Wall Street Tug-of-War
Mixed earnings reports pulled e-commerce integrator stocks in opposite directions last week, leaving our index with a mere boost of 0.6 percent.Mixed earnings reports pulled e-commerce integrator stocks in opposite directions last week, leaving our index with a mere boost of 0.6 percent. For the year, however, the index has gained a whopping 38 percent, mimicking the strong climb in small-cap stocks overall. C-bridge Internet Solutions, a business services and software provider that reported its earnings a week earlier, was the biggest winner. The company assigned Richard Putz, its chief strategy officer, the additional title of chief financial officer. Putz replaces Richard Wester, who will resign effective March 30. C-bridge also kicked off its 2001 seminar season for corporate executives. For its Q4, C-bridge reported revenue of $26.2 million and a pro forma net loss of $727,000, or 3 cents per sharein line with expectations.
Other winners last week included eLoyalty, which announced stronger than expected Q4 earnings; Complete Business Solutions, which put in place a restructuring plan to achieve profitability; and Covad Communications, the DSL provider that was the subject of takeover rumors. Covad did not return phone calls for comment.