Verticalnet shares reach high

NEWS Shares in B2B provider Verticalnet will open trading up 40.21 per cent today after the company announced that it expected third quarter results to meet, or exceed, expectations. Shares stood at $1.17 at the close of Nasdaq trading yesterday, after reaching a high of $1.77 during the day. Verticalnet enjoyed a 52 week high of $34.18, but has also slumped as low as 32 cents during its financial year. Management said that a stringent cost cutting programme meant that the company was now on target to meet revenue forecasts of $31m to $32m for the quarter ending 30 September 2001. Pro forma loss for the quarter is expected to be seven to nine cents a share, down from previous guidance of eight to ten cents a share. At the end of the quarter Verticalnet had $53m in cash and marketable securities.