LEADING THE DAY The Nasdaq OMX group announced that it will rebalance the index next month — a move that will dramatically reduce Apple’s weighting in the index. The rebalance is set to go into effect before the market opens on May 2. In the new index, Apple will account for 12 percent of the index, down from its current 20 percent, the Associate Press reports.
According to a report from the Wall Street Journal, Apple’s fourfold growth in the past two years prompted the rebalancing. It will remain the largest component of the Nasdaq index.
Texas Instruments to buy National Semiconductor: Texas Instruments has agreed to acquire National Semiconductor for $6.5 billion dollars, the Associated Press reported. The long-time rivals are two of the largest makers of analog chips in the world. Texas Instruments chief executive Rich Templeton said the companies’ combined sales teams will be ten times bigger than National Semiconductor’s current team.
Google antitrust investigation: Google may be facing a Federal Trade Commission antitrust investigation, Bloomberg reported Tuesday, citing two sources close to the situation. The report says the FTC is waiting for the Department of Justice to announce its decision on the company’s planned acquisition of travel company ITA Software before it proceeds with an investigation. Many states are also said to be contemplating antitrust investigations into Google.
Documents filed by Pandora Monday indicate that Google and Apple may be facing a federal investigation in New Jersey over information-sharing practices with mobile applications. Pandora revealed in documents related to its initial public offering that it had been issued a subpoena in relation to a federal grand jury investigation.
Hulu on pace to make $500 million in 2011: Hulu is on pace to make $500 million this year, according to a blog post from Hulu CEO Jason Kilar. Kilar said that Hulu’s revenue is up nearly 90 percent over the first quarter of 2010. The company launched publicly in 2008.
Senate Commerce hearing: The Senate Commerce Committee will meet today to discuss closing the digital divide in Native American and other indigenous communities in the U.S. Witnesses speaking at the 2:30 p.m. panel include representatives from the Office of Native Affairs and Policy and the Department of the Hawaiian Homelands.
FCC.gov Redesign: Visitors to the Federal Communications Commission Web site will notice a few changes today. The commission launched a beta version of its new site at 7 a.m., aimed at making the the FCC’s site more accessible.