All eyes will be on the announcement, scheduled for later this afternoon. The

Federal Reserve

announcement? Hell no.

Amazon.com's

(AMZN) - Get Report

announcement.

Amazon will release its much-anticipated fourth-quarter earnings after today's close. Early on, Amazon was building on yesterday's gains, up 2 3/8, or 3.5%, to 69 13/16. Numbers themselves may not be important, particularly with the company already preannouncing strong revenue of $650 million. The

First Call/Thomson Financial

consensus estimate is for a 48-cent loss, but investors may be paying more attention to guidance the company provides and whether the fourth quarter represents a pinnacle for losses.

TheStreet.com Internet Sector

index was lately up 15.13, or 1.4%, at 1088.35.

Elsewhere,

Yahoo!

(YHOO)

was up 8 3/8, or 2.6%, to 325 3/4. The company said that it was teaming with German mobile-phone maker

Siemens

(SMAWY)

to make Internet content available on Siemens' phones. The content for the phones will be available in April.

TheStreet.com/NYTimes.com

joint newsroom focused on the deal in an earlier

piece.

NBC Internet

(NBCI)

was up 1 5/8, or 1.8%, to 93. The company said that it would acquire

AllBusiness.com

, which provides online services for small and emerging businesses. The all-stock transaction was valued at near $225 million. AllBusiness.com will join NBCi's

ComFind

business directory service and

Snap Business Network

in the formation of NBCi's business-to-business division. NBCi expects to unveil additional components of its business-to-business strategy in the near future.

In postearnings moves,

VerticalNet

(VERT)

was down 10 7/8, or 4.3%, to 241 1/4 as traders booked profits despite better-than-expected

results. The company bested quarterly estimates with a 28-cent loss vs. the 34-cent estimate. It also announced a 2-for-1 stock split.

However,

GlobeSpan

(GSPN)

was soaring, up 32 3/8, or 26.5%, to 154 3/4. The maker of chips for fast Internet access reported a profit of 4 cents for the fourth quarter vs. the break-even estimate. It also announced a 3-for-1 split, sending investors into a frenzy.

Copper Mountain Networks

(CMTN)

was being rewarded for posting a pro forma profit of 13 cents for its fourth quarter vs. the 8-cent estimate. It was up 5 5/16, or 9.4%, to 62 1/8.

In analysts' action,

Robertson Stephens

upgraded shares of

eToys

(ETYS)

to buy from long-term attractive, sending the stock up 1 1/2, or 10%, to 16. Analyst Lauren Cooks Levitan wrote that the stock's current valuation, coupled with its "attractive growth opportunities in new categories and international markets, represents a compelling risk/reward for what we continue to believe is a franchise e-tailer." Robertson Stephens has done underwriting for eToys.

Also,

Goldman Sachs

upgraded shares of

New Era of Networks

(NEON) - Get Report

to market outperform from market perform. It was up 4 3/16, or 7.8%, at 58 1/16. Analyst Anne Meisner wrote that the company has posted two good quarters since reporting a shortfall in the June quarter, and the stock was trading at the low end of the range of valuations for application integration vendors. Goldman has not done underwriting for New Era of Networks.