IN BRIEF

DETROIT

Carmakers' forecasts for sales dip come true

Automakers began 2008 expecting the worst year for U.S. auto sales in a decade. So far, they're getting what they expected.

Sales dropped by double digits in March, even for usual stalwarts like Toyota. And with fragile consumer confidence, falling home values, tightening credit and high energy prices, it may be some time before auto sales recover.

General Motors and Chrysler both reported a 19 percent drop in U.S. sales on Tuesday. Ford's sales fell 14 percent and Toyota was down 10 percent compared with last March. Nissan fell 4 percent and Honda reported a 3 percent drop.

If the March sales rate held steady for the full year, U.S. sales would be 15.1 million units in 2008, according to Autodata Corp. That's down from a rate of 16.2 million units last March, and the lowest monthly sales rate since October 2005, when a summer of heavy discounts hurt fall sales.

Report: Microsoft has no plan to raise offer

Microsoft Corp. has no plans to raise its $44.6 billion offer for Yahoo, betting that staying put will give it more time to persuade the board to accept the bid, The Wall Street Journal reported.

Microsoft also has no immediate plans to nominate a board slate at Yahoo, the newspaper said, citing unidentified people familiar with the situation. Instead Redmond, Wash.-based Microsoft will wait and see if the U.S. economic slowdown makes its $31-a-share bid more palatable to Yahoo, the Journal said.

Holding steady may increase pressure on Yahoo Chief Executive Officer Jerry Yang to succumb to Microsoft if no better bid emerges. A weaker U.S. economy and signs that advertising growth is slowing at rival Google may help to make Microsoft's bid look more generous, American Technology Research's Donovan Gow said.

"As far as shareholders are concerned, this is going to be by far the best deal they can find," said the San Francisco-based analyst, who advises investors to buy Microsoft shares and doesn't own them. "Microsoft knows that."

RIDGEFIELD, N.J.

Sprint Nextel to roll out touch-screen phone

Sprint Nextel Corp. on Tuesday said it is betting heavily on a touch-screen phone that appears to be the closest thing the U.S. market has seen to Apple's vaunted iPhone.

The Samsung Instinct will be available in June for a yet undetermined price, Sprint announced at CTIA Wireless, a cell-phone industry trade show at the Las Vegas Convention Center.

Executives hinted that the price would be substantially lower than the $399 for the cheapest iPhone.

Sprint, which has been losing subscribers, will spend $150 million to advertise the Instinct when it launches, compared with $30 million for a typical product introduction, said David Owens, the company's director of devices.

CTIA Wireless runs through Thursday.

NEW YORK

As dollar strengthens, oil futures float down

Oil futures extended their slide Tuesday as the dollar gained ground, making commodities such as energy futures less attractive to investors seeking a hedge against inflation.

Many analysts say oil investors have taken most of their price cues in recent months from gyrations in the dollar.

Light, sweet crude for May delivery fell 60 cents to settle at $100.98 a barrel on the New York Mercantile Exchange after earlier falling as low as $99.55. Oil futures fell $4.04 a barrel on Monday.

But oil prices surged as high as $102.55 at times Tuesday as the early dip below the psychologically important $100 level drew buyers betting that high demand will give crude prices room for a further advance.

SAN FRANCISCO

Unhappy investors belittle CNet leaders

Dissident shareholders belittled CNet Networks' leadership as incompetent and lackadaisical in its latest efforts to steer the slumping technology news and entertainment company in a new direction.

The criticism of CNet's current board and top executives was in a 38-page assessment released Tuesday by a crew of shareholders led by New York investment fund Jana Partners LLC.

The disgruntled shareholders, who have a nearly 15 percent stake in CNet, have been waging a three-month campaign to overthrow the San Francisco-based company's board.

NEW YORK

With stocks surging, Treasury prices fall

Treasury prices sold off Tuesday when second-quarter trading began with investors showing a greater appetite for risk and betting on stocks.

The benchmark 10-year Treasury note fell 0.63 points to 99.63 with a yield of 3.55 percent, up from 3.42 percent in late trade Monday. BGCantor Market Data said. Prices and yields move in opposite directions.

The 30-year long bond lost 1.13 to 99.84 with a yield of 4.38 percent, up from 4.30 percent the day before.