Tech Five: Shares of newly independent PayPal climb during market debut

Trisha Thadani | Paste BN

PayPal is now on its own. The company officially spun off from e-commerce giant eBay Friday, and made its official Wall Street debut under the ticker PYPL Monday. Company shares rallied 7% at $41.03 during normal trading hours.

Let's take a look at the tech stocks to watch Monday:

PayPal (PYPL): The company, which now has a market value of $50 billion, closed its first trading day up nearly 6% at $40.47. PayPal said last week that it had 169 million users and processed 1.1 billion transactions in the second quarter, which means transaction volume was up 27% from the past year. According to Bloomberg, the company's market value is almost 1.4 times that of eBay's.

eBay (EBAY): Following its break with PayPal, shares of eBay up more than 2% as of market close Monday. eBay reported strong second quarter results last week with Q2 revenue growth up 7% -- results that were better than Wall Street expectations.

United Technologies (UTX): Shares of United Technologies were slightly down during morning trading after Lockheed Martin announced Monday that it plans to buy its Sikorsky helicopter unit for $9 billion.The transaction is subject to regulatory approvals, but its projected to close by year-end or first quarter of 2016.

Google (GOOG): After Google shares leaped up 16% last week, the company's stock was down more than 2% Monday. Google released strong second quarter results last week and buoyed investors by attributing the growth to strong performances from YouTube and an increase in mobile search ads.

Yahoo (YHOO): Yahoo officially filed to spin off its stake in Alibaba Friday. The spin-off, which was originally announced in January, is expected to be completed in the fourth quarter. As the race for online and mobile advertising becomes increasingly competitive, Yahoo has struggled to keep up with Google and Facebook in the past year. Company shares were up nearly 2% during morning trading.

Follow Paste BN reporter Trisha Thadani on Twitter: @TrishaThadani

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