(Hot Trends article updated with information about Apple's statement on iPhone reception issues.)

NEW YORK ( TheStreet) -- iPhone reception is a trending topic on Yahoo for the sixth day in a row. Apple ( AAPL) released a letter on Friday responding to the uproar over iPhone 4 reception issues, explaining that the phones have been exaggerating signal strength.

"Upon investigation, we were stunned to find that the formula we use to calculate how many bars of signal strength to display is totally wrong," said the company in the letter.

Apple has promised to fix the problem and plans to adopt an AT&T ( T) formula for calculating how many bars to display for a given signal strength.

Google ( GOOG) plans to buy ITA Software for $700 million to boost its travel search capabilities.

ITA Software's technology is already used by Microsoft ( MSFT) to find flight, airfare and availability information in its competing search engine Bing. Some fear that the acquisition will allow Google to extend its already significant influence in the search engine sector, but Google is anxious to complete the deal.

The phrase Dow Jones Industrial Average is a popular search term this morning after the Dow fell almost 42 points Thursday for the sixth trading session in a row. The Dow lost 10% during the second quarter, and started the third quarter on a bad note.

Investors are looking to recent reports on jobs and housing for some signs of hope.

Investors are searching for news about the jobs report released by the Labor Department on Friday.

According to the report, in June the U.S. economy shed 125,000 jobs while the unemployment rate dropped to 9.5% from 9.7%.

The BP ( BP) oil spill in the Gulf of Mexico and Hurricane Alex are still two of the most searched for phrases on search sites such as Google and Yahoo.

Now that Hurricane Alex has passed over the Gulf of Mexicio, making landfall on Wednesday evening in Mexico, workers hope to get back to clean-up efforts. As the storm approached the region more than 500 oil-skimming ships were forced to return to shore and take shelter.

However, the storm did not halt progress on BP's bid to drill relief wells in proximity to the leak site. Drilling of the relief wells is on track to reach the area in August.

The chatter on Main Street (a.k.a. Google) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on Google, and highlights the news that could make stocks move.

-- Reported by Theresa McCabe in Boston.

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