Fed cuts rate by quarter point
The Federal Reserve cut interest rates by a quarter-percentage point on Wednesday to buffer the economy from a housing downturn, but suggested further rate reductions were far from a sure bet.
The decision by the central bank's Federal Open Market Committee to lower the overnight federal funds rate to 4.5 percent -- a move that followed a more aggressive half-point cut last month -- was widely expected. However, with an eye on surging energy prices and other inflationary threats, it strongly discouraged expectations of further cuts.
That statement, coupled with a dissent from Kansas City Federal Reserve Bank President Thomas Hoenig, who favored holding rates steady, threw cold water on expectations that additional reductions in borrowing costs are in store.
"The Fed has no inclination to cut rates further unless the economic data suggest otherwise. Hence, barring another financial shock, the economic data will have to weaken for Fed easing to come back on the table," said Joseph LaVorgna, chief U.S. economist for Deutsche Bank.

Oil closes at new high of $94.53 on inventory drop and weak dollars
Crude-oil futures closed at a new high of $94.53 a barrel on Wednesday after U.S. crude inventories dropped surprisingly in the latest week to the lowest level in two years and the dollar lost ground on the Federal Reserve's rate cut. The economy grew at a surprisingly brisk clip in the third quarter, the government said on Wednesday in one of a series of reports that implied a resilient expansion despite a battered housing sector.

Strong consumer spending and brisk exports helped push third-quarter gross domestic product ahead at the fastest rate since the beginning of 2006, while there also were signs private employers were still building up payrolls.

GDP measures total production within U.S. borders. It grew at a 3.9 percent annual rate in the July-September quarter, up from 3.8 percent in the second quarter. It was the strongest growth since 4.8 percent in the first quarter of 2006.

Auto sales seen dipping in October

Auto sales are expected to have dipped slightly in October, as stepped-up incentive spending by automakers could not totally offset the drag from continued turmoil in the housing market, analysts said.
Vehicle sales, widely watched as a leading indicator of U.S. consumer spending, began slowing in the second quarter and are expected to remain under pressure for the rest of 2007.
"With oil prices above $90, choppy stock markets, and renewed economic concerns, the selling environment remains poor for new light vehicle sales," Goldman Sachs analyst Robert Barry said in a note for clients.

Buffett saw red flags at Freddie before subprime crisis

As a prosecution witness, Warren Buffett testified he detected signs of trouble at mortgage finance giant Freddie Mac years before a $5 billion accounting lapse was revealed.

The billionaire investor testified Tuesday for the government in its legal proceeding against Leland Brendsel, the former Freddie Mac chief executive who was ousted in 2003 when the firm's manipulated earnings were discovered. Buffett's testimony by video link to a courtroom in Washington was intended to explain why his Berkshire Hathaway Inc (Charts). holding company, which had been one of Freddie Mac's largest shareholders, began selling off shares in the late 1990s.

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Huge Demand for Olympics Tickets Crashes the System
The long-awaited sale of Beijing Olympics tickets to China's public collapsed yesterday when frenzied demand led the ticketing system to crash.
This ticketing phase was the first test of the Beijing organizers' ability to handle the huge demand for tickets to the Games. Olympics watchers have been saying for months that ticket demand would be extremely strong. "The whole world is asking for tickets," Hein Verbruggen of the International Olympic Committee said at a news conference in Beijing last week.
The tickets offered yesterday are those allotted to China residents only. Residents from other countries are eligible to obtain tickets by various outfits appointed by each country's organizing committee.

Bank of Japan keeps Benchmark rate at 0.5 Percent
The Bank of Japan kept its benchmark interest rate steady at 0.5 percent Wednesday as uncertainty in the global economy and financial markets continues to cloud the outlook for Japan.
The decision at the one-day policy meeting was widely expected after BOJ officials warned of downside risk to the U.S. economy and volatility in global markets. The bank is scheduled to release its semiannual economic outlook report later in the day.

Mexico sees storm-hit oil sector normal by Thursday
Mexico's storm-crippled crude oil sector should be operating as normal by Thursday morning, state-owned energy monopoly Pemex said on Tuesday as one of the country's three main oil ports reopened.
"The estimate is between 24 and 36 hours for everything to return to normal, to reestablish normal conditions in all of the Bay of Campeche," Ramirez said.

UPS board OKs 2 billion shares buyback
United Parcel Service Inc., the world's largest shipping carrier, said Tuesday in a regulatory filing its board authorized the company to buy back up to $2 billion in stock.
The authorization replaces the about $50 million that remains available under the February share repurchase authorization of $2 billion, the company said in a filing with the Securities and Exchange Commission.
The Atlanta company has about 1.06 billion shares outstanding.

Cerberus Drops Bid for ACS
Cerberus Capital Management officially withdrew its $6.2 billion offer for Affiliated Computer Services Inc. yesterday, amid shareholder irritation over how the company's directors handled the $62-per-share approach, according to people familiar with the matter.

Merrill's leaving chief to get $160m
Merrill Lynch on Tuesday boosted Stan O’Neal’s departure package by almost $90m – taking it to $160m – by letting him retire as chairman and chief executive rather than sacking him.
Mr O’Neal’s departure follows the company’s admission last week that it had lost almost $8bn on mortgage-backed securities, making him the most senior executive to lose his job as a result of the US subprime mortgage turmoil.

DreamWorks profits up on "Shrek the Third"
DreamWorks Animation SKG Inc (DWA.N: Quote, Profile, Research) posted higher profits on Tuesday, helped by the international demand for "Shrek the Third," but warned that the domestic DVD release of the hit animated film will face unprecedented competition in the fourth quarter.
Industry watchers in the fourth quarter will also be monitoring the performance of DreamWork's "Bee Movie," which opens on November 2 and marks comedian Jerry Seinfeld's first try at starring in, producing and co-writing a big Hollywood film.

Australian agency OKs Google-DoubleClick Deal
The Australian Competition and Consumer Commission (ACCC) said today that it will not stand in the way of Google Inc.'s proposed acquisition of online advertising company DoubleClick Inc.
The agency said that Google, which owns the leading Internet search engine in Australia, sells advertising space on its own Web sites as well as on third-party Web sites. On the other hand, DoubleClick develops software that allows publishers and advertisers to display graphical advertisements onto Web sites, so the two companies do not compete with each other, the commission said in a statement.

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Wall Street bets on rate cut
Stocks gained Monday, as bets that the Federal Reserve will cut interest rates later this week distracted investors from record oil prices above $93 a barrel and another decline for the dollar versus the euro.
Stocks surged Friday in a broad-based rally, and some of that momentum spilled over to Monday, as investors continued to bet that the Fed will cut rates again.

Major Indexes Close Ahead
After a strong start in the morning, the major stock indexes finished Monday with decent gains. Expectations for an interest-rate cut from the Federal Reserve trumped rising oil prices and a falling dollar. The Nasdaq and the Dow each tacked on 0.5%. The S&P 500 gained 0.4%. Volume declined across the board. The NYSE composite rose 0.7%, but the small-cap S&P 600 fell 0.2%.

Costly oil pushes gasoline to 14-month high
The effect of high crude oil prices continued to pinch consumers at the pump, with the average cost for gasoline rising 4.9 cents to the highest level in 14 months and diesel fuel soaring 6.3 cents to match the record set two years ago, the government said on Monday. Crude oil accounts for more than half the cost of making gasoline. U.S. crude prices are up because of worries about tight petroleum supplies and the weaker U.S. dollar, which makes oil less expensive for market buyers who use other currencies.

UBS Confirms Third-Quarter Loss
Swiss bank UBS AG, already writing down the value of some assets by $3.4 billion, warned investors Monday that its fourth-quarter results may be hit by a further downturn in the U.S. housing and mortgage markets.

UBS said that although the quarter had started well, its exposure to the U.S. credit market "could lead to further writedowns" and "UBS is not assuming that the quarter will continue as positively as it has begun, or that the current difficulties will be resolved in the short term."

Citigroup lists in Tokyo in early November
Citigroup Inc (C.N: Quote, Profile, Research) said on Monday it had received approval to list shares in Tokyo early next month, as the largest U.S. bank continues to boost its presence in the world's second-largest economy.
The listing may be the final step in the bank's campaign to rebrand itself as a local lender after spending more than 100 years as a niche player in Tokyo.

Global microchip sales up 6 percent in September
Global microchip sales rose 5.9 percent in September, driven by demand for consumer products such as personal computers and cell phones, the Semiconductor Industry Association said on Monday.
Microchip sales in September were $22.6 billion, compared with $21.3 billion last year. Third-quarter sales rose about 6 percent to $67.8 billion from $64.0 billion in the year-ago period.


Boeing Sets $7 Billions shares Buyback
Boeing Co (BA.N: Quote, Profile, Research) said on Monday it would buy up to $7 billion of its own stock, one of the plane-maker's largest repurchase plans on record, but kept its cash dividend unchanged.
The announcement comes amid a three-month slide in Boeing shares, which have lost about 10 percent of their value after hitting an all-time high in July, as production problems have delayed the company's new 787 Dreamliner.

GM plans China "green" research plant

General Motors is to build a research centre in China for alternative energy vehicles, the latest sign that China is seen as a vital battleground for a new generation of cars.
The US group, which plans to introduce hybrid cars to the Chinese market next year, said the new research facility would be part of a $250m investment in a new “campus” in Shanghai which will also include its Asian headquarters.

Office Depot Delays Results
Office Depot Inc (ODP.N: Quote, Profile, Research), the world's second-largest office supplies retailer, said on Monday it would delay its third-quarter earnings release due to an independent review of its vendor program funds, sending its shares down as much as 17 percent.The company was scheduled to report quarterly results October 30. It did not announce a new date for its earnings release.


BEA still looking to sell at $21 per share
Software maker BEA Systems Inc's (BEAS.O: Quote, Profile, Research) board said on Monday it is holding out for a $21-a-share takeover offer, or $8.2 billion in total, a day after larger rival Oracle Corp (ORCL.O: Quote, Profile, Research) withdrew its bid.
BEA reiterated its position after its biggest shareholder, Carl Icahn, called for the business software maker to be put up for auction.

Toshiba up on chips, power systems, lifts outlook
Japanese electronics group Toshiba Corp (6502.T: Quote, Profile, Research) posted a 38 percent rise in quarterly operating profit on Monday, thanks to sales of its flash memory chips and thermal power plants, and it raised its full-year outlook closer to market estimates.
The world's No.2 maker of NAND flash memory chips after South Korea's Samsung Electronics Co Ltd (005930.KS: Quote, Profile, Research) has so far benefited from solid demand and prices for flash memory and its system chips, used by clients such as Apple Inc (AAPL.O: Quote, Profile, Research) and Nokia (NOK1V.HE: Quote, Profile, Research) in their digital music players and cellphones.

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Two more San Diego fire declared fully contained
Two more fires in San Diego County were declared 100% contained today, the latest good news for Southern California as it enters its second week dealing with an outbreak of wildfires that has destroyed more than half a million acres across seven counties.
Cooler, moist air gave firefighters a break overnight and there was hope of further progress today through the region.

Merrill Lynch's CEO To Step Down Amid Board Pressure

Stan O’Neal was poised to step down as chief executive of Merrill Lynch on Sunday, making him the biggest casualty of the recent credit market turmoil.
A number of the Wall Street bank’s directors had lost confidence in his leadership, rendering his position untenable, according to people close to the situation.
Merrill shocked investors last week by revealing losses of almost $8bn in its mortgage-backed securities business, nearly double the figure it estimated less than three weeks ago.

Oracle lets BEA Bid Die
Oracle Corp. let its unsolicited $17-a-share takeover proposal for BEA Systems Inc. expire yesterday as scheduled, and it invited BEA's shareholders to confront the company if they were unhappy with the result.
The move nods to the potential for a clash between BEA and agitated investors. It followed the call Friday by billionaire Carl Icahn to let BEA's shareholders decide whether to accept Oracle's takeover offer. Mr. Icahn, BEA's largest shareholder, also called for an auction to sell the business-management-software company.

Lehman's march across Asia gains pace
Analysts looking for signs of how Asia’s business landscape is developing need look no further than the changes afoot at Lehman Brothers’ operations in the region.
Even though Lehman's Asia headquarter is based in Tokyo, it is fast expanding its footprint to compete for business in faster-growing financial centres such as Hong Kong, Singapore, Mumbai and Sydney.

Mexico shutting 600,000 bpd oil output due cold front
Mexico's state-owned oil company Pemex was shutting down about one-fifth of its daily output on Sunday due to bad weather, but said it expects to quickly resume output within days.
U.S. crude oil futures jumped as much as 1 percent to a record high $92.79 a barrel on news of the outage, which traders fear could put further strain on winter fuel supplies in the United States, Mexico's main customer.

Xstrata Makes a Bid for Australia's Jubilee
Anglo-Swiss mining titan Xstrata PLC, one of the world's largest nickel producer, announced a friendly offer of three billion Australian dollars (US$2.75 billion) for nickel miner Jubilee Mines NL.The deal, marking Xstrata's first move into nickel mining in Australia, comes as the world's biggest miners hunt the globe for new sources of minerals to feed voracious global commodities markets.

GAP Admits Possible Child Labor Problem
The multi-billion dollar global fashion company Gap has admitted that it may have unknowingly used child labor in the production of a line of children's clothing in India.
ABC News obtained some of the video material he used to substantiate his story. It shows children who appeared to be between the ages of 10 and 13, stitching embroidered shirts in a crowded, dimly lit work-room. The video clearly shows a Gap label on the back of each garment.

Fed likely to cut rates
The Federal Open Market Committee meeting and the first estimate for third-quarter growth aren't even the main events on the economic calendar for the week. That honor would go to the October payroll report, which will be released on Friday.

Google ready ring in changes in mobile sector
Google is on a mission to shake up the mobile communications industry, but it does not plan to change the world single-handedly and promises to “play nice” with the industry’s existing powers. That was the message last week from senior executives of the internet search and advertising company as they prepare to unveil one of Google’s most important strategic initiatives for the next few years. One part of the plan, rumoured for months and expected within weeks, is a Google-designed software-and-services “platform” for mobile phones designed to support a wide range of handsets.

Argentina's first lady wins presidency:polls
First lady Cristina Fernandez de Kirchner swept to victory in Argentina's presidential vote on Sunday to become the first woman elected to lead the country, television exit polls showed.
Polls aired by several television channels showed Fernandez, a center-leftist senator, with 42 percent to 46 percent of the vote, well ahead of her nearest rival, former lawmaker Elisa Carrio with 23 percent to 25 percent.



Nintendo raised its profit forecast twice
Nintendo, maker of the Wii game player, raised its profit forecast Thursday for a second time after the console outsold Sony's PlayStation 3. Net income for the fiscal year ending March 31, 2008, will rise 58 percent to a record 275 billion yen, or $2.4 billion, the Kyoto, Japan-based company said. That compares with a July projection of 245 billion yen and the 273.4 billion yen average of 19 analyst estimates compiled by Bloomberg.

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U.S. Stocks Rally on Microsoft Profit, Countrywide Forecast
U.S. stocks rallied after Microsoft Corp. and Countrywide Financial Corp. reassured investors that profits will extend five years of growth.

The Standard & Poor's 500 index posted its sixth increase in seven weeks after 65 percent of 301 members reported quarterly earnings that topped analysts' forecasts. Profits may grow 7 percent in 2007 and 12.3 percent in 2008, based on the average analyst estimate from a Bloomberg survey.

Merrill Lynch: The O'Neal Weekend Watch

This much is clear: Stanley O’Neal’s days at Merrill Lynch are probably numbered.

After a report in The New York Times that Mr. O’Neal had briefly explored merger talks with Wachovia — an apparent lifeline after announcing the biggest write-down in recent Wall Street history — tongues are wagging that the Merrill chief executive is probably on his way out. CNBC and others have now reported that Mr. O’Neal is telling associates that he isn’t long for the top spot anymore.

Countrywide posts loss, stock soars on forecast

Countrywide Financial Corp (CFC.N: Quote, Profile, Research) posted a $1.2 billion third-quarter loss on Friday, but its shares soared after the largest U.S. mortgage lender said it expects to be profitable in the fourth quarter and in 2008, and has weathered the worst of the housing downturn.

The shares rose 32.4 percent, the largest gain in at least two decades according to Reuters data, and helped push broader stock market indexes higher. Investors gained confidence that Countrywide will be able to rebound from its first quarterly loss in 25 years, which it called an "earnings trough."

Fed Faces Rate Cut Decision
The Federal Reserve's cuts to key interest rates and other steps to help restore flows of funds in financial markets have helped those markets restabilize, Fed Governor Frederic Mishkin said on Friday.

"Although market functioning has certainly not yet returned to normal, and while it is still too early to judge their ultimate success, these actions, along with the policy easing decided at the September (Federal Open Market Committee) meeting, have helped improve conditions in several short-term funding markets," Mishkin said at a symposium at the Museum of American Finance.

Baidu profit doubles, but shares slip on outlook

Chinese Internet search company Baidu.com Inc (BIDU.O: Quote, Profile, Research) beat forecasts by more than doubling its quarterly profit, but its shares fell 4 percent as its profit guidance fell short of some investors' expectations.

Exploding demand for online advertising in the world's second largest Internet market fuelled third-quarter earnings at Baidu, which is often referred to as "China's Google".

Oil and gold rise to fresh records
Crude oil hit a record high above $92 a barrel on Friday, driven higher by fresh geopolitical tensions in the Middle East, tight market fundamentals and increased options-related buying.

Nymex December West Texas Intermediate hit a peak of $92.22 a barrel before easing back to trade 85 cents higher at $91.28, up 3 per cent this week.

With Turkey threatening military action against Kurdish militants in northern Iraq, Middle East tensions were further inflamed by news of a new round of sanctions against Iran by the US government. Iran is the second largest producer in the Organisation of the Petroleum Exporting Countries.

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Microsoft profit soars 23 percent, topping estimates
Microsoft said Thursday that net income rose 23 percent in its first quarter, exceeding analysts' estimates, on sales of the new versions of Windows and the "Halo 3" video game.
Profit increased to $4.29 billion, or 45 cents a share, from $3.48 billion, or 35 cents, a year earlier, the company, based in Redmond, Washington, said. Sales rose 27 percent to $13.8 billion, beating projections.

Oil goes beyond $91 a barrel due to Supply Drop, Iran Sanctions
Crude oil rose to a record above $91 a barrel in New York on an unexpected drop in U.S. stockpiles and concern that supply from the Middle East may be disrupted.

Inventories last week fell 5.29 million barrels to the lowest since January, the U.S. Energy Department said. New U.S. sanctions against Iran, warnings of a Turkish assault on Kurdish militants in Iraq and a falling dollar helped push prices higher. Brent futures in London reached a record.

Facebook seeks extra fundings
Facebook, the social network Web site, is looking to hedge funds and private-equity investors to raise an additional $260 million in financing, the Wall Street Journal reported on its Web site on Thursday.
The report of the talks for additional funding comes a day after Microsoft Corp (MSFT.O: Quote, Profile, Research) announced it would pay $240 million for a 1.6 percent stake in the Web phenomenon.

Netgear Sees Q4 profits above Wall Street
Netgear Inc. on Thursday issued fourth-quarter revenue guidance above Wall Street's expectations, and the networking products maker's stock rose in after-hours trading.

The company expects quarterly revenue between $195 million and $200 million, compared with $164 million in the fourth quarter of last year.

Wendy's Shows improvement
Wendy's (WEN - Cramer's Take - Stockpickr - Rating) reported a 22% rise in third-quarter earnings from continuing operations, with a new pricing plan helping to improve margins and offset flat revenue.

The burger chain -- currently on the selling block -- reported third-quarter income from continuing operations of $28.8 million, or 33 cents a share, up from $23.7 million, or 20 cents a share, a year earlier.

VMware Wows The Street
Late Wednesday, the software virtualization company toppled Wall Street's expectations, with an earnings report that lived up to its hype. VMware had a lot to prove, as the results represent the company's first financial report card since its splashy initial public offering in August.

The company profits more than tripled to $64.7 million, or 18 cents a share, from $19.2 million, or 6 cents a share for the year-ago period. Meanwhile, sales ticked up 89.5% to $357.8 million, from $188.8 million. The results were even more impressive on a continuing operations basis: the company netted $85 million in profits, or 23 cents a share. That was well above the Street's call of 17 cents a share on sales of $334.4 million.

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California: Fire Costs Flare
The wildfires raging across Southern California are on track to become one of the most expensive fire events in U.S. history. On Oct. 23 the Insurance Information Institute estimated that insured damages from the blaze would reach at least $500 million, including damaged homes, lost business activity, and expenses for the hundreds of thousands of people who have been displaced. "Those are the insured losses," says Robert Hartwig, the institute's president. "The actual economic losses will be higher."

Mortgages cause $7.9B write-down, loss at Merrill Lynch
Merrill Lynch (MER), the nation's largest brokerage, said Wednesday that the summer's credit crisis triggered a bigger-than-expected $7.9 billion write-down during the third quarter.
Merrill reported a loss after paying preferred dividends of $2.31 billion, or $2.82 a share, compared with profit of $3 billion, or $3.50 a share, a year earlier. Revenue fell 94% to $577 million from $9.83 billion a year earlier.

UBS to Buy Commerzbank Asset Manager for $620 Million
UBS AG, the world's biggest bank for the wealthy, agreed to buy Commerzbank AG's French money management unit for 435 million euros ($619 million) to double funds it oversees in Europe's third-largest economy.


Blackstone completes Hilton buy
Hilton Hotels Corp (HLT.N: Quote, Profile, Research) said on Wednesday that Blackstone Group (BX.N: Quote, Profile, Research) completed its $20 billion acquisition of the hotel company, wrapping up the largest deal in the lodging sector.


ConocoPhilips net income falls 5%
Google Inc has hit its stride with a strategy that focuses on Web search, advertising and applications, Chief Executive Eric Schmidt said on Wednesday, as he downplayed possible threats.
"We can now see an integrated strategy for the company," he said at a day-long series of meetings with analysts, investors and news reporters at its Silicon Valley headquarters. "It is a coherent strategy that solves real problems customers have."

Fed stays quiet on rate cut rumor
The Federal Reserve on Wednesday declined to comment on speculation in financial markets that the U.S. central bank might cut the discount rate imminently.

Amgen tops Street with falling profits
Amgen Inc (AMGN.O: Quote, Profile, Research) reported sharply lower third-quarter profit on Wednesday on plunging sales of its most important anemia drugs, amid new insurance-coverage restrictions and ongoing safety concerns, and on restructuring charges.

Countrywide wins over critics
Some of Countrywide's harshest critics changed their tune this week after the mortgage lender rolled out new rescue programs.

BOA cuts 3,000 jobs
Bank of America Corp (BAC.N: Quote, Profile, Research) on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.






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Profits Decline 29% at BP
BP's net income for the third quarter declined by 29 percent from the period last year. The company reported quarterly profit of $4.41 billion, or 23 cents a share, on revenue of $72.7 billion.The results beat analysts’ expectations, which were lowered when Mr. Hayward wrote in a document leaked in September that operational performance in the third quarter was “dreadful.”

BP still faces huge expenses for the accident in Texas City. More than 1,000 civil lawsuits have been filed, and the company has set aside $1.6 billion for compensation claims. It also has committed to spending $1 billion to fix problems at the plant.

CVR Engergy IPO Priced at $19 Per Share
Shares of CVR Energy Inc., a petroleum refiner and producer of nitrogen fertilizer, are expected to begin trading Tuesday after the company's IPO priced at $19 per share. CVR offered 20 million shares in the IPO. Earlier this month, the company boosted the size of its offering to 18.5 million shares, from 15.5 million shares.

CVR expected the IPO to price between $18 and $20 per share.

Wal-Mart cuts spending
Wal-Mart Stores Inc cut its capital expenditure forecast on Tuesday and scaled back on planned supercenters as the world's largest retailer grapples with slowing sales in a saturated U.S. market.

AT&T profit, revenue jump
AT&T, the nation's largest telecommunications company, on Tuesday reported net income of $3.1 billion in the third quarter, a 42 percent jump from the previous year before its acquisition of BellSouth was completed.

The profit, which amounted to 50 cents per share, compared with $2.2 billion earned the July-September period last year. The year-earlier earnings worked out to 56 cents a share because the company had fewer shares outstanding.

Revenue nearly doubled to $30.1 billion in the third quarter from $15.6 billion a year earlier.

Oracle presses BEA on buyout offer
Business software maker Oracle said Tuesday it has set a deadline of Sunday at 5 p.m. Pacific time for BEA Systems to sign an acquisition agreement its so shareholders can vote on a proposed buyout.

Oracle (Charts, Fortune 500) set the deadline in a letter sent to the board of directors at BEA Systems. Shares of BEA Systems (Charts) fell 3.7 percent early Tuesday.

Cisco acquires WiMax supplier
Cisco Systems Inc. is snapping up privately held Navini Networks Inc. for $330 million, extending the networking equipment maker's acquisition streak and providing the latest validation for the new wireless network technology called WiMax.
Richardson, Texas-based Navini makes base stations, modems and antennas for beaming and receiving radio signals using WiMax technology.

Crude falls for the third straight session; Wheat, Corn drop while Beans jump
U.S. wheat futures plummeted Tuesday, down by the Chicago Board of Trade's daily limit, as players took profits on a market that had rallied on talk of Russia imposing stiff import taxes on the grain. The sell-off in wheat sent corn prices reeling as well on the Chicago Board of Trade. CBOT soybeans resisted the trend, ending up on a technical rebound from the previous session's profit-taking.

Google to buy Nielsen data
Determined to sell more television ads, Internet search leader Google Inc. is sharpening its focus on the medium with demographic data from the influential Nielsen Co.

Under an agreement to be announced Wednesday, Google will pay Nielsen an undisclosed amount to obtain detailed information about the kinds of people who watch specific TV shows.

Honda Expects Hybrids as 10% of Global Sales
Honda Motor Co. expects hybrids to account for 10 percent of its global vehicle sales by 2010, as much as five times the current level for the world's second- largest maker of gasoline-electric vehicles.








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