What will be English and Spanish and read all over? Why, it's Terra Lycos, of course. The company was born tonight when Europe's leading Spanish Internet service provider, Terra Networks (TRRA) , cinched the deal to buy American Internet portal Lycos (LCOS) for $12.5 billion in stock, or $97.55 a share.

The Spanglish merger will create an Internet company to rival

America Online

(AOL)

and

Yahoo!

(YHOO)

, with an estimated 50 million users, 175 million page views a day and $500 million in pro forma 2000 revenues.

After a trading halt was lifted at 5:15 p.m. EDT, Lycos shot up 2 11/16 to 75 1/4 on 320,000

Island

shares. Lycos has surged nearly 40% since rumors of a possible merger surfaced on Friday.

However, Lycos shareholders will only get between 37% and 46% of the combined company, despite the fact that Lycos brings more than 60% of sales and the only positive earnings to the deal.

"We would not chase Lycos shares into this Terra takeout,"

Salomon Smith Barney

analysts warned.

Currency risk could be another consideration for Lycos owners, as Terra trades as an ADR and is subject to the fluctuations of a weak euro.

But evening euphoria raged anyway as late-night lurkers broke out the beer and Sangria and sent Lycos laughing.

Some people like to write their names on tiny grains of rice, while some companies like to design complex semiconductor systems on tiny chips. That is how

InSilicon

(INSN)

makes communications technology for network routers and cell phones.

inSilicon is the new kid. It's daddy is

Phoenix Technologies

(PTEC)

. On March 9, the company priced 3.5 million shares at $12 each, above the expected $9-to-$11 range, and gained 9 9/16, or 79.7%, to 21 9/16 in its trading debut. But there must have been a heat wave in San Jose, because its shares have melted slowly ever since, finishing up 5/8, or 9%, to 8 today.

Tonight the tech company was on the road to recovery, scrambling up 29/32, or more than 12%, to 8 29/32 on 250,000 Island shares.

Hewlett-Packard

(HWP)

chose inSilicon as the development collaborator for demonstrating a new USB scanning technology.

At a developer's conference this morning in Anaheim, Calif., young inSilicon showed that the new technology allowed an H-P scanner to transmit an image 40 times faster than current technology allows.

It was the

United Nations

of after-hours trading as late-night lurkers lifted a Chinese ADR that calls itself

China Prosperity International Holdings

(CPIH)

for short. It ran up 1 3/4 to 12 1/4 on 125,000 Island shares.

The Hong Kong based company announced that it appointed

Commerzbank Hong Kong

and

FleetBoston Financial Hong Kong

as joint financial advisors on a broadband cable television network joint venture.

China Prosperity's optimism was matched by part-owner and fellow Hong Konger

Best Fortune Capital

, which proposed to put its 37% interest and the 30% owned by a third party toward the venture, according to a press release. The independent party was not cited as its name was not deemed chipper enough by Chinese authorities.

It is expected that $2 billion will be invested in the joint venture in the next few years, the release added.

In the Chinese tradition of happy and prophetic names,

CMGI

(CMGI)

subsidiary

1stUp.com

helped its parent move up 2 to 66 1/2 on 70,000 Island shares. 1stUp.com announced that it had upgraded its free Internet access service, which will be available to 3.5 million registered subscribers.

CMGI develops and operates Internet and fulfillment services companies and provides private-label Internet access services for brands including

AltaVista

(ALTA)

, Lycos,

Excite@Home

(ATHM) - Get Report

and

TheSimpsons.com

. If naming subsidiaries for success were a viable business, CMGI would be at the top of its game, with companies such as

MyWay.com

,

ZineZone

,

Nascent Technologies

,

Adsmart

,

Engage

and

Magnitude

under its wing.

BEA Systems

(BEAS)

reported first-quarter earnings of 3 cents a share after the bell, bettering last year's earnings of 1 cent and beating analyst consensus estimates of 2 cents. Pro forma net income rose 217% to $12 million from $3.8 million last year, but traders weren't impressed. They sent the stock on its way. BEA was bludgeoned 1 13/32 to 47 7/32 on 29,000 Island shares.

Nor did it matter that BEA, a San Jose e-commerce company, powers the Web sites of monster companies such as

Amazon.com

(AMZN) - Get Report

,

Federal Express

(FDX) - Get Report

and

E*Trade

(EGRP)

.

This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.

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TheStreet.com

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