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The Hard Numbers Behind eBay’s Serious Stock Drop

eBay Inc. (NASDAQ: EBAY) may now be independent of PayPal, but the transition may not be as fluid and riskless as some of the activist investors might have hoped. eBay shares tanked on Thursday on an unusual research report, and it is not a traditional research report from Wall Street to blame.

The group behind the call is called ChannelAdvisor. It is showing a significant drop in some of eBay’s core metrics. We do not often consider a same-store sales report in eBay as frequently, but that is the culprit for Thursday’s drop.

On eBay, the report was effectively looking at the biggest slowing in over four years. ChannelAdvisor’a analysis said:

eBay’s September SSS came in at 1.1%, a decrease from August’s 3.4% and well below...