Google shares sink; Net sector slides
Shanda Interactive Entertainment shares drop on results
E-mail | Print | | Disable live quotes By Scott Banerjee, MarketWatch
Last Update: 11:02 AM ET Feb 28, 2006
SAN FRANCISCO (MarketWatch) -- Google Inc. shares fell as much as 14% in heavy volume Tuesday after the company's chief financial officer reportedly told investors at a Merrill Lynch conference that growth would have to come from segments other than its search business.
Google (GOOG : google inc cl a
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Last: 354.65-35.72-9.15%
11:32am 02/28/2006
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GOOG354.65, -35.72, -9.2%) shares fell as low as $338.51 and last traded down 10% to $350.
Internet stocks traded lower across the board. Shares of Valueclick Inc. fell as much as 5% following the company's financial results, which included an earnings revision for its fiscal 2004.
Meanwhile, shares of China-based online video game provider Shanda Interactive Entertainment Ltd. fell as much as 17% after the company said it swung to a fourth quarter loss on lower revenue.
The Dow Jones Internet Index (DJI_DJINET : Dow Jones Internet Index (Composite)
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Last: 94.00-2.21-2.30%
11:47am 02/28/2006
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DJI_DJINET94.00, -2.21, -2.3%) was down 2.45% to 93.85, while the technology-heavy Nasdaq Composite Index ($COMPQ : Nasdaq Composite Index
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Last: 2,282.44-24.74-1.07%
11:47am 02/28/2006
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$COMPQ2,282.44, -24.74, -1.1%) fell 23.42 points to 2,283.79.
Valueclick (VCLK : valueclick inc com
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Last: 17.66-0.90-4.85%
11:32am 02/28/2006
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VCLK17.66, -0.90, -4.8%) shares were last off 3.7% to $17.87. The online marketing company late Monday reported fourth-quarter net income of $13.6 million, or 13 cents a share. Valueclick, however, did not provide year-ago comparisons, saying it will restate its financial reports for fiscal 2004 and for the first three quarters of 2004 and 2005 due to an error related to its 2004 income tax benefit and its deferred income tax assets. It expects to revise its fiscal 2004 net earnings to 39 cents a share, from reported net income of $1.05 a share.
Valueclick also raised its 2006 revenue forecast to a range of $490 million to $500 million from $480 million to $500 million.
Shares of Shanda (SNDA : shanda interactive entmt ltd sponsored adr
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Last: 13.69-3.23-19.11%
11:32am 02/28/2006
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SNDA13.69, -3.23, -19.1%) were last off 16.6% to $14.11 after reporting its first set of results since the company dramatically shifted its business model. See full story.
