Personal computer and printer maker Hewlett-Packard reportedly is nearing a deal to buy information technology services provider Electronic Data Systems for between $12 billion and $13 billion.

Apple Inc. says its online stores in the U.S. and U.K. are sold out of the iPhone, a sign supplies are being winnowed ahead of the launch of the device's next generation that will feature faster Internet surfing speeds.

Wachovia says its securities unit has received inquiries and subpoenas from federal and state regulators over auction-rate securities.

Wireless carrier Sprint Nextel says it had a larger first-quarter loss as it continued to lose valuable monthly subscribers and had to pay for severance charges and other costs.

Cablevision Systems Corp. says it is buying the Long Island-based newspaper Newsday from Tribune Co. for $650 million.