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Tech Industry

STOCKS TO WATCH: Autoweb.com, Commerce One and WorldCom

Expect the following technology stocks to be among Monday's most actively traded issues: Autoweb.com, Commerce One and WorldCom.

  • Autoweb.com (Nasdaq: AWEB)

    The online car seller will be hopping Monday after announcing late Friday that it will cut its workforce by about 25 percent, in a cost-cutting move expected to save more than $10 million annually.

    Autoweb said the reduction in operating expense coupled with its strong cash position will further the company's plans to move quickly to profitability.

    "This decision was the result of careful deliberation by our executive team and the board of directors," said CEO Jeffrey Schwartz in a prepared release. "We needed to take the necessary steps with this re-engineering initiative to deliver value to our shareholders and business partners."

    Autoweb.com shares closed off 3 cents to 53 cents Friday.

  • Commerce One (Nasdaq: CMRC)

    Keep an eye on Commerce One Monday after it confirmed late Friday that it is still comfortable with analysts' sales and loss estimates in its fourth quarter.

    Its shares closed of $5.69, or 11 percent, to $47.63 ahead of the announcement.

    After the bell, the business-to-business e-commerce software provider said it expects to lose 7 cents a share on sales of between $173 million to $177 million.

    First Call Corp. consensus expects it to lose 7 cents a share in the quarter.

    Company officials said it expects sales in the range of $800 million to $825 million in fiscal 2001.

    Commerce One and other e-business software developers such as Ariba (Nasdaq: ARBA) and i2 Technologies (Nasdaq: ITWO) have watched their stocks plummet in recent weeks.

  • WorldCom (Nasdaq: WCOM)

    WorldCom agreed to sell all of Intermedia Communications' assets, except for its controlling interest in the Web-hosting unit Digex, to gain Justice Department approval for its acquisition of Intermedia.

    In a prepared statement released late Friday, WorldCom said the deal "significantly advances regulatory approval of the WorldCom-Intermedia merger."

    The company said a consent decree filed with the federal district court in Washington outlined those terms and specified that it would sell the Intermedia assets within six months of the close of the merger, before which WorldCom would operate Intermedia as a separate business.

    The companies said they expect WorldCom's acquisition of Intermedia to close early in 2001.

    WorldCom shares closed off 25 cents to $15.75.