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Internet Capital Group shares drop after warning NEW YORK, Feb 25 (Reuters) - Shares of Internet Capital Group Inc. <ICGE.O>, a firm that invests in business-to-business Web site operators, dropped sharply on Friday, a day after the company warned that it could not say when it might show a profit. The shares opened on the Nasdaq at 107, off about 12 points from their closing price on Thursday, before recovering slightly by early afternoon to trade at 109-5/8, down 9-1/2 for the session. The stock closed at 119-1/8 on Thursday. Internet Capital (ICG) on Thursday said it expected to post losses for "many quarters in the foreseeable future" and did not know if or when it would ever turn a profit. The Wayne, Pa.-based company on Thursday also posted a fourth-quarter loss of $23.4 million, or 9 cents a share, versus a profit of $2.0 million, or 2 cents, in the year-ago quarter. Revenues rose to $1.8 million from $1.3 million. Because ICG acquires interests in business-to-business electronic commerce companies, many of which generate losses, it said it expected further volatility in its quarterly financial results. The company said its shares of partner-company losses increased to $103.4 million in 1999 from $14.1 million in 1998, while operating expenses rose about 568 percent to $23.4 million from $3.5 million. During the fourth quarter, ICG spent $412 million on acquisitions, including interests in 10 new partner companies, in an effort to expand its foothold in the top 50 global so-called "B2B" electronic-commerce markets |
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| aus der Diskussion: | ICGE - Steve Harmon - ... it`s too soon to tell if they can make good investments over time |
| Autor (Datum des Eintrages): | investor_007 (25.02.00 23:07:59) |
| Beitrag: | 5 von 5 (ID:530011) |
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