What's in the News: May, 7th

This is what's in the news for Monday, May 7, 2012. The Wall Street Journal reports wireless carriers are beginning to change the terms of smartphone deals that have mostly benefited phone makers like Apple (NASDAQ:AAPL), in a move that could leave consumers paying more for devices like the iPhone. The Wall Street Journal also reports Lenovo Group (LNVGY) said it plans to spend about $800M on a new base to house the development, production and sale of mobile products as it attempts to expand beyond its core PC business. Bloomberg reports oil dropped about 3.2% to the lowest level in more than four months after European elections increased speculation that austerity efforts will be derailed and weak jobs data underscored concern the U.S. economy may falter. Reuters reports Micron Technology (MU) won the right to negotiate exclusively to buy Elpida Memory after offering over $2.5B for the failed Japanese chipmaker, sources say. Finally, Reuters also reports Warren Buffett said he recently considered an unidentified $22B acquisition for his Berkshire Hathaway (BRK.A), adding that if Berkshire didn't make a major deal this year, it could look at one over $30B next year.