RealTime IT News

Markets Quiet Ahead of Rate Decision

The markets were subdued today, as investors were concerned about possible interest increases in advance of Tuesday's meeting of the Federal Reserve's Open Market Committee.

internet.com's Internet Stock Index was up 7.88, or 1.25 percent, to 639.79, the Nasdaq Composite had climbed 1.62 to 3,219.53 and the Dow Jones industrial average had gained 8.57 to 10,760.75.

Early next year, there will be another online investment bank, which will underwrite, manage and distribute IPOs for Net and technology companies. Top VCs Kleiner Perkins Caufield & Byers, Trident Capital and Benchmark Capital are backers. Other investors include Schwab, TD Waterhouse and Ameritrade.

Charles Schwab & Co. Inc. (SCH) closed up 3/8 to 43-1/4, TD Waterhouse parent Toronto Dominion Bank (TD) ended up 1 to 25-1/16 and Ameritrade Holding Corp. (AMTD) jumped 4-1/2 to 26-7/16.

Data Broadcasting Corp. (DBCC) fell 1-15/16 to 12-7/16. The company, which is an online financial data provider, announced that it will sell to Pearson PLC, which owns the Financial Times Group. The transaction is worth about $800 million.

AskJeeves Inc. (ASKJ) had rocketed 10-3/4 to 167-3/4. The search engine Monday bought Net Effect Systems Inc., a provider of Web-based live help services, for $280 million in stock.

Ticketmaster Online-CitySearch (TMCS) rose 8-1/16 to 30-5/16. An analyst with Robertson Stephens upgraded the stock from "buy" to "strong buy."

Red Hat Inc. (RHAT) had jumped 3-9/16 to 105-3/8 after announcing plans to purchase privately-held Cygnus Software for $674 million in stock. Cygnus products include a royalty-free operating system targeting IP devices.

Xoom.com (XMCM) rose 3-1/8 to 59. The company announced an e-commerce superstore. The deal will also involve Snap.com. The new venture will have a $45 million advertising campaign.

GoTo.com (GOTO) was up 17-25/32 to 109. Late Friday, the company announced it had won a preliminary injunction stopping Walt Disney Co. (DIS) and Infoseek Corp. (SEEK) from using the Go.com name on advertising for their joint venture. The judge found there was enough similarity between the names to cause confusion among consumers.

China.com (CHINA) rocketed 43-3/16 to 101-3/16. The portal site is expected to post strong earnings. Also, China will be entered into the World Trade Organization.

Priceline.com Inc. (PCLN) had jumped 3-5/16 to 59-5/16 after launching a new service with Ford Motor Co. (F) that will allow Florida consumers to bid on new cars and light trucks.

Lycos Inc. (LCOS) had climbed 15/16 to 59-7/8. The search engine Monday launched Lycos Music, a new online music destination.

E-commerce software provider Ariba Inc. (ARBA) had rocketed 13-3/8 to 210 and InterWorld (INTW) had climbed 8-1/8 to 67-7/8. The two companies announced a marketing aimed at helping suppliers and buyers together using the Internet.

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