IBT Staff Reporter

U.S. stocks fell sharply on Tuesday as bond yields shot to their highest in five years, stoking fears that higher borrowing costs could cut into corporate profits and discourage takeovers.

Mexican markets fell sharply on Tuesday, following a steep drop in U.S. Treasury prices as investors worried about the possibility of higher global interest rates.

Chemicals maker A. Schulman Inc. warned on Tuesday its fiscal 2007 earnings would fall short of its previous forecast due to weakness in Europe and North America.

Oil prices dropped below $66 a barrel Tuesday amid expectations that gasoline supplies rose for the sixth straight week, easing worries of a crunch during the summer vacation season.

A strong minority of Yahoo shareholders challenged the Web company's direction on Tuesday by voting against board-nominated directors at the annual meeting, and investors confronted Chief Executive Terry Semel.

Cyberonics Inc. shares fell nearly 12 percent on Tuesday, a day after the maker of an implantable device to control epileptic seizures reported a wider quarterly loss and revenue that fell short of Wall Street expectations.

Gold fell nearly one percent on Tuesday to trade near last week's three-month low, with a firmer dollar and a decline in oil putting pressure on the metal.

The second largest U.S. steel maker, Nucor Corp. (NYSE: NUE), said on Monday that its second quarter profit will come up short of analysts’ estimates on lower demand from automakers and homebuilders.

Qwest Communications, Inc. (NYSE: Q) said Monday that its chief executive officer will retire as soon he finds a successor, sending shares down 8 percent.

China’s central bank has agreed in principle to allow foreign members into the Shanghai Gold Exchange, marking an opening in China’s precious metals trading market, according to the state news agency.

A luxury unit in Hong Kong has sold for a record square foot price of HK$41,000 (US$5,247), according to a report.

Shares of Affiliated Computer, Inc. (NYSE: ACS) rose on Monday, a day after news that the company was open to additional buyout bids.

Microsoft chairman Bill Gates, who dropped out of Harvard about 30 years ago, received an honorary law doctorate from his old school on Thursday.

The Board of Directors of Biomet, Inc. (Nasdaq: BMET), an orthopedics products maker, said Thursday it unanimously recommended an improved offer to acquire the company by a private equity consortium.

qA special committee within Activision (NASDAQ: ATVI) found it had improperly dated over 3000 stock options, resulting in a pre-tax charge of $66.7 million, according to a securities filing.

Sony's said Thursday that its computer entertainment unit laid off nearly 100 of its 1,600 U.S employees, with most coming from its headquarters in Foster City, Calif.

Prudential Financial, Inc. (NYSE: PRU), said it would close its stock research, sales and trading division, with over 400 job cuts at 13 locations worldwide expected.

U.S. Online Ad Sales Up Sharply in 1Q U.S online advertising jumped 26 percent to a record $4.9 billion in the first quarter of 2007, the Interactive Advertising Bureau and PricewaterhouseCoopers said Wednesday.

Footwear retailer DSW, Inc. (NYSE: DSW) said Wednesday that profit for its first fiscal quarter rose 36 percent but also lowered its full-year same-store sales guidance on lower-than-expected sales.

Commonwealth Bank of Australia on Wednesday announced the extension of its Gen-i Australasia telecommunication services relationship to Feb 2009.

A Japanese district court ordered the government to pay 670 million yen ($5.66M) in compensation to victims of fraud by failed mortgage securities firm Daiwa Toshi Kanzai on Wednesday.

As leaders from eight of the world's top industrialized countries meet this week, to speak about global development, one of the main issues on the agenda will be climate change.

Electronics maker NEC said on Wednesday that it will begin selling a new notebook computer adorned with the Hello Kitty character.

Dow Jones & Co.'s (NYSE: DJ) union has enlisted billionaire Ron Burkle to explore alternatives to News Corp.'s (NYSE: NWS)$5 billion take over bid in an effort to ensure editorial independence at the Wall Street Journal.

Shares of Whole Foods Market, Inc. (NASDAQ: WFMI) fell on Wednesday, a day after U.S. antitrust officials said they would seek to block the leading natural food retailer’s proposed merger with Wild Oats Markets, Inc. (NASDAQ:OATS), the next closest competitor.

Google Inc. (NASDAQ: GOOG) is combining forces with Salesforce.com (NYSE: CRM), unveiling a much discussed partnership where Salesforce will resell Google's advertising tools to small and medium sized businesses.

Avaya, Inc. (NYSE: AV) can still consider other bids despite an $8.2 billion agreement to be taken private and there are interested parties, according to a Prudential analyst.

Shares of Guess?, Inc. (NYSE: GES) jumped nearly 6 percent on Wednesday, a day after the apparel and accessories maker reported a quarterly profit that beat analysts’ expectations, driven by strong growth across multiple business units.

A pair of private equity firms are the winning bidders for communications manufacturer Avaya, Inc. (NYSE: AV).