Deals Driving Internets Higher Before Fed Meeting
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A number of deals involving leading industry players was helping drive Internet stocks higher in midday trading Monday in advance of Tuesday's much-anticipated meeting of the Federal Reserve's open market committee.
Just before noon, internet.com's Internet Stock Index was up 1.96, or .37 percent, to 527.61, the Nasdaq Composite had climbed 33.78 to 2,770.63 and the Dow Jones industrial average was up 132.02 to 10,405.02.
The day's screamer was Preview Travel (PTVL) which had jumped 7-1/8 to 24-3/4. Competitor Travelocity, a unit of Sabre Holdings Corp. (TSG) will acquire 70 percent of Preview Travel for $50 million in cash. Sabre will combine the two services which will operate under the Travelocity name.
RCN Corp. (RCNC) had jumped 4-3/4 to 42-13/16 after sealing a venture with Paul Allen's Vulcan Ventures. Vulcan will invest $1.65 billion in RCN and plans to form a joint venture dubbed Broadband Partners with Allen's Charter Communications, RCN and several other firms. Broadband Partners will offer high-speed Internet services to RCN and Charter subscribers.
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