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eBay Rises After Beating Estimates

Shares of eBay climbed after hours on Tuesday after the company beat earnings estimates. Stocks rose during the day on neutral comments from Fed Chairman Alan Greenspan, but shares of Akamai dropped on concern about lockup expiration.

The ISDEX gained 20 to 784 and the Nasdaq rose 47 to 4029. The S&P added 10 to 1474, and the Dow tacked on 14 to 10,699. Volume rose to 953 million shares on the NYSE, but was unchanged at 1.46 billion on the Nasdaq. Advancers edged decliners 14 to 13 on the NYSE and 21 to 18 on the Nasdaq. July's Consumer Confidence reading came in stronger than expected. The major economic reports for the week are the second-quarter Employment Cost Index on Thursday and the GDP on Friday. Amazon.com reports earnings after the close tomorrow. For earnings reports, visit our earnings calendar and reported earnings.

eBay rose 1 1/8 to 56 1/4 in regular trading and added another $1 after hours. The company reported earnings of 5 cents a share, 2 cents better than expected, and revenue nearly doubled to $97.4 million. AskJeeves beat estimates by 4 cents with a 51-cent loss, but the stock slipped after hours after rising 9/16 to 17 in regular trading. Vignette beat estimates by a penny with 1-cent earnings, but the stock dropped to 40 after hours, after rising 1/2 to 43 5/8 ahead of earnings.

In regular trading on Tuesday, Akamai Technologies fell 22 5/8 to 85 1/4 despite reporting a second-quarter loss of 50 cents a share, 7 cents better than estimates. Investors were concerned about lockup expirations over the next several weeks. A 2.8 million-share lockup will expire on Aug. 1, and 58 million on Sept. 13. Merrill Lynch began coverage with a near-term Accumulate/long-term Buy rating.

GoTo.com reported a second-quarter loss of 23 cents, 8 cents better than estimates. But the stock fell 3 7/16 to 16 11/16 after Donaldson, Lufkin and Jenrette lowered its price target to $80 from $160.

Amazon.com lost 1 1/8 to 37 7/16 on news that COO Joseph Galli is leaving to become CEO of VerticalNet . VerticalNet CEO Mark Walsh is expected to become chairman. Shares of Red Hat lost 2 3/4 to 21 on news that CFO Harold Covert resigned.

FreeMarkets rose 1/8 to 53 5/8 after the company reported a second-quarter loss of 34 cents a share, 7 cents better than estimates. The company's revenue number of $19.4 million was well ahead of estimates, and Merrill Lynch raised its rating from Accumulate to Buy. Aether Systems rose 5 5/8 to 174 1/2 after beating estimates.

ValueClick soared 2 1/8 to 12 3/8 after reporting second-quarter earnings of 6 cents a share, a nickel better than estimates. But MP3.com , which also beat estimates by a nickel with a second quarter loss of 8 cents a share, fell 2 1/16 to 10.

Cobalt Group lost 9/64 to 6 11/16 after reporting a second quarter loss of 27 cents a share, 9 cents better than estimates. Net Perceptions beat estimates by a penny with a second-quarter loss of 16 cents a share and lost 7/8 to 14 1/4.

FreeShop.com lost 7/32 to 5 1/16 after missing estimates by a penny with a second-quarter loss of 25 cents a share. Onvia.com beat estimates by 11 cents with a loss of 48 cents a share, but the stock fell 1 9/16 to 9 7/16.

VeriSign fell 5 1/16 to 179 9/16 despite bullish comments from Morgan Stanley Dean Witter analyst Mary Meeker. The company reports earnings after the close tomorrow.

PlanetRX.com



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