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The BlackBerry Torch isn’t setting the smartphone world ablaze.

Research In Motion and AT&T sold no more than 150,000 of the devices over the weekend, according to estimates by RBC Capital Markets and Stifel Nicolaus analysts. By comparison, Apple’s iPhone 4 sold 1.7 million units in its first weekend of sales.

The Torch, a touch-screen smartphone with a slide-out keyboard, went on sale Thursday for $199 with a new two-year contract, but Amazon.com (AMZN, Fortune 500) immediately slashed the price of the Torch in half to $100 (see correction below). That’s the same price Amazon is offering on the three-month old BlackBerry Bold 9650.

Wirefly, LetsTalk.com and other mobile phone outlets also are selling the Torch at a much steeper discount than other phones that just launched. For example, the Motorola Droid 2 (which also launched Thursday) goes for $150 on Amazon and Wirefly, while the back-ordered Droid X sells for $180 on each site. Each carries a list price of $199, just like the Torch.

RIM hailed the BlackBerry Torch as the "best BlackBerry ever" earlier this month, and it’s unquestionably the company’s most advanced smartphone. But AT&T (T, Fortune 500), the phone’s exclusive carrier, also offers Apple’s (AAPL, Fortune 500) iPhone. At the same $199 price point and the same data charges, customers would really have to love the new BlackBerry operating system and the Torch’s pull-out keyboard to choose a Torch over an iPhone.

Some analysts weren’t surprised by Amazon’s price chop and predicted that AT&T (T, Fortune 500) would likely follow suit.

"The device will ultimately have to sell in the marketplace side-by-side with Apple’s iPhone," Sanjiv Wadhwani, analyst at Stifel Nicolaus, said in a research note. "To sustain U.S. sell-through momentum into the November quarter, we believe the price of $199 on contract will have to fall."

RIM declined to comment cash till payday. "The Torch is a breakthrough device and we think businesses and consumers will love it," said Mark Siegel, a spokesman at AT&T.

The first BlackBerry to run RIM’s modernized operating system, BlackBerry OS 6, the Torch offers a full Web browser, as well as other features common on most of today’s smartphones like social networking integration, universal search and multiple home screens. It includes a 5 megapixel camera, built-in GPS, and video recording at up to 640×480 resolution.

That didn’t appear to be enough to wow too many customers. Wadhwani said that Torch buyers are mostly BlackBerry loyalists, smartphone customers who use e-mail more than any other application, and physical keyboard lovers. Though RIM said it is working hard to improve its app store, its offerings are still very slim compared to the iPhone or Google’s (GOOG, Fortune 500) Android phones.

"The new device will be more competitive in retaining at-risk enterprise customers and driving incremental opportunities in the rapidly expanding consumer market," he said.

That’s not exactly the "game changer" language that RIM and AT&T spouted a few weeks ago.

BlackBerry went through a similar ordeal with Verizon Wireless’ BlackBerry Storm and subsequent Storm 2. The Storm was RIM’s first try at a touch-screen, but without a physical keyboard, it never appealed to RIM’s core customers and failed to live up to the "iPhone killer" hype.

Shares of RIM (RIMM) fell more than 1% on Tuesday.

Correction: An earlier version of this story incorrectly stated that Amazon had cut the price of the Torch. The Torch has sold at $100 on Amazon since its launch last Thursday. 

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TetraLogic Pharmaceuticals completed a $32 million private stock sale Tuesday, the proceeds from which will be use to advance the clinical development of the biopharmaceutical company’s experimental cancer treamtments.

The series C venture capital financing was led by San Francisco-based Clarus Ventures, a new investor in the company.

Also participating in the financing were new investor Hatteras Venture Partners and existing investors Amgen Ventures, HealthCare Ventures, Latterell Venture Partners, Novitas Capital, Philadelphia-based Quaker BioVentures and the Vertical Group.

Malvern, Pa.-based TetraLogic’s lead drug candidate for the treatment of cancer, TL32711, is designed to neutralize the activity of proteins that block tumor cell death payday loans. The compound is in early clinical testing as a potential treatment for patients with solid tumors and lymphoma.

“The support from our premier group of investors further validates our enthusiasm for the potential of TL32711 to treat cancer,” said John Gill, TetraLogic’s president and CEO.

Gill said the financing gives the company the resources to complete the ongoing phase-I study of TL32711 and complete a separate phase I-II study of the compound.

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An independent panel charged with studying the Columbia River Crossing has told Oregon Gov. Ted Kulongoski and Washington Gov. Chris Gregoire that construction should begin on the project as soon as possible.

The Independent Review Panel, assembled earlier this year after the governors raised questions over bridge design and funding, also offered recommendations that could provide a “roadmap” to help move from the bridge’s design to completion.

The recommendations include resolving several issues regarding interchanges leading to and from Hayden Island. The report also provided technical analysis of the currently proposed bridge type.

“This report delivered what we needed – a status report on this critical transportation project from an independent panel of national experts, as well as guidance on how best to advance the project in a timely, fiscally and environmentally responsible manner,” said Kulongoski in a statement.

The recommendation comes two days after the Metro regional government released a study about the impact of bridge tolls on growth in Portland and Southwest Washington. The study concluded that a $2 rush-hour toll on an expanded bridge would have negligible impact on population and employment growth in Clark County, but could boost jobs in North Portland.

The Columbia River Crossing project would expand the existing bridge to 10-to-12 lanes and include a light rail line and tolls. The bridge is expected to cost about $3.6 billion.

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Just hours into its public debut, the highly anticipated, glowingly reviewed, social media aggregating iPad application called Flipboard crashed.

The new app promises to create a "personal magazine" by bringing in content from Twitter, Facebook and other social media sites. But when a sea of eager downloaders tried to log into their various social media accounts on Tuesday, the requests overwhelmed Flipboard’s servers.

Users encountered error messages that said, "Due to overwhelming interest we are currently limiting the rate at which we are accepting new Facebook and Twitter connections." Flipboard urged users to follow its Twitter account, @flipboard, for updates on the status of the server delays, saying, "We promise it will be worth the wait."

Flipboard’s solution is still pending. As it works to add more server capacity, the company is set to debut a new version of its software that will create a wait list for users trying to connect to their Twitter and Facebook accounts. When the app is ready for users to sign in, it will send them e-mails notifying them that they’re next in line.

Though Flipboard encouraged patience, Twitter users sounded off on their frustrations installment payday loans.

"Has Flipboards 15 mins of fame come and gone? The backlash begins!" said one Twitter user.

Many blamed tech blogger Robert Scoble for creating too much hype about Flipboard. He posted nearly 30 tweets on Wednesday about the new iPad app.

"24 hours later, where is @Scobleizer after destroying the launch for @flipboard? Too much hype too soon. I hope @flipboard can recover," tweeted another user.

It’s not the first time that incredible demand has overwhelmed an app or website.

Twitter famously displays its "Fail Whale" several times a month, as it is routinely over capacity. The company said Wednesday that it is building a new data center in Salt Lake City that it will move into later this year.

Apple’s Store app crashed last month on the day it launched, as iPhone 3GS users bombarded it with requests to buy a new iPhone 4.

And users looking for information online about Michael Jackson’s death last summer caused a host of websites — including mighty Google — to crash or slow down to a crawl. 

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The Denver City Council late Monday unanimously adopted the city's first new zoning code in more than 50 years.

The council bill that will place the new zoning code into law, passed 13-0, next goes to Denver Mayor John Hickenlooper for action. If Hickenlooper signs the bill, as expected, it will be published by the city clerk and take effect.

During a public hearing several hours long before the p.m. vote, several speakers as well as council members expressed mixed feelings about the new code, saying it's not perfect and will need tweaking over time.

Inconsistencies in code policies and practices will be addressed, said David Roberts, the city's chief services officer.

"It will always be changing," District 4 Councilwoman Peggy Lehman said of the new code.

But speakers and council members also said the new form- and context-based code is a needed improvement over the outdated, 54-year-old existing code, and will sustain Denver's future growth.

"Calling the new code form-based doesn't do it justice," Denver developer Mickey Zeppelin of Zeppelin Development Co., said at the hearing. "It's really a value-based code, reflecting the values of the community."

Council President Jeanne Robb, District 10, called the new code an affirmation of Denver neighborhoods and, while it may not necessarily be simpler than the existing code, it is more organized and an example of the public process, which is "what makes our city great."

Councilwoman Jeanne Faatz, District 2, said she still has problems with how downzoning is handled in the new code, and the loss of property value it could cause, but allowed many of her concerns that the updated code would hinder development were resolved over the last six months.

Other worries expressed about the revamped code at the council hearing ranged from concerns about upzoning, how the South Platte River will be protected and accessory dwelling units to making sure property owners get the sunlight and building heights they want.

City planning department staffers ― including planning chief Peter Park as well as planners Tina Axelrad and Tyler Gibbs ― answered questions from council members and private-sector speakers. Park said his department will present a report to the council, evaluating the new code's performance, after its first six months of use.

Monday's meeting was held at City Council Chambers at the Denver City & County Building, 1437 Bannock St.

The council, city planning and development department, and a public/private group called the Zoning Code Task Force have spearheaded the creation the new zoning code for more than five years. Updating the code is part of city growth plans, including the Comprehensive Plan of 2002 and Blueprint Denver in 2002.

The main idea behind the new code is to better manage Denver's future growth, through form- and context-based zoning. Creators of the new code also have worked to make it more user friendly than the old one, and hope it will help stimulate economic recovery by encouraging development.

Over the years, the current code has become a patchwork of incongruous zoning regulations and it's outdated, according to real estate experts and the city.

Authors of the new code initially hoped council members would vote on the new code by the end of 2009, and then in February of this year, and then in April.

Votes have been delayed to provide more time for public comment about the code and changes to it based on some of that comment.

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Funding for a new Sacramento County Courthouse was approved Monday, paving the way for a much-larger — and much-needed — building for criminal trials.

The state Public Works Board approved $439.1 million for the courthouse, a lower cost for the project that allows to expand the number of courtrooms from 35 to 44 and more space for holding cells. In addition, the state will shift administrative space to the existing Schaber Courthouse, rather than the original plan for administrative offices to be part of the new building. The Schaber building will also undergo a minor renovation under the plan.

“The new courthouse is long overdue and badly needed … ,” presiding Judge Steve White said in a news release Monday. “The current downtown courthouse is 45 years old. It is inadequate to handle the 25,000 people who enter it every week. The jury room, well beyond overcrowded, spills into the hallways of the courthouse; crime victims are forced to wait in the halls with defendants’ families; and jurors with witnesses online payday advance.”

Criminal trials will be held in the new courthouse, while the Schaber Courthouse will handle civil trials.

The new 405,000-square-foot courthouse includes 44 courtrooms and allows the county to consolidate from seven locations to three, eliminating four leases. Nine new judges will be added to meet the increasing legal demand.

The almost half billion-dollar courthouse is funded by Senate Bill 1407, which provided $5 billion in funding for “critically needed new and renovated court facilities” that use court-user fees rather than the state general fund.

Local architecture firm Nacht & Lewis and global firm HOK have been hired to design the criminal courthouse. The Administrative Office of the Courts expects to choose a site and complete deal for the property in 2011, and begin construction in 2013. The new courthouse should open in 2015.

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U.S. stocks soared Thursday, with the major indexes gaining about 3%, after Chinese officials dismissed reports that they’re reviewing their nation’s investment in European bonds amid concerns about the continent’s debt problems.

The Dow Jones industrial average (INDU) added 285 points, or 2.9%, and finished at 10,259. American Express (AXP, Fortune 500), Intel (INTC, Fortune 500) and Alcoa (AA, Fortune 500) led the advance, rising more than 5%.

The S&P 500 (SPX) index rose 35 points, or 3.3%, and the Nasdaq (COMP) composite increased 82 points, or 3.7%.

Stocks erased gains in the last hour of trade Wednesday, with the Dow finishing below 10,000 for the first time in three months, as the focus shifted from strong economic reports to lingering concerns about global economic recovery and the weakening euro.

But investors’ confidence got a boost Thursday after China’s State Administration of Foreign Exchange refuted reports that the country was reconsidering its holdings in European bonds, calling the claims "groundless."

"China has always firmly supported the EU integration process. We support the European Union and the International Monetary Fund package of financial stability measures being taken," said agency chief Yi Gang in a statement.

China holds $2.45 trillion of foreign exchange reserves, with U.S. Treasury debt and Euro zone government bonds making up key investments.

"The news out of China denying rumors that they’re going to reevaluate their European assets sparked a nice rally," said Peter Cardillo, chief market economist at Avalon Partners.

Had the rumors been true, Cardillo said the euro would have crashed and sent markets into a free fall.

"That kind of move would have been detrimental for China, too," Cardillo said. "If Europe falls apart, so will the global economy."

Although worries about Europe’s debt problems will continue, Cardillo said it’s only a matter of time before fears subside.

The CBOE Volatility index, or the VIX (VIX), Wall Street’s fear factor, sank more than 14%.

"With the facts we have now, we know Europe’s troubles will impact economic activity on a global scale, but not by much and that’s key," Cardillo said.

But markets could continue to remain volatile as investors remain jittery.

"Anytime we see moves of this kind of magnitude, even if it’s positive, investors take a little more caution," said Russel Lundeberg, chief investment officer at Barrett Capital Management. "A nervous environment keeps volatility high."

Economy: The government revised its reading on first-quarter gross domestic product (GDP), the broadest measure of U.S. economic activity, to an annual growth rate of 3%. The figure was below expectations of 3.3%, according to a consensus of economists surveyed by Briefing.com. The initial reading, released last month, was a 3.2% rate.

But the revision also showed that the rate of consumer spending has doubled since the fourth quarter of 2009, and remains consistent with the forecast for annual GDP to grow between 3% and 3 payday advance.5% in 2010, Cardillo said.

The Labor Department said filings for first-time unemployment insurance fell last week to 460,000 from a revised 474,000 the previous week. Economists were expecting claims to fall even lower, to 455,000.

Companies: Johnson & Johnson (JNJ, Fortune 500) executives told lawmakers that the widespread recall of children’s Tylenol medicines earlier this month was a precautionary measure taken against "remote" health risks. But the Food and Drug Administration is investigating reports of at least 775 serious side effects from the recalled drugs.

Johnson & Johnson’s stock was the only Dow component to slip into the red Thursday, falling 0.2%. Since the May 1 recall, the company’s shares have fell more than 7%.

BP (BP) executives also took the hot seat on Capitol Hill in ongoing testimony about the Gulf oil spill. The company’s shares soared 7% after an Oppenheimer analyst raised the stock’s rating, saying that the recent sell-off has gone too far. Shares of BP have dipped 30% since the April 20 explosion.

Apple’s (AAPL, Fortune 500) market capitalization overtook Microsoft’s (MSFT, Fortune 500) for the first time in 20 years at the close Wednesday, making it the second most valuable company in the nation after Exxon Mobil (XOM, Fortune 500). Both tech giants added about 4%.

World markets: Stocks around the world also advanced on the news from China. In Europe, the CAC 40 in France jumped 3.4%. Britain’s FTSE 100 added 3.1% and the DAX in Germany also gained 3.1%

Asian shares also finished higher. The Hang Seng in Hong Kong and Japan’s Nikkei added 1.2%. The Shanghai Composite gained 1.2%.

Dollar and commodities: The euro, which has seesawed since falling to a four-year low last week amid concerns about the region’s economic stability, rebounded against the dollar, rising 1.5% against the U.S. currency.

The greenback was down 1.3% against the British pound, but it was up 1% versus the Japanese yen.

The weaker dollar gave momentum to oil prices. Oil for July delivery rose $3.04, or 4.3%, to $74.55 a barrel.

Gold for June delivery dipped $1.50 to settle at $1,211.60 per ounce.

Bonds: Treasury prices tumbled Thursday, pushing the benchmark 10-year note’s yield up to 3.35%. Bond prices and yields move in opposite directions.

Trading volume: Market breadth was positive. On the New York Stock Exchange, winners beat losers nearly 13 to one on volume of just under 1.4 billion shares. On the Nasdaq, advancers topped decliners seven to one on volume of 2.4 billion shares.  

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The city of Glendale has put $25 million into an escrow account after the National Hockey League threatened to move the Phoenix Coyotes to another market.

The Glendale City Council approved a plan earlier this month to pay the NHL as much as $25 million in the upcoming hockey season to cover the team’s costs. The NHL owns the Coyotes, in Chapter 11 bankruptcy reorganization. The league operated the team this season but won’t do the same for the 2010-11 campaign.

The Glendale plan originally had the city government putting aside the $25 million in September, But the NHL asked that the money be in place before the end of June.

The money is in an escrow account, said Glendale city spokeswoman Julie Frisoni, while declining further comment.

NHL has given Glendale until the end of the year to find an owner who will keep the team in Arizona. Glendale officials are hopeful they can get a deal done, though negotiations with Ice Edge Holdings and Jerry Reinsdorf are not progressing. The NHL likely will move the team to Winnipeg, Manitoba, if a deal here doesn’t get done

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Pixelworks Inc. reported increased revenue, but lower earnings, for the first quarter of fiscal 2010, compared with the same quarter of 2009.

Portland-based Pixelworks (NASDAQ: PXLW), a provider of video and pixel processing technology, for the quarter ending March 31 had revenue of $18.7 million — which was down from $19.4 million in Q4 2009, when the company loss more than $700,000 — and earnings of $4.6 million, or 32 cents per share, compared with Q1 2009 revenue of $10.8 million, with earnings of $5.9 million, or 44 cents per share.

The company expects revenue in the second quarter to be $17.5 million to $19.5 million and a loss of 4 cents to 24 cents.

Pixelworks’ stock ended trading Thursday at $5.62 per share, up 29 cents. The stock has a 52-week range of 62 cents to $5.98.

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Signs were erected this week welcoming bicycles to K Street Mall following a 23-year ban on bikes.

Bicycles were banned from the K Street Mall in 1987 when light-rail tracks wer einstalled.

The signs encourage cyclists to yield to pedestrians and designate the speed limit for bicyclists, among other warnings.

The City Council in November unanimously amended a city ordinance to lift the bike ban. It took effect Dec. 24, 2009.

“Creating greater connectivity for all modes of tranportation continues to be a top priority in maintaining a safe and reliable multi-modal transportation system for the city and the region,” Department of Transportation director Jerry Way said in a news release on line pay day loans. “This is another important accomplishment toward that priority.”

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