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EBay jumps in premarket, to spin off PayPal

New York - Shares of eBay jumped in premarket trading on Tuesday, moving on the heaviest volume of any premarket stock after it said it would spin off its PayPal division into a publicly traded company.

The stock jumped 12% to $59.10, with more than 1.2 million shares exchanging hands minutes after the stock was opened following a halt. Shares were on track for their biggest one-day advance since April 2012, and looked to return to positive territory for the year.

EBay was the most active name on either the New York Stock Exchange or the Nasdaq, and its rise helped Nasdaq futures add to their gains.

Also rallying in premarket was Move, which climbed after News Corp agreed to buy the property website for about $950m. Shares of Move surged 37% to $21, putting it on track for its biggest one-day move since October 2008.

Futures snapshot in early trade:

S&P 500 e-minis were up 6.75 points, or 0.34%, with 143 610 contracts changing hands.

Nasdaq 100 e-minis were gaining 25 points, or 0.62%, in volume of 29 532 contracts.

Dow e-minis were up 54 points, or 0.32%, with 20 107 contracts changing hands.

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