Web-based marketing company

Netcentives

(NCNT)

was up 3% in late morning after saying it will cut 120 jobs and take other cost-cutting measures totaling $40 million. As a result of the actions, the company expects a year-end loss per share of 90 cents to 95 cents vs. analysts' expectations of $1.63. The company expects a first-quarter loss of 39 cents to 41 cents vs. 45 cents expected by analysts.

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Netcentives also announced that President Eric Larsen would become CEO, replacing West Shell III. Shell will remain chairman.