This fight is better than Ali vs. Foreman.
Overture Shares Plummet on News of Google Competition
VentureReporter.net Wednesday, February 06, 2002, 5:01 PM ET
Investors, once confident that Overture Services (Nasdaq: OVER) was dominating the syndicated search space, had their confidence severely shaken with today's news that the Pasadena-based company losts its contract with Earthlink to Google's new AdWorks product. As a result, even though an Overture spokesperson told Reuters that the change would not have a material impact on the company's earnings, investors were apparently deeply concerned that Overture faces new, potentially serious competition. By the end of the day, Overture shares fell a whopping 41 percent, closing at $17.92.
Overture Raises Earnings Projection
By Michael Liedtke. AP Business Writer
SAN FRANCISCO –– Hoping to reverse a 41 percent drop in its stock Wednesday, Overture Services Inc. predicted its advertising-driven online search engine will make substantially more money this year than investors anticipated.
Saturday, February 09, 2002