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Report: WorldCom Might Have a Future
June 28, 2002
While WorldCom has been severely battered by revelations of improper accounting and accusations of fraud, a new Yankee Group report suggests the company has what it takes to survive the current crisis.
U.S. Files Fraud Suit Against WorldCom
June 27, 2002
The U.S. Securities and Exchange Commission has filed a civil fraud suit against WorldCom over the company's $4 billion misstatement of financial results during 2001 and the first quarter of 2002. SEC Chairman Harvey Pitt said the move is intended to prevent the type of document destruction that ensued when investigators closed in on Enron.
Are Dot-Com Stocks Still Overvalued?
June 26, 2002
As the stock market searches for solid ground, testing lows set after September 11th and bracing for another uncertain earnings season, those who watch the tech economy say the question of how to value technology stocks remains a riddle.
Intel Abandons Web Hosting Service
June 19, 2002
Intel has announced, unsurprisingly, that it is withdrawing from the Web hosting business. The chipmaker said it will shut down the business unit and take a $100 million charge in its second fiscal quarter.
Oracle Earnings Slump Along with Economy
June 18, 2002
Earlier this spring, Oracle CEO Larry Ellison said he did not foresee economic improvement during the next three months. He was not kidding. Oracle reported revenue of $9.7 billion for its fiscal year ended May 31st, down considerably from the $10.9 billion recorded last year.
Loudcloud Sells Hosting Biz to EDS for $63.5M
June 17, 2002
Loudcloud, the closely watched follow-up effort of Netscape cofounder Marc Andreessen, announced it will sell its core managed services and hosting business to tech giant EDS for $63.5 million in cash.
IBM Stock Rises on Analyst Kudos
June 14, 2002
While other hardware stocks took a dive, IBM shares rose as Big Blue's strategy to abandon the hard disk drive market drew kudos from analysts and the company announced plans to restate its financials.
Return of the Dot-Com Stocks
June 10, 2002
Already-troubled e-commerce stocks took their share of beatings when the market turned south last fall. Surprisingly, though, some of those dot-com issues have seen the most impressive rebounds in recent weeks.
Intel Forecasts Dimmer Second Quarter
June 7, 2002
Intel wounded Wall Street's hopes for recovery by lowering its forecast after market close. The company said its second-quarter revenue should total $6.5 billion, rather than the $6.4 billion to $7 billion projected earlier this spring.
SEC Filings Raise Doubts Over Cisco, Shares Fall
May 30, 2002
Just weeks after Cisco reported that its third-quarter operating profit more than tripled to $838 million from the year-ago period, the company's shares dropped on reports that analysts from two firms have sounded the alarm over its financial standing.
EToys Sues Goldman Sachs Over IPO
May 24, 2002
In what may be the first legal action of its kind, bankrupt dot-com eToys has sued Goldman Sachs, claiming the banking giant intentionally undervalued the e-tailer's 1999 initial public offering and paved the way for its eventual failure.
Netflix Debut Signals IPO Renewal
May 23, 2002
Providing more evidence that the IPO market for Internet offerings is slowly reviving, DVD rental site Netflix sold 5.5 million shares of its common stock at the top of its price range. The Netflix IPO represents the second pure-play Internet offering this year -- PayPal was the first -- and arrives as Overstock.com prepares to hit the market.
Orbitz Files for $125 Million IPO
May 21, 2002
Less than a year after its controversial debut, travel site Orbitz has announced plans to raise as much as $125 million through an initial public offering. "This is an awfully fast IPO filing," Morningstar.com analyst David Kathman told the E-Commerce Times.
Dell Beats Street in Q1 But Misses 2001 Mark
May 16, 2002
Dell Computer reported that first-quarter earnings dropped compared with year-ago figures, although the number two computer maker beat analysts' expectations and saw revenue rise.
Overstock.com Tries To Jump-Start IPO in Tough Market
May 7, 2002
Discount e-tailer Overstock.com, which filed for an initial public offering shortly after online payment company PayPal made a splash in the stock market, has begun accepting bids for an open IPO.
HP Shares Rise After Merger, But Challenges Loom
May 6, 2002
Hewlett-Packard shares inched up as the company traded for the first time under its new ticker symbol on the New York Stock Exchange, HPQ, following its merger with Compaq. But mixed reactions from analysts reflected a variety of concerns.
Hotel Sales Help Priceline Eke Out Profit
May 2, 2002
Name-your-price travel company Priceline.com turned a $3.9 million profit in the first quarter as hotel and car rental deals helped offset continued weakness in airline ticket sales. "Lower airline prices hurt Priceline more than the other online travel players," Morningstar.com analyst David Kathman told the E-Commerce Times.
VeriSign Earnings Report Sends Shares Diving
April 26, 2002
VeriSign shares plummeted more than 45 percent after the company announced worse than expected first-quarter results and lowered its guidance for the second quarter. The company recorded a net loss of $328 million for the first quarter.
AOL Posts Staggering $54 Billion Loss
April 24, 2002
With a first-quarter net loss of $54.2 billion, one of the largest ever recorded, AOL Time Warner's earnings news drifted like a black cloud over a week that previously had seemed mostly positive for the technology and Internet industries.
Expedia Results Show Online Travel Soaring Again
April 24, 2002
Expedia has served up the most solid proof to date that online travel has almost completely recovered from September 11th, beating expectations and registering a profit of $5.7 million in the first quarter on revenue that doubled to $116 million from a year ago.
Amazon Sells More, Loses Less
April 23, 2002
Amazon.com finished the first quarter of 2002 with a net loss of $23 million, but both the company and Wall Street seemed to view that outcome as a good one compared with last year's first-quarter net loss of $234 million.
AOL Shakeup Worries Analysts, Investors
April 23, 2002
In advance of its scheduled first-quarter earnings report, AOL has named Robert Sherman as its new president of interactive marketing, replacing Robert Friedman, who was brought in to lead AOL's marketing efforts in August 2001. Investors took the appointment as yet another sign of trouble for AOL.
Analysts Look for Amazon Sales Growth To Balance Q1 Red Ink
April 22, 2002
Although Amazon.com has denied it will post back-to-back profitable quarters, analysts, investors and other e-tailers will be watching closely for signs of growth when the company reports first-quarter earnings.
EBay Meets Street But Tumbles on Growth Worries
April 18, 2002
As expected, eBay met estimates in what is turning out to be a mostly positive earnings season. The company reported a first-quarter profit of $47.6 million, more than double the $21.1 million it booked in the year-ago period.
PayPal Busts Profit Barrier in First Quarter
April 18, 2002
Going public has paid off for PayPal. The online payment firm reported a profit in its debut quarter as a publicly traded company on revenue that more than tripled since the year-ago period.
Apple Bites Off $40M Profit on $1.5B Revenue
April 17, 2002
Customers demanding Apple's revamped desktop iMac helped push the computer maker's second-quarter profit to $40 million, nearly equal to the profit it recorded in the first quarter, as revenue also rose.
Intel Reports Profit in Slow Recovery
April 16, 2002
While it is still too early to declare the technology market in full economic rebound, Intel's modest 2.2 percent year-over-year revenue gain -- to $6.8 billion -- in the first quarter of 2002 indicates that the market is slowly creeping out of decline.
PayPal Shares Surge Amid eBay Takeover Rumors
April 16, 2002
Shares of online payment company PayPal surged in unusually heavy trading as fresh rumors swirled that auction giant eBay is considering a buyout of the newly public company. "It would make sense for eBay to pursue PayPal," Morningstar.com analyst David Kathman told the E-Commerce Times.
$100M Acquisition Vaults E*Trade to Top Spot
April 11, 2002
E*Trade has announced it will pay $100 million in stock for privately held Tradescape. The move will nearly double the number of daily stock trades on E*Trade's network, making it the category leader.
Yahoo's $53.6M Net Loss Beats Expectations
April 10, 2002
Yahoo! reported a net loss of $53.6 million in its first quarter, slightly beating analysts' expectations, and earned higher-than-expected revenue of $192.7 million. However, the company raised its projections for the second quarter, and that forecast may give a much-needed boost to the Internet sector.
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