http://www.forbes.com/2005/07/06/webcast-video-layoffs-cx_jl_0706video2.html

NEW YORK - Topping the headlines at midday, June was the worst month for U.S. layoffs in 17 months, according to employment consulting firm Challenger, Gray & Christmas. The firm reported more than 100,000 jobs were lost, the majority in the automotive and retail industries.

Those job losses and higher oil prices are holding back Wall Street after solid gains Tuesday. Crude prices have topped $60 a barrel again, fueled by fears that tropical storm Cindy will disrupt oil production and distribution in the Gulf of Mexico.

In company news, Qualcomm (nasdaq: QCOM - news - people ) is defending its method of selling technology licenses, having been accused of patent infringement and illegal trade practices by rival Broadcom (nasdaq: BCRM - news - people ). Broadcom filed an antitrust lawsuit Tuesday. Qualcomm said today it may respond with a lawsuit of its own.

In the first ruling of its kind in U.S. federal court, General Motors (nyse: GM - news - people ) will reportedly receive $253 million from the U.S. government for one of its under-funded pension plans. The ruling could prompt other government contractors to seek compensation.

Zion Bancorp (nasdaq: ZION - news - people ) is buying Amegy Bancorp (nasdaq: ABNK - news - people ), the third-largest commercial bank in Texas, for $1.7 billion. Zion already operates banks in eight Western U.S. states and wanted to expand to the Texas market. The deal is worth $23.32 per share.

Coming up on the Forbes.com Video Network: Summer travel may be a blast, but it can also break the bank. We'll show you how to keep your summer travel fun but your costs low.

http://www.forbes.com/video/

That's it for now. We'll be back at 5:15 for the afternoon report, so stay logged on to Forbes.com.