Sources say that Microsoft and Yahoo have resumed negotiations, this time about the software company completely taking over the No. 2 search engine. Yahoo is apparently willing to sell at a share price in the low $30s.
Rumors of a UBS takeover by HSBC played into market buoyancy during Tuesday trading, with shares of the former up 7 percent. Overall, the market was down Tuesday. The Dow Jones was off 35 points from Monday, finishing at 11,807; Nasdaq rounded out the day at 2,368, 17 points down from the previous day; and the S&P 500 ended the day down 17 points at 1,314.
Home prices in 20 American cities dropped 15.3 percent year-on-year in April, according to S&P/Case-Schiller. Consumer confidence has fallen to a 16-year-low. FTN Financial chief economist Chris Low told Bloomberg, "We've seen this dive in confidence in the last two months at the same time these stimulus checks.''
Former Federal Reserve Chief Alan Greenspan said that the U.S. economy has a more than 50 percent chance of falling into a recession. "There are a lot of unexpected adverse events out in front of us," he said.
Shares of shipping company UPS dropped 4 percent during Monday trading after the company forecasted lower-than-expected second-quarter earnings. "UPS estimated earnings of 83 cents to 88 cents a share for the quarter, down from a prior view of 97 cents to $1.04 per share," CNBC reports.
NYSE Euronext, an umbrella stock exchange that includes the New York Stock Exchange and many European markets, is buying a 25 percent stake of Qatar's Doha Securities Market—"the largest-ever investment" in a foreign stock market.
Cell phone manufacturer Nokia announced a 52 percent acquisition of smartphone developer Symbian for some $400 million. Nokia had already owned a smaller portion of the company as one of its original backers. Seeking Alpha's Eli Hoffman also reports, "Growth at the wealth management units of UBS and Merrill Lynch slowed substantially last year, to 8.8% from 13% for the former, and to 8.3% from 10% for the latter."
Charles R. Black, senior adviser to presidential candidate Ariz. Sen. John Mc Cain, "certainly would be a big advantage" to the GOP presidential nominee, a statement Democratic advisers quickly decried.
Presumptive Democratic presidential nominee Ill. Sen. Barack Obama and N.Y. Sen. Hillary Clinton are to appear together in Unity, N.H., on Friday. This will be their first joint photo opportunity since Clinton announced she was suspending her presidential bid. The town gave each candidate 107 votes during the Democratic primary.
Illinois' state legislature passed a bill that would require health insurers to cover treatment for anorexia and bulimia. If Gov. Rod Blagojevich signs the bill, Illinois will become the 17th state to have such a law.
About 50,000 children nationwide are involved in candy-selling rings under the guise of sponsoring youth programs. Greedy adults force these children, often recruited from inner-city neighborhoods and housing projects, to work 12-hour shifts without food or bathroom breaks, according to the U.S. Department of Labor.
The Church of Jesus Christ of Latter-Day Saints is calling on its California contingent to campaign against gay marriage in the state. A letter circulated to local Mormon bishops and signed by church head Thomas S. Monson states that "the LDS church will work with a coalition of churches and other conservative groups that put the California Marriage Protection Act on the Nov. 4 ballot to assure its passage."
U.S. diplomatic officials told the Associated Press yesterday that the State Department is mulling setting up an American-interests section in Iranian capital Tehran that would handle visa issues for Iranian citizens.
Zimbabwean opposition leader Morgan Tsvangirai called the United Nations' official condemnation of the violence surrounding the country's election "an important step" that will put pressure on incumbent President Robert Mugabe to step down.
Defense Attaché Larry Harrison II has notified Congress that Ambassador John Withers II, America's top diplomat in Albania, and Fatimir Mediu, Albania's defense minister, were collaborating on a plan "to remove evidence of illegal Chinese origins on ammunition being shipped from Albania to Afghanistan by a Miami Beach arms-dealing company."
Most of the drugs typically used in general anesthesia may heighten a patient's pain once they gain consciousness following surgery, showed a study published in the Proceedings of the National Academy of Sciences.
Low Vitamin D levels may be a risk factor for heart disease, suggests a study of 3,258 men and women in southeastern Germany conducted by an Austrian research team. "According to one of the vitamin tests they used, there were 307 deaths in patients with the lowest levels, versus 103 deaths in those with the highest levels," reports the AP.
Venus Williams beat British teen Naomi Cavaday in her first match of the 2008 Wimbledon tournament. Maria Sharapova, the surprise 2004 winner, beat 105th-ranked Frenchwoman Stephanie Foretz. Fourth-ranked Nikolay Davydenko was beat in an upset by 116th-ranked Benjamin Becker.
The Euro 2008 soccer semifinal matches are set for Wednesday and Thursday. Germany and Turkey are scheduled for Wednesday at St. Jakob Park in Basel, Switzerland, with Spain and Russia battling the following day.