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eBay closes in on PayPal spinoff as Lululemon, rail shares slide

Yahoo Finance

eBay (EBAY) shares are higher by 1% as the company moves closer to spinning off its PayPal unit. Today the company announced the appointment of new board members Tony Bates, President of GoPro (GPRO) and Gail McGovern, President and CEO of the American Red Cross. Activist investor Carl Icahn, who pushed for the Paypal spinoff, will have one of his reps sitting on the board as well. The refreshed board is key leading up to the separation of eBay and PayPal. That transaction remains on track to be completed in the second half of this year.

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Plunging oil prices (CLK15.NYM) have hit rail giant Kansas City Southern (KSU), whose shares are off 7% after the company cut its full year revenue outlook. The rail operator is seeing a drop in shipments primarily from the energy sector and it's being harmed by the continued weakness of the Mexican peso against the surging U.S. dollar (UUP). Plus, the company is dealing with lower fuel surcharge revenues as oil prices remain cheap. The warning is rocking other railroad stocks in today's session.

Looking ahead, investors are worried about Lululemon's (LULU) earnings, which are due on Thursday. The stock is down 3% after research firm Canaccord Genuity told clients the yoga retailer is dealing with slower sales and may need to revise its financial guidance lower. This is a bit of a surprise, since bullish investors have pushed the shares up 14% so far this year. On Thursday we'll find out if that performance justifies those gains.