• A judge approved Yahoo‘s plan to change a controversial severance plan that would have added to the cost any acquirer would face to buy the company. Yahoo’s shares rose 4 per cent, making it one of the few companies to gain on the day – though Microsoft CEO Steve Ballmer has said that he would not consider a full takeover.
• Apple‘s shares took a hit after a JP Morgan analyst warned that wilting consumer demand was starting to eat deeper into second quarter sales. Among other things, JP Morgan lopped 11 per cent off its forecast for iPhone shipments and 8 per cent off its Mac shipment forecast.

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