Cisco Systems Inc. (NASDAQ: CSCO) said it landed a $3 billion deal to buy Norway’s Tandberg to help bolster its position in the video conferencing industry. The company stated that it is paying 153.5 Norwegian kroner per Tandberg share, or an 11% premium to yesterday’s closing price. A competing bid remains a strong possibility. -Marketwatch

The dollar is stronger in early morning trading, as concerns over a global economic recovery continue to reduce risk appetite. Modest gains in U.S. personal income and spending were offset by a worse than expected weekly jobless report, leading the euro to hit an intraday low against the dollar before retracing some of its losses. –The Wall Street Journal

Bank of America (NYSE: BAC) said late Wednesday that its controversial CEO, Ken Lewis, will step down by the end of 2009. Lewis has served the company’s Chief Executive Officer and president since 2001. His successor has not been named. -Marketwatch

World stocks kicked off the new month on a weaker note as caution over the state of the U.S. recovery tempered anticipation the global economy would gather momentum in the final three months of the year. The euro was the biggest loser in the currency market after EU Economic and Monetary Affairs Commissioner Joaquin Almunia said the Eurogroup would discuss its strength. –Reuters

Analysts at J.P. Morgan cut their ratings on Leap Wireless International (NASDAQ: LEAP) and MetroPCS Communications (NYSE: PCS) to neutral from overweight, saying they have become increasingly concerned with wireless fundamentals. –Marketwatch


Comcast Corp. (NASDAQ: CMCSA) the largest U.S. cable network, is in talks with General Electric Co. to buy a stake in NBC Universal Inc., said those with knowledge of the discussions. Negotiations for Comcast to buy about 50 percent of NBC Universal have been under way for at least two months and a deal would depend in part on Vivendi SA making a decision to sell its 20 percent holding. -Bloomberg

Luxury retailer Saks Inc. (NYSE: SKS) was cut to neutral from overweight by J.P. Morgan (NYSE: JPM), which also upgraded closeout retailer Big Lots Inc. (NYSE: BIG) to overweight. -Marketwatch

by Jutia Group