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General Motors to shift Net auctions from FreeMarkets to GM TradeXchange

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Detroit--General Motors Corp., the world's biggest automaker, will pull all of its business-to-business auctions from Pittsburgh-based FreeMarkets and shift its business to GM TradeXchange. GM TradeXchange, a joint venture between General Motors and FreeMarkets' archrival, Walnut Creek, Calif.-based Commerce One, held its first b-to-b Net auction on Dec. 20. Though FreeMarkets' stock was getting hammered when the news broke, it appeared that the announcement did not dampen Wall Street's long-term enthusiasm for the company; New York-based Wit Capital on Tuesday initiated a "buy" rating on FreeMarkets.
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