was in talks to buy
was the big attention-grabber this morning in preopen trading on
. It was sending
, in which Intermedia has a 54% stake, up 50 cents to $85. Intermedia was traded at $34.38, a big jump from its Friday close of $22.88. Worldcom hadn't traded on Instinet this morning.
Also on Instinet,
, a provider of Internet access and content in Spanish- and Portugese-speaking countries, was up $1.50 to $44.50. Terra's merger with Internet portal
is expected to close next month.
was fetching a bid of $14.50, up 62 cents, on news that
was going to buy the company for $3 billion.
At 7:45 a.m. EDT, futures were declining, but indicating more of a flat opening than a down one.
S&P 500 futures were up 0.10 to 1523.40, in line with fair value as calculated by
. The thinly traded
futures were down 3 to 4115, almost 12 points above fair value, as calculated by
, and indicating that investors will be buying tech stocks when the market opens. Fair value is a good gauge of how stocks will trade in early action.
Europe's major indices were down at midsession, with France's
0.6% lower, Germany's
down 0.2% and the U.K.'s
off 0.4%. Japan's
lost 1.4% overnight, while Hong Kong's
slipped 0.4% (see today's
Asian Markets Update for more).
For Friday's postclose trading, see The Night Watch.