EBay operates one of the largest e-commerce marketplaces in the world, with $75 billion in 2024 gross merchandise volume rendering the firm a top 10 global e-commerce company. It generates revenue from listing fees, advertising, revenue-sharing arrangements with service providers, and managed payments, with its platform connecting more than 130 million buyers and roughly 20 million sellers across almost 190 global markets at the end of 2024. EBay generates just north of 50% of its GMV in international markets, with a large presence in the UK, Germany, and Australia.

EBay operates one of the largest e-commerce marketplaces in the world, with $75 billion in 2024 gross merchandise volume rendering the firm a top 10 global e-commerce company. It generates revenue from listing fees, advertising, revenue-sharing arrangements with service providers, and managed payments, with its platform connecting more than 130 million buyers and roughly 20 million sellers across almost 190 global markets at the end of 2024. EBay generates just north of 50% of its GMV in international markets, with a large presence in the UK, Germany, and Australia.

Argus has published its latest Portfolio Selector, which features its popular Focus List. Each month, Director of Research Jim Kelleher, CFA, surveys the team of Argus Research industry analysts for their timeliest recommendations out of the company's fundamental universe of approximately 500 stocks. The Focus List typically includes 30 stocks: turnover is high, as Jim typically adds three or four new stocks per month. Below are the latest additions, all of which are rated BUY at Argus.

For years, demand from all corners of the globe for the safety and security of U.S. Treasury debt has helped keep a lid on long-term interest rates, even when inflation was stubbornly high. Total Public Debt owed by the U.S. federal government was $36 trillion at the end of 4Q24, according to the Department of the Treasury. Outside of U.S. investors, the two largest holders of U.S. Public Debt were the nations of Japan, which owns 3.0% of the debt, and China, which owns 2.4%. The other nations among the top 10 holders have 7% of the debt, so the top 10 holders collectively own about 12.5%. The grand total of U.S. debt owned by foreign holders is $7.4 trillion, or about 20% of the total. Over the past year, this total has ranged from $7.7 trillion to $7.1 trillion. These lofty levels may be at risk at this market juncture, due not to inflation but to the uncertainty surrounding President Trump's tariff program and the potential impact on global trade. Yes, the U.S. runs a trade deficit. But its trading partners take part of their proceeds and reinvest in the U.S. economy. With fewer proceeds coming in due to the slowdown in trade, the Treasury bond market may well see funds being repatriated out of the U.S. by trader nations (and China and Japan are major trade partners) and back to local investment opportunities. Should demand for Treasuries evaporate, the price for Treasuries will likely decline and the interest rates will go up. This theory has started to play out to a degree, as bond yields have jumped during the past two weeks of trade-related market volatility. As we have said before, the only real certainty with trade wars is that there will be unintended consequences.