I first started talking about recession worries in September during my session at Shop.org. While the many blank stares in the room didn’t get it, stocks have been butchered of late because of recession fears.

One of the worst hit in the ecommerce/online marketing group has been eBay, which hit a new 52wk low today of 27.13 and is down almost 15% Year To Date (YTD). GSIC, down almost 20% YTD is the only other ecommerce related stock that I follow which has fared worse than eBay.

While Scot Wingo, the eBay pundit, points to Bob Peck’s ‘swing for the fences‘ analysis, I’m more keen on Jeetil Patel/Herman Leung’s (Deutsche Bank) analysis:

“We maintain our SELL investment rating on shares of eBay. In our opinion, challenging buyer demand, escalating seller economics, lack of reinvestment (to position for future growth), near declines in transaction volumes and potential operating margin pressures all represent key challenges at eBay. Upcoming fee changes may place additional pressure on operating margins and growth, while consumer spending is likely to be lackluster.”

I also think Jordan Rohan’s (RBC Capital) comments about spin-offs/sales are interesting:

“It may be early to call for a bottom on EBAY shares, in our view. The company may soon lower expectations for 2008 and could be pondering a significant change in business strategy. We view the potential retirement of Meg Whitman as a slight positive, as the pace of strategic change could accelerate after her departure. What would make us more positive: 1) management change, 2) resetting of financial expectations, 3) strategic refocus to reflect current reality, possibly including a PayPal spin-off, Skype sale, and layoffs, and 4) further correction in analyst sentiment. We have reduced our 2008 estimates to reflect the uncertain near-term outlook.

Meg Whitman announced yesterday that she’s leaving. eBay’s earnings call is on tap for tomorrow after the market close. If you’re in the ecommerce industry, pay attention to the call.