StarMedia (STRM) - Get Report was up 8.3% in early trading. After the close Thursday, the Internet media company, which targets Spanish and Portuguese speakers, posted a first-quarter loss of including items of 46 cents per share, ahead of the Street's estimate of 51 cents and the year-ago 54-cent loss.

The company reiterated that it expects to break even in the fourth quarter and said it will cut 25% of its workers.

Credit Suisse First Boston

downgraded it to hold from buy.