Google shares closed at $707, up 20% in the past month, amid enthusiasm for its wireless and social-networking initiative.

  The Nasdaq jumped 1.5% on news of the Fed's rate cut. Dell gained 80 cents to $30.60 after filing its delayed financial statements with the SEC. Microsoft rose to $36.81, another multi-year high.

  Alcatel-Lucent CEO Russo plans to cut 4,000 more jobs and trim its senior management team to 7 from 21. The telecom-gear giant said its finance chief is leaving.

  The FCC barred cable companies from signing exclusive contracts with owners of apartment buildings and condo complexes, in a victory for phone companies like Verizon.

  Garmin unveiled an unsolicited $3.3 billion takeover offer for Dutch digital map maker Tele Atlas, topping an offer by rival TomTom by 15%.

  Samsung acquired Israel's TransChip to boost its design of image-sensing chips used in cellphones and digital cameras.

  IAC's net income fell 4.2% amid higher costs. Home-shopping channel HSN showed signs of a turnaround.

  Hitachi's net loss narrowed sharply for its first half. Pioneer swung to a quarterly loss.

  Cerberus withdrew its $6.2 billion offer for Affiliated Computer Services, citing poor conditions in the debt markets.

  Cisco Systems will supply technology at NBA offices and events, as part of an expanded relationship between the company and the league.

  A court granted GlaxoSmithKline's request to block new patent rules that the drug company says would stifle innovation. Patent officials contend the changes will speed up reviews.