Top Stories Finance Technology Sports Politics World Science			See News Headlines  SUMMARIES Last Update: May 10 4:45am ET  Nikkei Ends Weak on Nasdaq - TOKYO (Reuters) - Tokyo's Nikkei average closed weaker Wednesday as high-technology stocks tracked losses in their U.S. counterparts, but investors who felt the market was oversold pared earlier falls to near seven-month lows. 'We saw heavy unloading of large-cap technology stocks in the morning after the U.S. market's fall, but the selling was overdone and investors began to realize that,' said Kunihiro Hatae, equities general manager at Tokyo Securities. Stocks Fall on Rate Fears; Bonds Rebound - NEW YORK (Reuters) - U.S. stocks fell Tuesday as Wall Street awaited an expected interest-rate hike by the Federal Reserve next week, and worried about the exorbitant values of technology shares. Bonds rose for the first time in seven sessions as yields stayed firmly above 6 percent, while the euro advanced against major currencies amid hints that the European Central Bank might step in to boost the ailing currency. Oil and gold rose. Fed Talk Bolsters View of Big Rate Hike - SAN FRANCISCO (Reuters) - Federal Reserve officials said nothing Tuesday to water down widespread expectations on Wall Street for a large U.S. interest rate hike next week. San Francisco Fed President Robert Parry left the door open for a bigger-than-usual rise in borrowing costs, saying it could be consistent with a cautious inflation fighting policy. Cisco Profits Rise As Sales Surge 55 Pct - SAN FRANCISCO (Reuters) - Cisco Systems (CSCO.O) Tuesday reported third-quarter operating profits that rose 58 percent while sales surged 55 percent as the biggest maker of data networking equipment sold more Internet gear to businesses, telephone and cable companies and Internet service providers. For the period ended April 29, Cisco said it had earnings before one-time items of $1.03 billion, or 14 cents a share, up from $649 million, or 9 cents, a year ago. Sales rose to $4.92 billion from $3.17 billion. The results topped analyst forecasts of 13 cents a share, according to First Call/Thomson Financial. Oil Prices in Asia Dip - SINGAPORE (Reuters) - Oil prices in Asia dipped Wednesday as a U.S. report showing unexpectedly high crude stockbuilds drew some profit-takers. The American Petroleum Institute (API) said late Tuesday that the U.S. crude stocks, for the week ended May 5, were up 4.1 million barrels. Music Firms to Settle With FTC-WSJ - NEW YORK (Reuters) - Major music companies are expected to agree to stop a pricing practice on compact discs that discourages discounting by retailers in a settlement with the Federal Trade Commission, the Wall Street Journal reported in its online edition Wednesday. Time Warner Inc., owner of Warner Music Group, had already agreed to settle the FTC's charges. Sony Corp.'s Sony Music Entertainment, Bertelsmann AG.'s BMG Entertainment, EMI Group PLC's EMI Music and Seagram Ltd's Universal Music have now agreed to join the settlement as well, the Journal said. Microsoft Beats Back Sun Copyright Claims - SEATTLE (Reuters) - Microsoft (MSFT.O) has won a battle in its legal war with archrival Sun Microsystems Inc.(SUNW.O) after a federal judge ruled their dispute is a contract dispute rather than a more serious copyright violation, as Sun had claimed. U.S. District Judge Ronald Whyte in San Jose, Calif., issued two decisions late Monday that dismissed Sun's allegations that Microsoft violated copyrights on Sun's Java programming technology. UK's Prudential to Float Egg Online Bank - LONDON (Reuters) - Britain's largest life assurance and pensions group, Prudential, said Wednesday it would float a minority stake in its Egg Internet bank next month. Prudential, which has previously indicated it will sell 15-25 percent of Egg, said new shares would also be issued in the float, which would comprise offers to customers, staff and international institutional investors. DOE Sees Summer Gasoline Prices Avg. $1.40 -Richardson - SAN DIEGO (Reuters) - The U.S. Department of Energy is forecasting an average retail gasoline price of $1.40 per gallon for the summer, Secretary Bill Richardson said Tuesday. In a speech to the San Diego World Affairs Council, Richardson said that the estimate was for lower gasoline prices on average during the summer months. He did not provide details. Oprah, Martha Not the Only Female Moguls - WASHINGTON (Reuters) - Oprah Winfrey and Martha Stewart were two famous names on this year's Working Woman 500 list of the biggest U.S. businesses owned by women -- but they were far below the owner of an automotive empire, a banker and the president of a lumberyard chain. The top-ranked businesswoman is Pat Moran, president of the diversified automotive business JM Family Enterprises of Deerfield Beach, Fla., with $6.5 billion in revenues last year, according to Working Woman magazine. The list was released Wednesday.		Login Check Email
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