Global business news twenty four hours a day at Bloomberg dot Com, the Radio plus Mobile Act and on your radio. This is a Bloomberg Business flag from Bloomberg World Handquarters. I'm Charlie Pellette. A lot of breaking news after the ballot's run down the headlines, j C. Penny says Mike Allman will retire. J C. Penny naming CEO Marvin Ellison as chairman. Roger Rails, who has resigned as head of the Fox News Channel, felled by sexual harassment accusations leveled
by a former anchor. He will be succeeded by twenty first century Fox founder and chairman Rupert Murdoch. Chippotle reporting second quarter earnings per share eighty seven cents estimates there ninety one cents. Visa posting fiscal third quarter profit. The Beat analysts estimates Starbucks third quarter adjusted EPs forty nine cents.
Estimates there were for forty nine cents. Stocks lower the DAL the SMP nestak all declining today, SMP down seven sixty five, a drop of four tenths of one percent. Gold up twelve ninety anounced thirty two a gain of one I'm Charlie Pollock. That's a Bloomberg business flash. You're listening to taking stock with pin Box and Kathleen Hayes
on Bloomberg Radio. Shares of PayPal are higher right now by more than two and a quarter percent and after hours trading after the company reports a second quarter results, earnings per share a thirty six cents at matches the average analyst estimate of thirty six cents, but the company
demonstrates that sales are growing. Sales for the quarter two point six five billion, much better than the two point six billion expected by analysts, and also taking a look at the third quarter, PayPal says that they will earn between thirty three and thirty five cents to share. Previous estimate was for thirty five cents. The company also saying that sales for the year will increase. Let's find out
more from Spencer Soper. He is our technology and e commerce reporter from Bloomberg News, joining us from our Seattle bureau and you can follow Spencer on Twitter at Spencer Soaper s o p e Er. Spencer tell us about the results from PayPal holdings. Yeah, thanks, uh, and you gave a good rundown. You look like a good second quarter and they beat on on their forecast as well.
One thing, um, the one other thing going on is that they simultaneously announced the deal with Visa, uh, you know largest credit cards who were regarding fees and uh and in how they um have their customers link PayPal accounts to either bank accounts or credit cards and on data sharing and that was a big deal as well. And so uh it could be the stock reacting to
that deal with with with Visa as well. Well, you've written a spencer that PayPal is going to stop discouraging customers from linking accounts to Visa cards and then to share more data with the card networking ext change for what they describe as long term visa fee certainty. That means they're going to just make money. Yeah, well it's it. It ends some uncertainty. There's been these sticking points between these two players. Especially more and more transactions you know,
go digital and PayPal put continues to grow. It's a bigger thorn on the side of visas another announces agreement. And the one key sticking point is what's what's called a c H steering. If you make a payment on PayPal that's linked to your bank account, that is a less expensive transaction for PayPal than if you make a transaction on PayPal that's linked to your Visa card. So PayPal has had this incentive to steer customers towards bank
accounts as opposed to credit cards or debit cards. And uh and Visa wanted to put an end to that. And the main trigger that Visa had that it could have pulled and didn't could have been imposing a higher fee on PayPal transactions. Um. And so this kind of removes that threat for PayPal, which uh there have been some tough talk Visa CEO about that uh uh you know, potential potential threat. And I think investors were uh happy
just to see this see this issue resolved. Now. Well, the shares of pay Pal, as I said, they're up about two and a half percent and after hours trading, all right, So this kind of buries the hatchet between PayPal holdings and a Visa Visa coming out, I mean, rather PayPal coming out and reporting sales that were better than analysts estimated. Is that going to be a trend because taking a look at the rest of the year, the company seems to also be saying that they expect
sales to be pretty good. Yeah, they're, they're um, uh, they've updated their app. They're seeing more more traction from that, a big emphasis on mobile, uh emphasis on venmo is their peer to peer platform which you know, I can give you twenty dollars to share a restaurant bill, uh without for free, without any fees. But they're they're making a progress of monetizing that, trying to make that a payment for merchants as well, where we're where PayPal is
actually making some money off of that. So they have uh in their in their brain Tree platform which powers all kinds of things including uber um. You know, you're seeing strong growth. So yes, they they're, they're they're well positioned in the in the digital payment spaces. More and more transactions are made digitally. Well, maybe that's why they're saying that the third quarter revenue number is going to be between two point six two billion and two point
six seven billion. They previously the estimate was for two six one. So they're increasing their guidance for third quarter sales. Yeah. Yeah, so they're seeing, uh seeing something something Rosie Rosie there all right. Sale shares are up now three percent in the after hours trade. Tell me about eBay. We noted that eBay stock has moved higher today by more than ten and a half percent of two dollars and nine
for eBay. They surprised investors yesterday after the close. Yeah, eBay had a big a big quarter and a big beat. But the main thing beyond the numbers is that they've been talking for several quarters now about these back end initiatives they've been taking on to take better advantage of their data to drive more sales um and, and they've they've cautioned investors it's going to be a year's long project, and they're they're finally starting to see, um see some
results of that in terms of of growth. Uh. And, and that's been the main main thing is can what can eBay do to to return to growth? Still growing slower than the e commerce overall, but investors, why, we're encouraged by what they what they saw after you know, several quarters of promises and assurances. Yeah, they said that full year revenue would be almost nine billion dollars. That's
well a second quarter revenue was up more than six percent. Yeah, and uh, eBay CEO Devin when they remarked on the call that that they were seeing results sooner than they than they expected. Um, so I was encouraging, uh encouraging quarter for m and investors like what they saw. Well. Certainly eBay shares, as I said, up nearly eleven percent today the stock of eBay, but for the year up only nine percent. So this rebound is certainly helping investors,
but only in the last several weeks. Thanks very much for spending time with the Spencer Soaper is our a tech and e commerce reporter for a Bloomberg News joining us from our Seattle bureau. He can be followed on Twitter at Spencer Soaper. That's s O p e Er. This is taking stock. I'm pim Fox. Thanks thanks to Reggie Basil, our engineer, our producer, Sam Lenga, and this
is Bloomberg. Coming up on Bloomberg Law, a discussion about a lawsuit against the Motion Picture Association for giving ratings of g PG and PG thirteen, two movies that have smoking in them. That's next