McCain would tap Meg for Treasury post. Ebay struggles
Online retailer EBay Inc., which is trying to reverse years of slowing growth in its auction business amid rising competition and a spreading financial crisis, said Monday that it would cut 10% of its global workforce even as it spends $1.3 billion to buy three Web businesses.
Even after announcing the largest reduction in its 13-year history, which EBay said would save $150 million in annual operating costs, the San Jose company saw its shares tumble by as much as 12% to their lowest level in more than five years. They recovered to close at $17.89, down 5.5%. (LA Times)
