AOLsent shares of Monster Worldwideskidding Monday when it dumped the help wanted provider for rival CareerBuilder.com.
MNST stock slumped 14% on the news. CareerBuilder’s stock might have gone up except for the fact that it’s no longer a publicly traded company. It’s now a partnership of Gannett, Tribune and Knight Ridder. The CBDR ticker symbol remains unclaimed.
With the AOL-CareerBuilder deal valued at up to $115 million over four years, that works out to roughly $28.75 million a year. The Monster business took in $209 million in the first six months of this year, so the AOL hit likely affects less than 10% of Monster’s business.
But like Overture’sloss of AOL’s business to Google a year ago, it could also mean the start of fierce competition in the employment content sector.
The broader market was mixed Monday, as traders weren’t in a buying mood after the previous week’s mixed economic data.
The Nasdaq slipped 1 to 1714, the S&P 500 climbed 2 to 982, and the Dow rose 32 to 9186. Volume declined to 1.3 billion shares on the NYSE, but rose to 1.58 billion on the Nasdaq. Decliners led 20-11 on the NYSE, and 18-12 on the Nasdaq. Downside volume was 53% on the NYSE, and 39% on the Nasdaq. New highs-new lows were 104-66 on the NYSE, and 110-14 on the Nasdaq.
After the close, Wireless Facilitiesbeat estimates.
During the day, SCO Groupfell 9% on a lawsuit by Red Hat.
Electronic Artsclimbed 2% on a gaming deal with AOL.
Tellabsrose 4% on outsourcing plans.
TiVofell 12% on negative comments in Barron’s.
Wave Systemssurged 21% for a third straight day of big gains on a deal with Intel.
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