MySpace Events get an upgrade — The network’s new event invite system takes more advantage of users’ social circles. TechCrunch has more.

PG&E smart meters get the green light — The utility will spend $467 million in taxpayer money to install the meters in California homes. The San Jose Mercury News has the story.

Student VC firms feel the burn — The downturn has dried up cash for small university-based venture firms run by students, just like their professional counterparts, reports the Wall Street Journal.

Genentech, Roche join forces — The two life science giants have merged, continuing the wave of consolidations in the sector. Merck announced its acquisition of Schering-Plough earlier this week.

Collaboration comes to Microsoft Office — Covisint has teamed up with the eXpresso Corporation to add document collaboration software to Microsoft Office. Read the release here.

Jon Stewart puts the smackdown on Cramer — During last night’s Daily Show with guest Jim Cramer from CNBC’s Mad Money, Jon Stewart showed a clip of a remarkable interview Cramer gave about how easy it was to manipulate Apple’s stock price — two weeks before the blockbuster release of the iPhone. Here’s a link to the Daily Show segment, where Stewart grills Cramer. But Stewart only had time to show a portion of the embarrassing TheStreet.com clip. Check out the full version below:

[youtube https://www.youtube.com/watch?v=ZWVmlxhk-tU&hl=en&fs=1]

Massachusetts OKs huge offshore wind farm — Cape Wind Associates’ $1 billion proposed offshore turbine field got tentative approval from state authorities. Read more on Reuters.

Jaiku joins Google App Engine — The micro-blogging platform will now be available as a federated, open-source product through the search giant.

Fisker taps Advanced Lithium Power for electric car batteries — The Irvine-based auto-maker has chosen Advanced Lithium Power’s 22.6-kilowatt-hour lithium-ion battery to power its highly anticipated Karma EV.

Stock market sees biggest weekly gain since November — Stocks rallied for the fourth straight day Friday. Check it out on Yahoo Finance.

3Scale launches API management serviceTechCrunch has the details.

U.S. chief information officer already in hot water — President Obama’s CIO Vivek Kundra announced that he’ll take a leave of absence in the wake of the week’s bribery arrests.

Michael Arrington gets out of the startup game — The TechCrunch founder says he will stop making angel investments in the name of journalistic integrity.