CBS plans on competing with the extremely popular Online video site Hulu with the relaunch of TV.Com. CBS purchased the domain from Cnet for 1.85 billion dollars, and it was originally a "water cooler site" where the latest TV shows were discussed by writers and fans. But CBS head Les Moonves revealed that the new TV.Com will be much more ambitious when he said "we think TV.Com will become the destination, or certainly one of the leading destinations, for anybody who wants to watch TV shows or have a community around TV shows, see clips, play games, etc.

A gigantically popular social networking site is brought down to Earth as Facebook has been given an honest valuation of about 2 billion dollars, a much more realistic number than when it was valued at 15 billion dollars last Fall. The massively popular social networking site is not publicly traded, but the casual market for shares has valued them at 2.50 to 4 dollars each.

Bad news for the millions of users of the most popular Web Browser in the world... they could be at risk of having their machines hacked because of a security flaw in Internet Explorer. 10,000 or more sites have been hacked with programming that allows hackers to steal passwords and other sensitive information. So far, most of the sites that have been hacked using bad code are Chinese, but hackers anywhere could still exploit the problem, which has not yet been corrected.

Who's laughing now? David Laikin, CEO of the National Lampoon, has been charged with conspiracy and securities fraud. Laikin is in trouble for allegedly paying a stock promotor to increase National Lampoon's value with the goal to increase shares from their March value of $1.87 to somewhere between $2.50- to 5 dollars a share. Laikin wanted to increase the total worth of his stocks to nearly 15 million dollars.

Finally, Toyota annoucned that they will delay the opening of their new Prius plant in Blue Springs, Mississippi by at least a year. The Japanese automaker decided to build the Prius plant in the U.S. because ... (less info)