Here’s the latest action:

The downturn finally hits HP — The company announced a 10 percent drop in earnings yesterday and plans to cut salaries. CNet has more.

Yelp accused of extortion, againLocal business owners report that the trendy review site offers to hide negative critiques in exchange for cash. And it’s not the first time Yelp has been called out for this.

TechCrunch reviews 2008 — Erick Schonfeld offers up insightful snapshots of last year’s startup, venture and acquisition activity.

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Apple hogs flash RAM for the next iPhoneApple Insider reports that Apple has been gobbling up flash RAM supplies to prep for the iPhone’s next incarnation, actually raising the spot price for memory.

No more class action in Vista lawsuit — The judge presiding over the Microsoft Windows Vista Capable lawsuit reversed her earlier decision to turn it into a class-action. The plaintiffs in the suit claim that Microsoft wrongly advertised that Vista would run on their new “Vista Capable” XP machines.

Twitter’s founding document comes to light — Founder Jack Dorsey walks the Los Angeles Times through the decade-old scribblings that eventually became the micro-blogging phenomenon.

Disney buys kid-friendly Kerpoof — The design suite for youngsters sold for an undisclosed amount. Disney plans to integrate its technology into its homepage. More from TechCrunch.

Facebook Chat sees some action — Engineer Chris Piro notes that more than two-thirds of Facebook’s 175 million active users have used its chat function. A sign that the once shaky system has become more reliable, perhaps?

Tesla CMO Darryl Siry hits the road — Siry has chosen to join New York Communications firm Peppercom as a senior analyst for the clean tech sector. Read the official announcement here.

Bebo anoints its five “most engaging” new apps — Honorees include Playfish’s Bowling Buddies, Solid Sudoku and word game Bananagrams. Bebo has more.

Match finds European love — IAC has sold off Match.com’s European operations to popular French online dating company Meetic. Forbes spells out the deal here.