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Business News
Stocks drop on financials, oil rebound (Reuters)

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Merrill asset sale size depends on second quarter loss (Reuters)

Merrill Lynch Chief Executive Officer, John Thain, poses before a news conference in Mumbai May 7, 2008. Merrill Lynch is looking at selling stakes in BlackRock Inc or Bloomberg LP, and the size of the sale will depend on the size of the investment bank's second quarter loss, a person briefed on the matter said Wednesday. (Punit Paranjpe/Reuters)Reuters - Merrill Lynch & Co will determine exactly how much of its stakes in BlackRock Inc and Bloomberg LP to sell based on how deep its second quarter loss is, a person briefed on the matter said on Wednesday.
IMF gloomy on growth, warns on inflation (Reuters)

International Monetary Fund Managing Director Dominique Strauss-Kahn gives a speech during the Brussels Economic Forum in Brussels May 15, 2008. It is hard to know how far the global financial crisis still has to run, with the extent of further credit losses hinging on what happens to the U.S. housing sector, Strauss-Kahn said on Wednesday. (Thierry Roge/Reuters)Reuters - It is hard to know how far the global financial crisis still has to run, with the extent of further credit losses hinging on what happens to the U.S. housing sector, IMF chief Dominique Strauss-Kahn said on Wednesday.
GFK says to make better offer for TNS than WPP (Reuters)

WPP's Martin Sorrell in a file photo. Germany's GfK Holdings AG said on Wednesday it wants to make a better offer for Britain's Taylor Nelson Sofres TNS than Martin Sorrell's advertising group WPP. (File/Reuters)Reuters - Germany's GfK Holdings AG said on Wednesday it wants to make a better offer for Britain's Taylor Nelson Sofres TNS than Martin Sorrell's advertising group WPP.
Oil rebounds $2 on Iran missile tests (Reuters)

A New York City cab driver fills his taxi up with gas at a Hess station in New York July 2, 2008. (Shannon Stapleton/Reuters)Reuters - Oil rose $2 to around $138 a barrel on Wednesday, partly recouping a $5 drop in the previous session, after Iran said it had test-fired missiles that could reach Israel and U.S. bases in the region.
China market sees signs of economic policy easing (Reuters)

A vendor rests at a cloth stall of a market in Hefei, Anhui province June 10, 2008. (Jianan Yu/Reuters)Reuters - A flurry of visits by Chinese leaders to cities hit by sluggish exports and a reported tax rebate for textile exporters are being interpreted by the market as signals that Beijing might cautiously ease tight economic policies.
"Guitar Hero" helps Activision rock Wall Street - 09, May 2008

SAN FRANCISCO (Reuters) - Activision Inc posted a quarterly profit on Thursday that blew past expectations as demand for its "Guitar Hero 3" and "Call of Duty 4" video games made up for a complete lack of new releases.



By Scott Hillis
SAN FRANCISCO (Reuters) - Activision Inc (ATVI.O) posted a quarterly profit on Thursday that blew past expectations as demand for its "Guitar Hero 3" and "Call of Duty 4" video games made up for a complete lack of new releases.
The two games, released late last year, drove Activision to a profit, excluding stock-based compensation costs, of just under $55 million, or 17 cents per share, more than triple the average expectation of 5 cents among Wall Street analysts on Reuters Estimates.
Revenue was $602.5 million, towering 93 percent above a year ago and burying the average estimate of $373.6 million.
"It's the ongoing popularity of 'Guitar Hero' and 'Call of Duty'. It just shows what can happen in terms of performance when you have blockbuster hit titles," said Colin Sebastian, an analyst with Lazard Capital Markets.
Shares of Activision rose 3.9 percent to $28.78 in extended trade from a close of $27.70 on Nasdaq, where they had gained less than 1 percent in the regular session.
Activision's results were the latest piece of evidence that the video game industry is shrugging off the concerns about the broader economy weighing on other sectors.
"The video-game market fundamentals have never been stronger. There's no evidence that this growth will slow," Chief Executive Bobby Kotick told a conference call.
Activision's results came the day after rival Take-Two Interactive Software Inc (TTWO.O) said its criminal action game "Grand Theft Auto 4" had pulled in $500 million in revenue in its first week, making it one of the biggest entertainment launches ever. 





(c) 2008 Reuters
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Software News
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Google lets people create custom virtual realms (AFP)

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EA says has complied with FTC request on Take-Two (Reuters)

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