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Main market news here.

International Business Machines Corp. (NYSE:IBM) scientists strike again as they will be unveiling today a prototype chip that uses optical connections to increase the speed of moving data among chips to eight times that of previous technologies, allowing high-definition movie to be transmitted over a short distance in a fraction of a second, according to the Wall Street Journal. The commercial applications of such a chip are numerous.

Auto industry news:

• The Big Three auto makers will meet today with President Bush for the second time in the past six months regarding the need for ramped-up alternative-fuel production as well as increased infrastructure for fueling such vehicles.
• Ford Motor Co. (NYSE:F) 2006-2007 Crown Victoria police cruisers have a steering flaw the company said it will repair.
• While China and India might present the most lucrative car markets in coming years as the fastest-growing major car markets, credit rating agency Standard & Poor's warned in a report last week that they could also pose high credit risks for foreign car makers due to volatility, intense competition, quality issues and uncertainties when it comes to intellectual property rights.
• And a cool list in terms of Forbes Green Cars Of The Future.

eBay Inc.'s (NASDAQ:EBAY) online payment service, PayPal, announced on Friday it has plans to launch a new service that would allow payments through cell phones and other mobile devices. The current standard service for cell phone payment can often be cumbersome. The new modified version will be designed specifically for those small devices.

Saudi Basic Industries Corp. is considering a bid for General Electric Co.'s (NYSE:GE) plastics unit according to a source. SABIC had no official comment. The deal could be worth up to $12 billion, the Financial Times reported.
While this might be going on in its plastic division, let's not forget GE's announcement from Friday that it plans to launch a tender offer worth up to US$1.14 billion for the financial unit of Sanyo Electric Co., Sanyo Electric Credit Co.

Starbucks Corp.'s (NASDAQ:SBUX) shares could rise to the mid-$40s over the next 12 months, according to Barron's. The article cites analysts who believe that the recent 20% sell-off since November could represent a buying opportunity.

Microsoft Corp. (NASDAQ:MSFT) received a 20-day extension on its deadline to reply to new charges brought by the European Commission. The new charges involve the software giant seeking payment from rivals for interoperability information.

Time Warner Inc. (NYSE:TWX) Warner Bros. studios have signed the three Harry Potter stars for the last two films in the series.

HSBC securities upped Coca-Cola Co. (NYSE:KO) target price from $50 to $52, reiterating its Neutral rating.

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