Industry News

Move, Interactive Corp. gain ground on Wall Street

Inman Index: Real estate brokerage, mortgage, technology stocks post mixed results

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Interactive Corp. and Move Inc., two competitors that both have a significant presence in real estate on the Web, were the top performers on Wall Street in November among the 10 real estate brokerage, mortgage and technology stocks that comprise the Inman Index. Shares of Move Inc. were up from $4.84 to $5.55, a gain of 14.7 percent, while shares of Interactive advanced from $32 to $36.49, a gain of 14 percent. Earnings expectations appeared to be a positive factor for both companies. Move, formerly known as Homestore, reported net income of $1.3 million, or 1 cent per share, for the third quarter of 2006 compared with $1.9 million, or 1 cent per share, for the prior-year third quarter. Revenue was $75.5 million in the recent period, a 14 percent increase compared with $66.3 million for the comparable prior-year quarter, according to a company statement. Move CFO Lew Belote, during a conference call with analysts, said revenue was expected to decline in the fourth quarter compared wi...