Stocks in the news: Time Warner, Microsoft, Yahoo!, Sprint Nextel

The following post rounds up the companies making headlines today:

Time Warner Inc. (TWX), the parent of this site, said Wednesday its second-quarter profit shrank 34 percent as the ad slump and slow DVD sales hurt revenue in the company's publishing, movie and online properties. Revenue fell 9 percent. Still the company beat earnings estimates of 37 cents per share with a 45 cents EPS excluding items.

Microsoft Corp. (MSFT) and Yahoo! Inc. (YHOO) have finally reached an Internet search partnership. The 10-year deal gives Microsoft access to the Internet's second-largest search engine audience, adding to its arsenal in its all-out assault against online search and advertising leader Google Inc. (GOOG). YHOO shares dropped 7.5 percent at the open, MSFT shares were higher and GOOG declined about a percent.