RealTime IT News

Internets Lead Pack Ahead of Fed Meeting

Several deals were lifting Internet stocks in midday trading Tuesday. The major indices were also trading higher ahead of the two-day Federal Reserve meeting which begins later today.

At noon Eastern, internet.com's Internet Stock Index was up 13.50, or 1.66 percent, to 827.11, the Nasdaq Composite had climbed 37.26 to 3,977.61 and the Dow Jones industrial average was up 4.04 to 10,944.57.

Gainers included VerticalNet (VERT), up 9-5/16 to 247-9/16. The Internet community operator Tuesday announced an expansion into Europe. British Telecom and Internet Capital Group (ICGE) are among those backing the $227 million venture.

Expedia Inc. (EXPE) had jumped 6-5/16 to 33-9/16. The Internet travel site majority owned by Microsoft Corp. (MSFT) late Monday bought Travelscape.com Inc. and VacationSpot.com Inc.

Amazon.com Inc. (AMZN) was up 5-5/8 to 70-3/16. The e-tailer Tuesday bought an 18 percent stake in privately-held living.com. Terms were not disclosed.

Amazon will add a new section that will sell furniture, bedding and other home items gained by the acquisition.

StarMedia Network Inc. (STRM) was up 1-1/4 to 33-3/8. The Latin American portal Tuesday paid $15 million for AdNet, SA de C.V., an Internet directory and search engine. StarMedia will pay another $115 million over five years if financial targets are met.

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