from seekingalpha finance blog...

...Meanwhile, the salad days for eBay Inc. (EBAY) are over and done with. The original concept was fantastic. There was a time when you could sell your old stereo system and get a premium price for it from some sucker. But a strange thing happened over time -- eBay became so large that everyone came on board as a seller. No matter what you might want to sell, someone else would be selling it, too. Many items became commodities, driving overall prices down, along with eBay's fees. The economy also hurt eBay, much to my own surprise. People didn't just stop buying from stores, they stopped buying, period. This once fast-growing company is now expected to only grow 10% annually over the next five years, yet trades at a P/E of 16. Don't bother....