Main market news here.

Investors of satellite radio will stay tuned today as a Senate Judiciary subcommittee will hear testimony on the proposed merger between Sirius Satellite Radio Inc. (NASDAQ:SIRI) and XM Satellite Radio Holdings Inc. (NASDAQ:XMSR). The Antitrust, Competition Policy and Consumer Rights Subcommittee will consider the deal.

Cheesecake Factory Inc. (NASDAQ:CAKE) is having an Investor Day today where it would brief analysts about the company's long-term growth plans. When CAKE last reported financial reports, it posted declining profits and raised concerns about the coming year. It should be interesting to hear what management has to say about a month later.

According to sources, Palm Inc. (NASDAQ:PALM) may finally agree to a long-rumored buyout deal worth $20 per share. The deal might take place by the end of this week. Palm reports financial results Thursday. While management prefers to sell to private equity, Motorola Inc. (NYSE:MOT) and Nokia Corp. (NYSE:NOK) may also be bidding.

The Wall Street Journal says that Apple Inc. (NASDAQ:AAPL) could see much higher Macintosh personal computers sales [subscription required] after the company switched to an Intel Corp. (NASDAQ:INTC) chip that allows the Macs to run Microsoft Corp.'s (NASDAQ:MSFT) Windows operating system.

President George W. Bush will be touring Ford Motor Co. (NYSE:F) and General Motors Corp. (NYSE:GM) factories in the Kansas City. While Bush is interested in seeing their latest hybrid cars and energy alternatives. Despite Bush saying that bailouts are out of the question, auto makers still want an audience to press other concerns.

Well, for once, Yahoo! Inc. (NASDAQ:YHOO) has made a move ahead of its nemesis Google Inc. (NASDAQ:GOOG). Yahoo introduced yesterday a new internet search system for mobile phone users that delivers locally relevant answers.

Wal-Mart Stores Inc. (NYSE:WMT) withdrew its request to trademark the acronym for "everyday low prices" yesterday after 17 retailers and trade associations opposed the application.

Dow Chemical (NYSE:DOW) was upgraded at HSBC Securities from Neutral to Overweight and SanDisk (NASDAQ:SNDK) was upgraded by CIBC World Markets from Sector Perform to Sector Outperform. HSBC Securities also lowered Its Neutral rated Advanced Micro Devices (NYSE:AMD) target price from $17 to $15.

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