AMD expects 25% drop in sales in third quarter

Sales will fall about 25% from $1.59 billion in the third quarter, excluding process technology license revenue, the Sunnyvale, Calif., company said.

The revised forecast indicates sales of about $1.19 billion in the quarter ending Dec. 27. That misses the $1.53-billion average analyst estimate compiled by Bloomberg.

UTILITIES

Edison gets OK for ESolar project

Edison International's Southern California Edison utility won state approval for a solar-power project backed by Idealab Inc. founder Bill Gross and Google Inc.'s philanthropic arm.

Edison will buy as much as 245 megawatts of power over 20 years from the plant to be built and owned by ESolar Inc. in Pasadena under a contract approved by the California Public Utilities Commission.

INTERNET

Icahn, Microsoft talk, but no deal

Yahoo Inc. investor Carl Icahn, who lobbied for a Microsoft Corp. takeover this year, held talks with the software company about a purchase of Yahoo's Internet search business without reaching an agreement.

There is no understanding with Microsoft about a possible deal, the billionaire investor said in a regulatory filing. The filing didn't indicate when the talks with Microsoft were held.

Microsoft hires ex-Yahoo exec

Microsoft Corp. has hired Qi Lu, a former Yahoo Inc. executive, as president of its online services group as it struggles to catch up to Google Inc.

Lu, who will fill the position left vacant by the departure of Kevin Johnson, had served as executive vice president of engineering at Yahoo's search and advertising technology group, Microsoft said.

TELEVISION

Showtime gets Summit film rights

Showtime Networks said it acquired the rights for up to 42 movies released by Summit Entertainment, including the independent studio's new blockbuster, "Twilight."

The premium cable network, one of the most profitable units of CBS Corp., will have access to Summit movies released from 2008 through 2012, including all films in the "Twilight" franchise. Summit Entertainment plans to release 10 to 12 films a year.

This year Showtime did not renew its existing deals with major studios Paramount Pictures, Metro-Goldwyn-Mayer and Lionsgate Entertainment in a dispute over price. Since then, Showtime Chief Executive Matthew C. Blank has been negotiating with independent studios to build a supply of films that Showtime can run after the existing studio deals wind down.

RETAIL

Williams-Sonoma swings to a loss

Gourmet-cookware chain Williams-Sonoma Inc. reported a smaller third-quarter loss than analysts had estimated as it kept a lid on inventories and catalog costs.

The company reiterated its profit forecast of as much as 47 cents a share for the year. It also terminated a plan to buy back $150 million in shares.

The net loss was $11 million, or 10 cents a share, compared with net income of $27.1 million, or 25 cents, a year earlier, the San Francisco retailer said. Revenue sank to $752.1 million in the three months through Nov. 2 from $895.1 million in the third quarter of 2007.

-- times staff and wire reports