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Technology Stocks : Al's Toy Barn -- Ignore unavailable to you. Want to Upgrade?

To: edkaiser who wrote (185)	10/29/2001 2:23:20 PM
From: edkaiser	Respond to of 228

[GMST] - 10/29 - Gemstar stock drops on GM-Echostar deal LOS ANGELES, Oct 29 (Reuters) - Gemstar-TV Guide International Inc. shares fell sharply on Monday on news General Motors Corp. agreed to sell its satellite television unit to EchoStar Communications Corp. after rival bidder Rupert Murdoch's News Corp. walked away. In September 2000, News Corp became the largest shareholder in Gemstar-TV Guide, which owns an interactive program guide designed to navigate the expanded channels made possible by satellite and digital cable technology. ``When Murdoch put this all together, one of the key components was Gemstar. He bought a major stake in Gemstar and the idea was to put the Gemstar Interactive Program guide on a global platform,'' said one media executive who holds stock in the company. ``Now that's not going to happen and people are getting skittish on the stock,'' he said. Gemstar's stock fell $2.59 or about 11 percent to $20.60 a share. biz.yahoo.com