Before the bell 5-17-07: TWX, CAT, GOOG, APPB ...

Main market news here.

Time Warner Inc. (NYSE: TWX) confirmed that Liberty Media Corp. (NASDAQ: LINTA) bought the Atlanta Braves from it in exchange for some 68.5 million Time Warner shares, a leisure arts unit and $960 million in cash. Based on Wednesday's closing price of $21.60, the deal was worth around $1.48 billion in stock.

Caterpillar Inc. (NYSE: CAT) was downgraded by Stifel Nicolaus to Hold from Buy. Stock is down 1.1% in pre-market (8:35 a.m.).

Yesterday's news that Lampert built a position in Citigroup Inc. (NYSE: C) caused the stock to gain over 4% yesterday on speculation of a Citi breakup at most, or some changes at the least.
Google Inc. (NADSAQ: GOOG) yesterday announced its internet search results will now routinely include YouTube videos, local shopping information, the content of millions of books and many other sources, taking a step towards a "universal search." Sources will be added as Google upgrades its infrastructure. The purpose of this is to clear the clutter, according to Google.

Shares of Sony Corp. (NYSE: SNE) hit a five-year high today after it forecast a six-fold surge in group profit this year. The stock closed up 2.6% percent at 6,630 yen after climbing as high as 6,750 yen, a level last seen in June 2002. In the U.S., SNE shares are down 1% in pre-market trading (7:54 a.m.) after gaining 6% yesterday.

No, it wasn't Microsoft Corp. (NASDAQ: MSFT) but WPP Group PLC which ended up buying 24/7 Real Media Inc. (NYSE: TFSM) for some $649 million, or $11.75 per share, a 30% premium over the company's average closing price for the past 60 days. In addition, some options and unvested stocks will be part of the deal. TFSM shares are up 5.2% in pre-market (8:35 a.m.).

Applebee's International Inc. (NYSE: APPB) said that it is no longer using trans fat frying oil at its more than 1,800 domestic restaurants.