Major Internet Stocks Trade Mixed, EBay Dips After Soros Fund Sells Stake in Company
Published May 17th, 2007
Shares of major Internet stocks traded mixed Wednesday, as shares of eBay Inc. declined after billionaire George Soros’ Soros Fund Management LLC reported selling shares of the online auctioneer.
EBay shares lost 57 cents to $32.93 in afternoon trading.
In a form 13F-HR filed with the Securities and Exchange Commission Tuesday, eBay was absent from the Soros Fund’s list of holdings for the quarter that ended March 31. In the quarter before, Soros Fund reported holding a stake in eBay of 101,745 shares with a fair market value of $3.1 million.
On Tuesday, Soros Fund reported total holdings of almost $2.5 billion.
Online retailer Amazon.com Inc. added $1.03 to $61.61 in afternoon trading. On Wednesday the company said it will launch a digital music store sometime this year with songs that are free of copy protection limits.
Elsewhere in the sector, shares of online search engine operator Yahoo Inc. also declined, losing 14 cents to $28.67 in afternoon trading, while rival Google Inc. added $8.58 to $466.58.
Shares of digital media company IAC/InterActiveCorp. added 15 cents to $34.04 in afternoon trading.
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