eBay, Inc. (Nasdaq: EBAY) rose 5 7/8 to 149 1/4 Wednesday after the online auctioneer announced an alliance with Wells Fargo & Co. The deal calls for Wells Fargo to take a 35 percent stake in eBay’s Billpoint division and allows eBay’s customers to pay for their purchases with credit cards.
eBay acquired Billpoint last May, and has blended the company’s online payment technology with security, customer service and other resources. The agreement with Wells Fargo, the nation’s seventh-largest bank, “leverages core strengths” of both companies, eBay said. “Partnering with Wells Fargo not only offers eBay buyers a fast, convenient, and safe way to pay, but also enhances trading velocity and efficiency for eBay sellers,” said eBay president and CEO Meg Whitman.