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Yahoo settles to avert August showdown
SAN FRANCISCO -- Yahoo Inc. averted a showdown with rabble-rousing investor Carl Icahn on Monday by giving him three seats on its board of directors in a truce that still leaves the door open for a possible sale to Microsoft Corp.
The compromise spares Yahoo from more bickering with Icahn, an acerbic billionaire who had spent the past two months spearheading a rebellion to replace the Internet company's entire board in retaliation for its rejection of Microsoft's $47.5 billion takeover bid in May.
The duel had been scheduled to culminate in a shareholder vote at Yahoo's Aug. 1 annual meeting.
Apple 3Q profit jumps 31 percent
Macintosh and iPod sales helped boost Apple Inc.'s fiscal third-quarter earnings 31 percent, beating Wall Street's expectations Monday, but investors pummeled the stock after Apple issued soft guidance for the current quarter.
Steve Jobs, Apple's chief executive, did not join the conference call with investors as he commonly does, prompting an analyst to inquire about his health. Jobs has survived pancreatic cancer.
Cupertino, Calif.-based Apple earned $1.07 billion, or $1.19 per share, 11 cents ahead of Wall Street's expectations, according to a Thomson Financial survey of analysts.
Unemployment, stocks slow economy
NEW YORK -- Factories laying off workers, stocks tumbling and shoppers ditching their credit cards forced the economy to contract in June, a trend likely to continue in the second half of 2008, a private business group said Monday.
The New York-based Conference Board's forecast of future economic activity fell 0.1 percent last month, in line with forecasts by Wall Street economists surveyed by Thomson Financial/IFR.
The group also revised May's number downward to a 0.2 percent decrease, from a 0.1 percent increase.
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