Here’s Why eBay Inc. (EBAY) Skyrocketed Today

We recently compiled a list of the 10 Firms, Predominantly Gold Miners, Lead Wednesday Rally. In this article, we are going to take a look at where eBay Inc. (NASDAQ:EBAY) stands against the other stocks.

Ten companies–predominantly gold miners–led Wednesday’s rally on Wall Street, despite the latter’s main indices closing mixed.

The Dow Jones eked out a 0.25 percent gain, while the S&P’s main index inched up 0.16 percent. Nasdaq bucked counterparts, dipping by 0.06 percent.

We considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume to come up with Wednesday’s top advancers.

A close-up view of a customers phone, using the mobile app to buy products.

eBay Inc. (NASDAQ:EBAY)

eBay Inc. (NASDAQ:EBAY)’s share prices spiked by 9.86 percent on Wednesday to finish at $69.4 each–a 52-week high–after Meta Platforms (META) announced that some eBay listings would be included in the Facebook Marketplace soon.

Meta said it would launch a test program in the US, France, and Germany to view eBay listings on Facebook Marketplace and then complete their purchases on eBay.

The move to add eBay listings came after Meta’s nearly $825 million penalty in November by the European Commission, accusing the company of anti-competitive behaviors for linking Marketplace to Facebook.

“While we disagree with and continue to appeal the European Commission’s decision on Facebook Marketplace, we are working quickly and constructively to build a solution which addresses the points raised,” Meta said.

Adding eBay listings “could benefit people using both platforms” by increasing the reach of eBay listings and giving Marketplace customers more options, the company added.

Overall EBAY ranks 1st on our list of the firms that led Wednesday rally. While we acknowledge the potential of EBAY as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than EBAY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.