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EBay (EBAY: news, chart, profile) rose 6 percent to $94.40, a new 52-week high.

In addition to upbeat earnings, the unwinding of short positions may also be giving the stock a lift. The short interest in EBay shares is at its highest level since September, according to Nasdaq figures. EBay said it expects to earn $1.41 per share in 2003, up more than 60 percent from last year. After the report, Goldman Sachs analyst Anthony Noto raised his 2005 earnings estimate to $3.

Shares of Amazon.com (AMZN: news, chart, profile) rose initially in Wednesday trading, but ended the day with a modest loss. Amazon.com is set to release first-quarter results after the close Thursday. The retailer is expected to report a per-share profit of 4 cents for the quarter. The estimate isn't adjusted for taxes, and excludes certain nonrecurring items.

Yahoo (YHOO: news, chart, profile) ended the session in the red as well, but shares managed to hit a 52-week high of $26.25 earlier in the session.

With Yahoo shares trading at these upper levels, insiders are selling stock they've received from options. Gregory Coleman, executive vice president of media and sales, sold 131,500 shares at $24.74 on April 17. Nazem Farzad, executive vice president and chief technology officer, sold 950,000 option-related shares at $23.92 for $22.7 million.

While selling shares into strength is typical, the amount of shares sold underscores the lavish salaries of some employees. For instance, since 1997, Farzad has sold roughly $76 million in option-related shares.

"In my opinion, Yahoo is overcompensating its key officers, which in my opinion is a long-term negative," said George Muzea, president of Muzea Insider Consulting Services, and author of "The Vital Few & Trivial Many."

Also out with earnings late Tuesday was Ask Jeeves (ASKJ: news, chart, profile). After the report, Ask Jeeves' shares were down 9 percent to $8.75 in Wednesday trading.