OPEN Act Continues to Find Supporters: AOL, Ebay, Facebook, Google, Yahoo, LinkedIn

The OPEN Act, an online piracy bill proposed by Rep. Darrell Issa (R-Calif.) and Sen. Ron Wyden (D-Ore.) as an alternative to the Stop Online Piracy Act (SOPA) and Protect IP, its Senate counterpart, has received support from eight Web majors.

AOL (NYSE:AOL), eBay (NASDAQ:EBAY), Facebook, Google (NASDAQ:GOOG), LinkedIn (NYSE:LNKD), Mozilla, Twitter, Yahoo (NASDAQ:YHOO) and Zynga (NASDAQ:ZNGA) praised the bill in their letter to Issa and Wyden, saying, “[The OPEN Act’s] approach targets foreign rogue sites without inflicting collateral damage on legitimate, law-abiding U.S. Internet companies by bringing well-established international trade remedies to bear on this problem.”

The proposed Act would place online copyright claims against foreign websites before the International Trade Commission, who would be given the authority to direct online payment processors and ad networks to discontinue business with the offending websites. This approach is considered better by the online community instead of the SOPA method – which is to get search engines to remove links to these sites – an action that may be construed as online censorship.

The enthusiasm of the Silicon Valley majors above is not shared, however, by the entertainment industry, a major sufferer of piracy, which views the proposals as ineffective, and believes that the ITC is slow and often biased in favor of tech companies over content originators.

Here’s how these media stocks are reacting to the news today:

AOL, Inc. (NYSE:AOL): AOL shares recently traded at $15.97, up $0.51, or 3.3%. They have traded in a 52-week range of $10.06 to $24.91. Volume today was 284,581 shares versus a 3-month average volume of 1,566,410 shares. The company’s trailing P/E is 30.30, while trailing earnings are $0.53 per share.

eBay Inc. (NASDAQ:EBAY): EBAY shares recently traded at $30.70, down $0.01, or 0.03%. They have traded in a 52-week range of $26.86 to $35.35. Volume today was 1,610,897 shares versus a 3-month average volume of 11,106,100 shares. The company’s trailing P/E is 22.39, while trailing earnings are $1.37 per share.

Google Inc. (NASDAQ:GOOG): GOOG shares recently traded at $653.65, down $5.36, or 0.81%. They have traded in a 52-week range of $473.02 to $670.25. Volume today was 803,544 shares versus a 3-month average volume of 3,003,490 shares. The company’s trailing P/E is 22.28, while trailing earnings are $29.34 per share.

Linkedin Corporation (NYSE:LNKD): LNKD shares recently traded at $63.24, down $0.89, or 1.39%. They have traded in a 52-week range of $55.98 to $122.70. Volume today was 304,490 shares versus a 3-month average volume of 1,501,350 shares. The company’s trailing P/E is 866.30, while trailing earnings are $0.07 per share.

Yahoo! Inc. (NASDAQ:YHOO): YHOO shares recently traded at $15.51, down $0.13, or 0.83%. They have traded in a 52-week range of $11.09 to $18.84. Volume today was 2,234,086 shares versus a 3-month average volume of 24,484,200 shares. The company’s trailing P/E is 18.98, while trailing earnings are $0.82 per share.

Zynga, Inc. (NASDAQ:ZNGA): ZNGA shares recently traded at $8.66, down $0.25, or 2.81%. They have traded in a 52-week range of $8.75 to $11.50. Volume today was 2,834,616 shares versus a 3-month average volume of 14,295,000 shares. The company’s trailing P/E is 117.03, while trailing earnings are $0.07 per share.

To contact the reporter on this story: Brooke Edge at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com