In the News: Yahoo, Apple, Facebook and more

Yahoo CEO and five board members step down as Ross Levinsohn named interim CEO and Scott Thompson discloses he has cancer.

Apple drops "4G" from UK iPad ads and reportedly bringing retina display to MacBook Pro while Foxconn prepares for Apple TV production.

Facebook co-founder renounces U.S. citizenship to avoid $600M in taxes as almost-over IPO roadshow focuses on mobile and Apple co-founder Steve Wozniak wants in. (Also, wish Mark Zuckerberg a happy 28th birthday today.)

ABC bids adieu to Desperate Housewives.

Ally mortgage unit files for bankruptcy.

Avon weighs sweetened offer from Coty. (Update: Coty withdrew its offer late Monday.)

Canon moves to robot-only production of digital cameras.

Cathay Pacific sees economy fares drop.

CBS renews Two and a Half Men as NBC counts on comedies to goose ratings.

GM plans to make "unpopular decisions" in Europe as Opel unit is open to new allies (and faces union battle) as part of new strategy to reverse losses.

Google's Sergey Brin boosts Parkinson's research via brand-refreshed Michael J. Fox Foundation.

Groupon seeks to reverse historic post-IPO slump, finally posts a profit.

Indy 500 puts sponsors on track walls.

JPMorgan begins cleaning house with Ina Fried exit after $2-billion loss as pressure builds on CEO Jamie Dimon, who goes on the defensive.

Kickstarter exposes projects in security lapse.

Kodak revealed to have maintained a nuclear reactor.

LightSquared nears files for bankruptcy.

MLS bolsters soccer's profile in U.S. with new Houston stadium.

Newsweek raises eyebrows by calling Obama the "first gay president."

Nike digital sports exec attacks analog thinking.

Panasonic dragged down by TV business.

Pizza Hut stands by Howard Stern.

Real Simple tops magazine brands on Pinterest.

SAP sets a new cloud computing strategy.

7-Eleven announces low-cal line Slurpees.

Subaru plans big U.S. push and Nissan CEO says moving more production out of Japan may be inevitable.

U.S. meat processors race to find replacement for pink slime.

Wenner Media switches course and bring Us Weekly to iPad.

Whole Foods rewards customers via green app.