The macro environment is affecting technology. You've gone from where people were overly optimistic about tech to where people are looking for change.

In our opinion, it's not time to become a holder yet, but certainly the shares are more attractive in the mid-$US300s than the mid-$US400's.

Their growth rate internationally is still above 50 percent,

The international business is really the growth story for eBay, especially as the U.S. market matures. However, there was a significant material decline in revenues overseas in the fourth quarter.

That's exactly what's going on, ... You've had three years of tremendous post-bubble growth. Now the companies have to reinvest.

That's exactly what's going on. You've had three years of tremendous post-bubble growth. Now the companies have to reinvest.

eBay is a company that understands network effects better than any other, ... Its core business, as well as (online payment system) Pay Pal, have been created and have succeeded by this network effect ? as more users come in, the marketplace grows in value.

Ebay is really fighting for China but there are two entrenched players there already. So eBay had to invest more in China to compete more aggressively for market share.

Ebay put out good numbers. Wall Street had already priced in a possible miss or even lower guidance going forward but that did not happen. Ebay in fact moderately raised expectations. So that's a good thing.

The numbers, honestly, are at times unfathomable for us.