Most major Web stocks rose Thursday, with IAC/InterActiveCorp increasing after the company set a date for its annual meeting, at which shareholders will be asked to approve a reverse stock split related to the spinoffs of several businesses.
IAC shares rose 30 cents to $17.67.
In a proxy statement filed with the Securities and Exchange Commission on Thursday, the Internet conglomerate said the shareholder meeting will be held Aug. 1 at its headquarters in New York.
Investors will vote on a proposal that would let IAC's board implement a 1-for-2 reverse split of the company's common and Class B shares after completing the spinoffs, or, if the spins are not all completed at the same time, after the initial spinoff.
Approval of the reverse split isn't necessary for the spinoffs to go forward, as they don't require shareholder approval. In November, IAC's board approved the spins, which call for the separation of the company's HSN home shopping network, Ticketmaster, LendingTree.com and Interval time-share businesses from the IAC business.
Meanwhile, shares of search leader Google Inc. rose 62 cents to $542.15.
In a client note, Canaccord Adams analyst Colin Gillis said that the company is still his "Best Idea" in Internet for the June quarter and for the longer term.
Gillis rates the stock "Buy" with a $755 price target.
Shares of rival Yahoo Inc. fell 30 cents to $23.52.
The company on Thursday released a new service called "Build Your Own Search," or BOSS, that shares its technology with third parties _ its latest move in countering Google's dominance in Internet search advertising.
Elsewhere in the sector, shares of online auctioneer eBay Inc. lost 4 cents to $27.91.
Jefferies & Co. analyst Youssef Squali, who rates the stock "Buy" with a $40 price target, said in a client note that he expects a "good" second-quarter from the company. EBay is set to give its quarterly report on Wednesday.
Squali thinks eBay's quarter was helped by "robust listings growth on Marketplaces and continued strength in payments and non-gross merchandise value businesses."
Shares of online retailer Amazon.com Inc. fell 27 cents to $70.34.
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