of more than 29 million, double the 10-day moving average volume of about 14 million. Shares of Google were down 0.7 percent.

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The overall market had cut losses thanks to the gains in eBay, which is still among the biggest positives on the Nasdaq and S&P 500.

Options volume on eBay Inc also was up, spiking to 3.1 times normal with 123,000 calls and 35,000 puts traded as of 11:44 a.m. EDT on Friday, according to data from options analytics firm Trade Alert.

EBay shares are down more than 6 percent for the year so far. The stock fell nearly 7 percent in the previous three sessions following Apple (NasdaqGS: AAPL - news) 's announcement of the Apple Pay mobile payment service, which analysts viewed as a threat to PayPal, eBay's online payment service.

Index snapshot at 11:55 EDT:

* S&P 500 was falling 8.42 points, or 0.42 percent.

* Nasdaq Comp was losing 17.80 points, or 0.39 percent.

* Dow industrials was dropping 49.23 points, or 0.29 percent.

* Russell 2000 was falling 11.42 points, or 0.97 percent.

* S&P MidCap was dropping 9.92 points, or 0.69 percent.

* S&P SmallCap was losing 7.21 points, or 1.07 percent. (Additional reporting by Saqib Iqbal Ahmed; Editing by Bernadette Baum and Nick Zieminski)