EBAY - Stalling Fundamentals And The Ongoing Bull Market

Ebay is an excellent company. Everybody knows PayPal and the eBay.com platform. Most recently both companies have split into two separate, publicly traded companies.

But today, for the last time, the company published its 2Q 2015 results attributable to both PayPal and eBay entities. Good results.

Unfortunately, since 2010, eBay has been reporting the decreasing dynamics related to revenue and nopat (economic income). Simply put, the company results are stalling. Please, look at the chart below:

As the chart shows, both revenue and nopat have been rising since 2009. But they have been rising slower and slower. This is much better visible at the chart below:

As the chart shows, the 2015 nopat dynamics is even negative. I guess this is why such "activist' investors as Carl Icahn, want a spin-off - they hope it will add some dynamics to PayPal or eBay, or both companies.

Anyway, eBay shares are still going up, not caring about fundamentals:

Looking at the today's pre-market quotations, investors are eager to buy these shares once again: