Alan Greenspan will probably not cause as much controversy as Miami Heat's Anthony Carter did over the weekend when his game-winning shot went over the backboard. But both Greenspan, the Heat and the Knicks will have the attention of traders this week with the Federal Reserve meeting tomorrow and the Heat-Knicks series continuing Wednesday knotted at 2.
In early trading, the
was down 77.57, or 2.2%, to 3451.49, though it had traded as high as 3545.34. The positive start was tempered by some restraint in front of the Fed's meeting.
TheStreet.com Internet Sector
index was down 11.84, or 1.4%, to 831.72, though it had traded as high as 855.96.
Among stocks in the news,
was up 5 5/8, or 10.4%, to 59 3/4.
The Wall Street Journal
provided more detail about talks between Lycos and
, saying that the Terra could acquire Lycos for at least $10 billion in stock, with Lycos seeking at least $90 a share. However, the article also notes that there was a "significant chance" that a deal would not be reached. Instead, the two companies could form an Internet alliance, according to the story. Terra was down 3/8, or 0.62%, to 59.
will team on a co-branded online auto dealership. The site will be part of AOL's Auto Channel, which is expected to launch this fall and offer information, services and tools for shopping, buying and maintaining automobiles. AOL members who purchase a new or used vehicle through the site will receive a range of benefits, including one-year free scheduled service and $200 off any vehicle ordered from the factory. AOL was off 7/16, or 0.8%, to 54 15/16 early on, while AutoNation was flat at 9 15/16.
was flat at 19 13/16. According to
, E*Trade will buy
retail-brokerage unit and make Wit the exclusive provider of new-share issues. In return, Wit will buy E*Trade's
research unit for 32 million shares of stock, valued at around $328 million as of Friday. E*Trade will spend $20.5 million to buy 2 million shares of Wit, according to the story. Wit was up 5/16, or 3%, to 10 9/16.