NextCard Plunges After Setting Plans to Sell Company

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NextCard

(NXCD)

plunged more than 78% to $1.15 on the Nasdaq after posting a third-quarter loss of $1 a share and disclosing plans to find a buyer for the company.

The company also withdrew its guidance for the fourth quarter, 2002, and 2003.

The online credit provider said Wednesday that it hired Goldman Sachs to explore opportunities to sell the company to a more established financial institution.