EBAY’s loss is Facebook’s gain. As mentioned in an earlier stock tips article on Ebay’s David Marcus leaving to take Facebook’s messaging exec post, this addition could be very positive for Facebook stock.
Marcus, which has headed Ebay’s PayPal division and introduced several improvements to the e-commerce company’s payment gateways, has resigned because his role is turning more into a management position instead of a product development one. With Facebook’s recent acquisition of instant messaging platform WhatsApp, Marcus is poised to introduce several new twists to the social media company’s quest to get a larger share of mobile marketing.
Facebook Stock Outlook
Take note that Facebook stock recently broke to the upside of a consolidation pattern or a symmetrical triangle on the daily chart. Since then price has also broken above the 50 simple moving average, which has acted as dynamic resistance for Facebook stock price action.
This suggests that Facebook stock is in for more rallies, even from a technical standpoint. MACD is still moving higher, which means that there’s enough buying momentum to push Facebook shares to the previous highs around $72.00. RSI is still hovering above the 50 level and continuing its ascent, also confirming that buyers are in control.
Zuckerberg has hinted that Marcus will target monetizing more social media ads and aim to introduce mobile payments on its platform. Last year, IT research company Gartner estimated that mobile payment around the world could reach $235.4 billion in 2013, up 44% from 2012. The analysts estimate 35% annual growth; by 2017, the value of global mobile payments will hit $721 billion – additional potential revenue for Facebook.
“Going from managing a few hundred people at best in my entrepreneurial career, I suddenly found myself leading 14,000,” David Marcus wrote in a Facebook post announcing his departure.
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