Why PayPal Stock Shot 6% Higher Today
PayPal Holdings (NASDAQ: PYPL) was one of the financial sector's winning stocks on the last day of trading before the long holiday weekend. The company's shares popped by nearly 6%, trouncing the 2.5% increase of the bellwether S&P 500 index. Investors were hopeful that the apparent start of a restructuring program will bring the desired results.
The news was reported by Bloomberg on Thursday. Citing "people familiar with the matter," the news agency said that PayPal has begun laying off some of its employees. These workers previously labored in the risk management and operations units of the company.
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Source Fool.com
