Amazon.com (AMZN): The online retailer was accused of misleading investors about the value of some revenue it receives from e-commerce partners, Barron's reported, citing company filings. Shares of Amazon fell $2.28, or about 6 percent, to $33.34.
About.com (BOUT): Primedia (PRM) agreed to buy the Internet media company for about $690 million in stock. Primedia will exchange 2.3409 shares for each outstanding share of About.com. Shares of About.com rose 88 cents, or about 3 percent, to $24.75. Shares of Primedia fell $3.44, or about 22 percent, to $11.81.
Avant (AVNT): The software maker said it expects fourth-quarter earnings and revenues to increase by 10 percent to 14 percent from the same period in 1999. The company said pro forma third-quarter earnings were 45 cents per diluted share, up 21 percent over the same period last year. Analysts polled by First Call/Thomson Financial forecast 45 cents per share. Shares of Avant fell $1.31, or about 7 percent, to $15.69.
AT&T (T): The long-distance phone company and its chairman, C. Michael Armstrong, are being sued by shareholders who claim the company misled investors about its financial strength. The suit on behalf of investors who bought AT&T shares from October 1999 to May comes as the company is planning to split into four parts in an effort to reverse the slide of its stock price. Shares of AT&T rose 63 cents, or almost 3 percent, to $22.63.
Verizon Communications (VZ): The U.S. telephone company reported flat earnings and a 7.2 percent growth in revenues. The company said it would have had a slightly higher revenue growth were it not for an 18-day labor strike in August. Shares of Verizon rose $2.25, or about 4 percent, to $55.31.