FreeMarkets (FMKT) was up 9.8% in preopen Instinet trading after posting a second-quarter loss of 17 cents a share, beating its own guidance and the consensus loss estimate of 22 cents published by Thomson Financial/First Call.

The business-to-business auction house lost 34 cents in the year-ago period. Revenue was $34.8 million for the quarter as opposed to $17.1 million a year ago.

The company's net loss was $6.15 a share, including a $204.3 million restructuring charge.

FreeMarkets expects to lose 11 cents in the third quarter and 5 cents in the fourth quarter. Street estimates are for a loss of 17 cents in the third quarter and 12 cents in the fourth quarter, according to Thomson Financial/First Call.

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