GM Moving Auctions to Commerce One

General Motors Corp. will pull all its business-to-business auctions away from FreeMarkets Inc. to rival online company Commerce One Inc., an executive for the world’s largest auto maker said. FreeMarkets, whose shares have risen more than sevenfold since it sold stock to the public Dec. 10, gets much of its revenue from GM. The company had cautioned in Securities and Exchange Commission filings that GM could make such a move.

FreeMarkets spokeswoman Karen Kovatch declined to comment on losing the GM business, saying the Pittsburgh-based company is “still in a quiet period” after its public offering. FreeMarkets’ shares rose 56 cents to close at $341.88 on Nasdaq. Shares in Walnut Creek, Calif.-based Commerce One rose $7.13 to close at $203.63, also on Nasdaq.