The digital payment company PayPal (PYPL) has been reaching one milestone after another since it parted ways with its parent eBay Inc. (EBAY - Analyst Report). First, PayPal’s market cap surpassed that of eBay, then it delivered an earnings surprise of 8.33% in its debut quarterly results and now the technology platform company is entering the Nasdaq-100 index effective November 11, 2015, replacing Broadcom Corp. (BRCM). PYPL was up about 2.5% on the news.
PayPal has a strong growth story in the fast expanding digital payments industry. Its foray into mobile payments with the Braintree acquisition and its One Touch system corroborates the fact.
