Shares of eBay lost much of their Friday gains after the online retailer dismissed market speculation that Google may be preparing to buy a slice of the company.
The stock rose as much as 4.7 percent in unusually heavy volume in the morning, with two European-based traders and one U.S.-based trader citing rumors that Google would possibly take a large stake in eBay as the reason for the move.
“We’ve had no conversations with Google about acquiring a stake in the company,” eBay spokesman Alan Marks said.
Google said it would not comment on rumors or speculation.
eBay shares were up 2.6 percent at $52.02 at midday after rising as high as $53.07. Google dipped 0.7 percent to $587.08.
Options volume in eBay spiked to 2.4 times normal, with 98,000 puts and 26,000 calls traded late into the morning session, according to data from options analytics firm Trade Aler
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