Stock Watch: Akamai Grabs Intervu

Akamai Technologies (Nasdaq: AKAM), which provides content management and delivery services for e-commerce sites, portals and content sites, is also using its soaring stock price to make a big acquisition. Today, Akamai announced that it is buying Intervu, which offers streaming media services, for about $2.8 billion in stock. Shares of Intervu gained 4-1/12 to 121-1/14 in early trading, while shares of Akamai closed down 10-3/4 to 224-1/4.

Like Kana, Akamai is paying a premium. Also like Kana, Akamai can afford to do so. Even after this morning’s stock decline, Akamai is worth more than $20 billion. The company went public at $26 a share in October.

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