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Source:Valleywag

Fed chairman Ben Bernanke made a couple of moves to infuse banks with more cash before the market opened this morning. According to the Wall Street Journal, Bernanke said the Fed would hold auctions to provide funds to banks and establish foreign exchange swap lines with other central banks. The idea was to loosen up the credit market. Maybe expand some of those straitened tech budgets we warned about yesterday. Right. We think. OK, so we don’t know what this move means either. But tech stocks soared on the news, so who cares? Thanks, guy in D.C.! Big movers: HP, IBM, Google, Apple, Intel, Amazon.com and Research In Motion. (Photo by David Prior)

Source:Valleywag

IAC, after it spins off all its boring businesses like HSN and LendingTree, will be left with a motley collection of questionably successful startups with so-cute-you-could-pinch-them names like Vimeo and Zwinky. In an interview with the New York Observer, Diller saves special favor for Very Short List, a daily email newsletter which sells one thing a day, with just two employees. Think of it as a Woot.com, but for aging billionaires. He claims to have bought 30 items off the list. “Without Very Short List, I would be much diminished,” Diller tells the Observer. But as the newspaper points out, IAC’s market cap has shrunk from $22 billion in 2003, before it spun off Expedia, to $8 billion today. A bit too late for an email to stop his diminution, I think.

Source:Valleywag

United Online is withdrawing its proposed IPO of Classmates.com, perhaps the world’s most annoying social network. An FTC probe, a weak stock market, weaker financials, and even weaker comparisons to the current crop of social networks means the discount ISP will need to find another way to unload its $100 million purchase. Our suggestion: Just close it down. [CNNMoney]

This entry was posted on Wednesday, December 12th, 2007 at 5:08 pm and is filed under Ipo, classmates.com, United Online. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.