The announcement that eBay (Nasdaq: EBAY) is attempting to acquire GSI Commerce, Inc., which provides e-commerce and interactive marketing services primarily in North America, sent the shares of the company skyrocketing over 50 percent.
Both eBay and Amazon.com (Nasdaq:AMZN), which this could have a competitive impact on were down a little before 12:00 PM EDT.
EBay has entered into an agreement to acquire GSI Commerce for $2.4 billion.
GSI was trading at $29.11, gaining $9.73, or 50.21 percent, as of 11:52 AM EDT. EBay was trading at $30.83, down $0.87, or 2.74 percent. Amazon.com was at $170.34, falling $0.64, or 0.37 percent.
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