FCC . . . A FEEDING FRENZY SEQUEL.

The federal government is bracing for tomorrow's opening of fierce bidding in the second stage of the largest federal auction of the airwaves ever, one featuring bidding by alliances of some of the world's largest telecommunications companies. Last July, the FCC netted more than $600 million from frantic betting for new pager and cellular phone "bandwidths" and this week's bidding should push the total value of the auction at over $1 billion. More than two dozen companies are expected to compete for 30 regional licenses to offer a web of more powerful wireless services, such as two-way paging, messaging and faxing. The result of this round and the last one, the FCC says, should be increased competition and lower prices with six companies competing in each region, unlike the two-firm limit on current cellular markets.