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Rupert Murdoch, LulzSec: Hot Trends

NEW YORK ( TheStreet) -- Popular searches on the Internet Tuesday include News Corp. (NWSA - Get Report) CEO Rupert Murdoch on the very day the media tycoon goes before a committee of British lawmakers to answer questions regarding the ongoing scandal involving the newspapers he owns.

Murdoch is expected to address allegations that journalists at his newspapers hacked into voicemails and paid police to obtain information.

Murdoch's son, James, and Rebekah Brooks, former chief executive of News International, are also testifying. The proceedings began at 9:30 a.m. EDT.

In light of the scandal, Murdoch decided not to pursue his interest in taking over British Sky Broadcasting (BSY).

Murdoch's troubles don't end there. LulzSec is a hot trend Tuesday after the group of hackers infamous for breaking into Web sites of the CIA and Sony (SNE) has gone after Rupert Murdoch's newspapers.

LulzSec is claiming to be behind online attacks on The Sun and The Times Web sites. A fake article reporting the death of Murdoch appeared on The Sun's Web site Tuesday morning, only to disappear but then redirect visitors to LulzSec's Twitter page. Hours after the attacks, both Web sites and the News International Web site were down.

Finally, Borders is trending after news that the 40-year old bookstore chain is going into liquidation. The retailer decided on Monday to liquidate its remaining 399 stores after a bid to buy the company fell apart last week. The company filed for Chapter 11 bankruptcy protection in February.

Liquidation sales at Borders locations could start by this Friday. The company employs about 10,700 workers.

The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.

-- Written by Brittany Umar.
Brittany joined TV in November 2006 after completing a degree in Journalism and Media Studies at Rutgers College. Previously, Brittany interned at the local ABC affiliate in New York City WABC-TV 7 where she helped research and produce On Your Side, a popular consumer advocacy segment.

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