Paypal Holdings Inc (NASDAQ:PYPL) has advanced by 2.34% after Goldman put the online payments company in its ‘Conviction Buy’ list. The company Elon Musk co-founded is now fully independent, having spun off from eBay Inc (NASDAQ:EBAY) in July. With the right M&A and investment in R&D, Paypal Holdings Inc (NASDAQ:PYPL) could justify its forward P/E of 23.56 and then some. With more and more people connected to the internet every year, online finance still has plenty of room to grow. Horseman Capital is bullish, as Paypal is a new position for the fund in the third quarter. The fund has a stake of 400,700 shares as of September 30.
Macy’s, Inc. (NYSE:M) is down 1.52% after the analysts at Cowen & Company lowered their rating on the retailer to ‘Market Perform’ from ‘Outperform’. The downgrade could be a precaution after J C Penney Company Inc (NYSE:JCP)’s stock fell 10% in the last two trading sessions. Although Macy’s might benefit from J C Penney Company doing less business as a competitor, Macy’s is worth less if J C Penney is worth less based on relative valuations. Shares are down by 25.84% year-to-date, but trade at an attractive forward P/E of 10.15 and dividend yield of 3%. David Einhorn’s Greenlight Capital owned 1.02 million shares of Macy’s at the end of June.