According to Reuters, CBS (CBS) fired talk show host Don Imus due to racial remarks he made on his program.

Reuters writes that Sallie Mae (SLM) the largest student loan company is considering going private.

Reuters reports that Polo Ralph Lauren (RL) plans to buy its Japanese licensee for $345 million in an attempt to increase its presence in that market.

Reuters reports that Sony (SNE) shares hit a five year high on a report in a Japanese newspaper that is profits would improve due to strong sales of flat screen TVs.

The Wall Street Journal reports that an FDA panel rejected giving approval to Merck‘s (MRK) new arthritis drug Arcoxia.

The WSJ reports that Samsung’s profits dropped 15% on slow sales of semiconductors.

The WSJ writes that Nasdaq (NDAQ) is in talks to buy Nordic exchange operator OMX AB.

The WSJ reports that newspaper chain McClatchy (MNI) has quit an online ad venture with The Tribune Company (TRB) and Gannett (GCI) to join a similar venture being formed by Yahoo! (YHOO).

The FT reports that Dow Chemical (DOW) fired an officer and a director because they had secret talks with outsiders about purchasing the company.

The CEO of troubled VoIP company Vonage (VG) stepped down and was replaced by the company’s founder, according to The New York Times.

Apple  (AAPL)is delaying its new operating system until the fall because engineers had to be moved to working on the new iPhone, according to the NYT.

Barron’s writes that Bear Stearns has upped its estimates on Yahoo! (YHOO) on the belief that its new Panama search technology will help earnings.

Douglas A. McIntyre

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