CMGI(CMGI), which owns a majority stake in AltaVista, said it cut the search engine's work force by 25%, eliminating 200 jobs.
The company attributed the cuts to the downturn in online advertising. The news follows last week's announcement that the company withdrew its registration statement for an initial public offering of AltaVista stock, citing unfavorable conditions in the financial markets. Shares of CMGI fell 38 cents to close at $6.84 in regular session Nasdaq trading, but were recently quoted at $7.10 in after-hours Island activity.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,801.23 | 1,342.64 | 2,903.88 | 19.69 |
Oil *
117.67
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DOWN
89.23 |
DOWN
9.31 |
DOWN
23.35 |
DOWN
0.78 |
10 Yr
1.97%
SPDR Gold
167.14
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-0.69%
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-0.69%
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-0.80%
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-3.81%
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