GOOD DAY FOR: The passing lane, as Toyota officially dethroned GM as the world’s top automaker, after 78 years of GM having pole position. Toyota sold 8,972,000 vehicles in 2008, 616,000 more than GM. GM blamed its demotion on weak demand in Europe and the U.S., where its sales dropped 6.5 percent and 21 percent, respectively. (AP in Google News)

BAD DAY FOR: Cracked Windows, after Microsoft announced 5,000 job cuts, or about 5 percent of its workforce, in the software giant’s first-ever companywide layoffs. Microsoft said demand for its Windows operation system had fallen more than expected, as sales flattened for all but the cheapest of PCs. Demand was strongest for “netbooks,” sub-$500 machines that run the cheaper Windows XP or Linux. (Bloomberg)