NBC Internet (NBCI) , the Web arm of the NBC television network, warned after hours of lower than expected sales and earnings due to slow advertising sales and also announced a restructuring.
NBC Internet's revamped
will gather sites such as
under a single banner and debut in the fall.
The cost of the restructuring, recent acquisitions and a tough market for dot-com advertising revenue will lead to lower-than-expected revenues and earnings for the second quarter and the remainder of 2000, the company said in a statement.
Wall Street previously saw a loss of 70 cents a share in the second quarter.
With the promotional help of its parent television company, $700 million in cash and plans to tighten its cost structure, the Internet company expects to be profitable by 2002.
NBC Internet finished the day down 1 13/16, or about 7%, but dropped 7 3/8, or about 30%, to 17 3/8 on 20,000
are for kids!
reported earlier, Citrix Systems was one of today's big drags on the
Nasdaq after the company said its second-quarter earnings will miss consensus estimates. The daytime avalanche of selling left the company 46% lower. The stock had already lost 30% of its value since Wednesday before getting walloped today.
software for use on computer networks. Thus the company's fate is tied to that of the beleaguered software king. After last Wednesday's decision to split Softee in two, some on Wall Street feared a separate Windows operating-system company would be formidable competition for Citrix, and that also helped to knock the stock lower. Analysts told
Citrix would have little new to worry about if Microsoft eventually were broken up, but that did little to staunch the bleeding.
Tonight Citrix was taking a breather from the beatings, lately up 1/4 to 22 7/16 on 175,000 Island shares and edging 3/16 higher on
was the other Nasdaq bummer. The customer-management software developer dropped 23 5/16, or 37%, today, after
analyst Christopher Shilakes said last week's run-up was unwarranted, reported
. Investors first took pause, then took profits.
Last Friday the company popped more than 40% during the day on rumors it had secured a $100 million cash infusion through a private placement deal. The company's stock fell sharply earlier this year after changing the way it reports revenue to conform to
Securities and Exchange Commission
guidelines. The company doubled in price last week, finishing up 39 5/8 to 62 1/4. The sharp recovery prompted today's sobering analyst statements and the company continued to correct 23/64 to 38 9/16 at night. It was down 37/64 on Instinet.
hit a 52-week low of 6 1/4, last Friday. Today it was one of the biggest percentage losers on Nasdaq, settling 1 1/8 lower after hitting an intraday low of 4 7/8 at 2:40 p.m. EDT.
Tonight it initially edged lower, then recovered to unchanged at 5 1/8 on 68,000 Island shares, trading close to its $4 book value. There was little news to spur the fall. The company dropped sharply in mid-April and traded around 8 until it again started sliding on June 7. Some traders suggested on
message boards that the company had fallen into the common Nasdaq pattern of momentum selling.
The California-based company makes curriculum-based educational software and Internet products for home and school use and today announced the election of four new board members. On June 1, the company acquired LearningPlanet.com to strengthen its online content for students.
said Friday it will use
third-generation CDMA technology after all. Earlier this month, China Unicom said it was dropping plans to use Qualcomm's current-generation CDMA, spurring a steep drop in stock price. Qualcomm ended the session 3% higher today, saw initial light profit-taking at night and then resumed its path higher. It was lately up 19/64 to 82 on 45,000 Island shares.
helps customers create profiles of individual Web visitors to target advertisements, content and e-commerce strategy. It dropped 1 9/16, or 8%, today on its
. It recovered 11/16 to 17 5/8 after hours.
announced tonight that the
Food and Drug Administration
approved Targretin, the company's new drug for lesion treatment of early-stage T-cell lymphoma. Final FDA marketing approval for the gel is pending. If approved it will be the company's third product for T-cell lymphoma and the first topical treatment. The drug company rose 2 1/8 to 13 7/8 on 17,000 Island shares.
Note: Due to technical requirements associated with
upcoming relaunch, this will be the final after-hours trading update this evening.
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explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.