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Technology Stocks : VerticalNet, Inc. [VERT] -- Ignore unavailable to you. Want to Upgrade?

To: Sarkie who wrote (1050)	1/8/2001 12:53:22 PM
From: Sarkie	Read Replies (1) \| Respond to of 1094

Now it is said that Galli has jumped ship. Do we suppose the next story will be a mutiny? newsalert.com VerticalNet Shares Plunge After CEO Galli Jumps Ship (VERT) (NewsTraders.com)-- VerticalNet (VERT) shares tumbled to yet another new low Monday after a small army of analysts downgraded the company following the disclosure that its chief executive, Joseph Galli, is leaving the B2B online community operator. Galli, who came to VerticalNet in July from Amazon.com (AMZN), is taking over as president and chief executive at housewares products maker Newell Rubbermaid (NWL). He is replacing William Sovey, who will return to his previous position as chairman of Newell. Merrill Lynch analyst Edward McCabe cut his near-term recommendation to "neutral" from "outperform," while holding steady his long-term "outperform" view. McCabe said changes in both strategy and leadership at VerticalNet concern him, and he will remain cautious on the stock until he is confident the company is executing under new boss Mike Hagan, who is the firm's co-founder and COO. Elsewhere, VerticalNet received downgrades from Lehman Brothers, Prudential Securities, Legg Mason, and Thomas Weisel Partners. In recent market action, VerticalNet shares were off by $1.44, or 27%, at $3.88, but had fallen to a new 52-week trough of $3.75 intraday. Copyright 2001 NewsTraders Inc. All Rights Reserved 11:01 Monday, January 08, 2001