Before the bell: Stock futures mixed as Microsoft resumes talks with YahooThe New York Times Bits blog says that according to several label executives, Apple Inc. (NASDAQ: AAPL) has approached some of the major music labels to try to expand the variety of ringtones and other musical features for the iPhone. The negotiations are very active right now and a final deal has not been set, but will likely be during the summer, but after June 9. Ringtones are quite a profitable market, and Apple wanting to have ringtones from major label makes total sense. Apple also wants to offer Answer Tones for the iPhone.
Intel Corp (NASDAQ: INTC) said Monday its venture capital arm has invested 50 million ringgit ($16 million) in Malaysia's Green Packet Berhad to help develop the country's first nationwide high-speed WiMAX network. Already earlier this month, Intel Capital along with Google Inc (NASDAQ: GOOG), Comcast Corp (NASDAQ: CMCSA), Time Warner Cable Inc (NYSE: TWC), and Bright House Networks agreed to invest $3.2 billion into a new company to speed up deployment of the next-generation mobile WiMAX network. But that's not all. Intel Capital also expects to close half a dozen deals in India this year, its regional head said on Monday.
Warren Buffett is apparently on the prowl for another acquisition. The Oracle of Omaha has begun his European tour Monday, looking for possible acquisitions for his Berkshire Hathaway Inc. (NYSE: BRK.A).
General Motors Corp. (NYSE: GM) shares are up over 1% after a tentative accord was reached May 16 with the United Auto Workers. American Axle & Manufacturing Holdings Inc. (NYSE: AXL) workers start voting Monday on a proposed contract that also calls for wage cuts and buyouts at five American Axle plants in New York and Michigan. This could end the 83-day strike that has slowed output at GM, the partsmaker's biggest customer.
State-run Saudi Arabian Oil Co., or Saudi Aramco, and ConocoPhillips (NYSE: COP) said Friday they have approved continued funding for the development of a refinery that will process 400,000 barrel-per-day of crude supplied by Saudi Aramco in Saudi Arabia's Red Sea city of Yanbu.
Citigroup slashed its earnings outlook for Goldman Sachs Group Inc (NYSE: GS), Morgan Stanley (NYSE: MS) and Lehman Brothers Holdings Inc (NYSE: LEH), which also Friday announced it is cutting 5%, or 1,400 people, of its staff. Citi said tough operating environment will be the culprit of lower earnings and the analyst expects significant asset sales.
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