eToys

(ETYS)

gained 20%, or 3 cents, in early trading. The online toyseller said after the close Thursday that it would cut 700 of its 1,000 employees and announced that it no longer believes it can become profitable in 2003. eToys added that it doesn't expect to see its losses narrow this year. Earlier this week, poor holiday sales prompted the company to shut its European operation. The stock is down more than 99% from its all-time high.

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