Reuters Business Summary

Optimism about tech spending lifts Nasdaq

NEW YORK (Reuters) - U.S. technology stocks rose on Monday for the third straight session, fueled by optimism about sales for Research in Motion's (RIMM.O: 行情) BlackBerry and Apple's (AAPL.O: 行情) new iPhone. Blue-chip stocks slipped, weighed by broker downgrades of Dow components Verizon Communications(VZ.N: 行情) and AT&T (T.N: 行情).UBS cut its rating on the stocks, citing pressure from mobile competitors and the weak economy.

Adobe profit rises with sales of creative programs

BOSTON (Reuters) - U.S. software maker Adobe Systems Inc (ADBE.O: 行情) said on Monday its quarterly profit climbed 41 percent, driven by growth in sales of programs for photo editing, Web creation and graphics design. Adobe also forecast earnings per share before items and revenue for the current quarter that were largely in line with or ahead of analyst expectations.

Broadcom ex-CEO pleads not guilty in criminal cases

SANTA ANA, California (Reuters) - Former Broadcom Corp (BRCM.O: 行情) Chief Executive Henry Nicholas III pleaded not guilty on Monday to charges stemming from an alleged stock options backdating conspiracy and to federal drug charges. The technology company's former chief financial officer, William Ruehle, also pleaded not guilty to the backdating-related charges during the brief hearing in federal court in Santa Ana, California.

AIG's new chief reaches out to former CEO Greenberg

NEW YORK (Reuters) - American International Group Inc (AIG.N: 行情) Chairman Robert Willumstad said one of the first things he did after being named chief executive was to reach out to former CEO Maurice (Hank) Greenberg, a large AIG shareholder who has had an acrimonious relationship with the insurer since leaving three years ago. The move was the first of many steps that Willumstad has vowed to take after being installed as chief executive late on Sunday, as he faces the daunting task of returning the 89-year-old insurer to profitability after the company recorded its worst-ever losses over the last two quarters.

Policy-makers call inflation top threat

BRUSSELS/JEJU, South Korea (Reuters) - Policy-makers around the globe declared soaring inflation a top threat on Monday, with pressure rising for central banks to raise interest rates amid protests against higher costs of living. The European Commission, the European Union's executive arm, said inflation was its main economic concern after data showed prices in the 15 countries using the euro rose a record 3.7 percent year-on-year in May from 3.3 percent in April.

Lehman loss matches forecast -- $2.8 billion

NEW YORK (Reuters) - Investment bank Lehman Brothers Holdings Inc LEH.N posted a quarterly loss of $2.8 billion on Monday, matching its forecast, after recording massive trading and hedging losses. With the results coming in as expected, analysts focused on the potential for future write-downs at the fourth-largest U.S. investment bank, which still has more than $60 billion of mortgages, real estate assets and asset-backed securities on its books. That amount is well in excess of the company's net worth as measured by shareholders' equity.

GE investors wonder if breaking up is hard to do