Go.com (NYSE: GO) added 3/16 to trade at 10 13/16 early Thursday after the Internet division of Walt Disney Co. (NYSE: DIS) announced a loss for the third quarter ended June 30th and said it would change its name to Walt Disney Internet Group.
Revenue for the quarter rose 10 percent from a year earlier to $86.3 million, while the company posted a loss before charges of $52.6 million, or 34 cents per share.
Chairman Steve Bornstein said the company plans to use the ABC and Disney networks to “ramp up promotion” of its sites during the fourth quarter. After that, he said, the company expects “to build momentum” and demonstrate its “real business potential.” Internet sites managed by the group include ABC.com, ABCNews.com, Disney.com, ESPN.com and Go.com.
The name change will “more accurately reflect the overall focus” of the business, the company said. The Internet company’s stock will continue to trade on the New York Stock Exchange, but will switch its symbol to DIG on August 7th.
Goldman Sachs reportedly added the stock to its recommended list following the news.