For 300 workers overseas, MySpace is no longer their space: The social networking site is cutting two-thirds of its international staff, bringing it down to about 150 people.

The offices in Argentina, Brazil, Canada, France, India, Italy, Mexico, Russia, Sweden and Spain will be reviewed and may be closed, the company said. MySpace China, a locally owned company, and MySpace's joint venture in Japan won't be affected. The company's offices in London, Berlin and Sydney, Australia, will become its primary regional hubs for its international business. 

MySpace, which is owned by media giant News Corp. (NWS), last week announced plans to cut its U.S. work force by 30% to 1,000 people.

Updated at 3:10 p.m. ET

Stocks were modestly lower this afternoon, despite some decent news from the housing market. Existing-home sales rose 2.4% in May to an annual pace of 4.77 million, the National Association of Realtors reported this morning, matching the downwardly revised 2.4% gain in April.

At 3:10 p.m. ET, the Dow Jones Industrial Average ($DJIA) was down 32 points to 8,307. The Nasdaq Composite Index ($COMPX) was off 2 points at 1,764, and the Standard & Poor's 500 Index ($INX) was down slightly at 893.

The Dow has been weighed down all day by one stock: Boeing (BA). The aerospace giant's shares were down 7.3%, to $43.50 this afternoon after the company said it is delaying the first flight of its 787 Dreamliner -- again.

Updated 4:15 p.m. ET

Slumping demand for chips is weighing on memory-chip maker Rambus (RMBS): The company late Monday warned that fiscal-second-quarter revenue will fall short of expectations.

Rambus said it now sees sales between $26.7 million and $27.2 million, below its previous forecast of between $27 million and $30 million. Rambus also said adjusted operating expenses for the quarter will be between $42 million and $45 million, including litigation expenses of $15 million to $17 million. The company's previous guidance was between $43 million and $48 million, with litigation expenses of $12 million to $16 million.

The company is in legal disputes with competitors including Samsung Electronics (SSNLF) and Micron Technology (MU). 

Premarket futures indicated a tentatively higher open for stocks in New York on Tuesday ahead of existing home sales data after a sharp selloff at the start of the week.

Futures for the S&P 500 were higher by 2.8 points at 891.4, and were 2.87 points above fair value. Futures on the Nasdaq were rising 3.25 points to 1431.25, and were 6.2 points above fair value.

The major indices kicked off the week Monday with steep losses after the World Bank forecast a greater-than-expected contraction in the global economy for 2009. Market watchers are at odds over whether the pullback, which extended losses from last week, was the beginning of a market correction or simply another dip that will be approached as a buying opportunity.

Wall Street will have its eye on existing home sales -- a key piece of economic data -- which is scheduled to be released at 10 a.m. EDT. Expectations are for 4.82 million sales in May, up from 4.68 million in the prior month.

Updated: 6:25 p.m. ET.

That nasty economy just won't let up, and, as a result, stocks suffered their worst losses in two months. 

The Dow Jones industrials ($INDU) suffered their fifth loss in the last six sessions, and the Standard & Poor's 500 Index ($INX) fell back into the red for all of 2009.

The Dow fell 201 points, or 2.4%, to 8,339. The S&P 500 was off 28 points, or 3.1%, to 893, and the Nasdaq Composite Index ($COMPX) dropped 61 points, or 3.4% to 1,766.

The losses were the largest for the major indexes in point and percentage terms since April 20.

Trading volume, however, was light for much of the day but seemed to accelerate in the last half-hour of trading.

The sell-off was prompted by a forecast from the World Bank that said the global economy will contract by 2.9% this year, a deeper contraction than the 1.7% decline the bank had forecast in March.

CBS (CBS) this morning said that Chief Financial Officer Fred Reynolds will step down from his post on July 20, after 38 years at the company.

Reynolds will stay with CBS as executive vice president through Aug. 15, when he will retire. Reynolds has been CFO for the past three years.

Updated: 4:50 p.m. ET.

"They give us those nice bright colors. They give us the greens of summers. Makes you think all the world's a sunny day," Paul Simon sang in the 1973 song "Kodachrome."  

It looks like Simon will have to come up with a new song now that Eastman Kodak (EK) is retiring its Kodachrome color film after a 74-year run.

Kodachrome sales have plunged since the introduction of both new films and digital technology, and the product now makes up less than 1% of Kodak's still-picture-film sales, the company said. About 70% of Kodak's revenue now comes from its commercial and consumer digital businesses.

"It was certainly a difficult decision to retire it, given its rich history," Mary Jane Hellyar, president of Kodak’s Film, Photofinishing and Entertainment Group, said in a statement. "However, the majority of today's photographers have voiced their preference to capture images with newer technology -- both film and digital."