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Internet Capital Group Plunges 32.7% on Loss, Staff Cuts

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Internet Capital Group

(ICGE)

was down 32.7% in preopen

Island

trading after it reported a third-quarter loss of 94 cents per share including items, wider than the year-ago 7-cent loss. The Internet incubator also said it plans to cut its staff by 35% and take a $25 to $30 million charge in the fourth quarter.

Rival incubator

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CMGI

(CMGI)

was down 11.5% after a company in which it holds a majority stake --

Engage

(ENGA)

-- warned of lower-than-expected first-quarter revenue. Engage, an online marketer, was down 20.7% in the preopen.