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RealTime IT News

24/7 Media Rockets on Takeover Talk

Shares of Internet ad firm 24/7 Media Inc. were rocketing in midday trading on speculation that ad leader Doubleclick Inc. would buy its smaller rival.

Meanwhile, blue chips moved solidly higher after the government reported U.S. wages posted their biggest increase in 16 years.

Just before noon, internet.com's Internet Stock Index had fallen 0.86, or .15 percent, to 575.53, the Nasdaq Composite was off 10.89 to 2,849.81 and the Dow Jones industrial average had climbed 50.34 to 10,587.39

24/7 Media Inc. (TFSM) had climbed 6-9/16 to 47-1/16 on reports Doubleclick (DCLK) was considering a $1.5 billion buyout of 24/7. Doubleclick shares were off 1-15/16 to 129-15/16.

Amazon.com Corp. (AMZN) was off 11/16 to 86-5/8. The company Friday introduced a new gift registry system.

The rest of the sector's leaders were mixed with Inktomi Corp. (INKT) up 3-1/8 to 125-7/8, Net2Phone (NTOP) climbing 2-9/16 to 56-1/4 and Ariba Inc. (ARBA) jumping 7-1/2 to 174.

Finally, Mortgage.com Inc. (MDCM) was up 1/2 to 11-5/8 after announcing its third quarter revenues would be just over $12 million, up 25 to 28 percent from last year.


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