Cisco's profit and sales jumped, but CEO Chambers warned U.S. spending on technology gear may be "bumpy" in coming months. Shares fell 8% after hours.

  The Nasdaq sank 2.7% Wednesday, erasing the previous session's rally, as the weak dollar and high oil prices weighed on investors. Expedia, DirecTV and Blue Nile shares advanced after the companies reported earnings.

  Time Warner posted a 53% drop in profit from a year-ago period boosted by gains. Strength in the media giant's cable and movie units was tempered by weakness at AOL.

  The families of two Chinese dissidents said they hoped a congressional hearing into Yahoo's role in the men's imprisonment will help spur action for their release.

  TomTom raised its bid for digital-map provider Tele Atlas to $4.25 billion, escalating a global takeover battle for the software that power GPS devices.

  Best Buy plans to offer giveaways and discounts on sought-after items to its best-spending customers this holiday season.

  Nokia received a big endorsement for its Internet strategy, with Vodafone throwing its support behind the handset maker's "Ovi" music store and Web-services.

  Shares of Alibaba.com lost 17% a day after their debut, when they nearly tripled from their IPO price, and analysts said the business-to-business site is likely to fall further on continued profit-taking for a while.

  Microsoft fired its chief information officer, Stuart Scott, for "violating company policies" after an internal investigation.