With a variational three-body calculation we study the role of the interplay between the onsite Coulomb, Hund's rule, and superexchange interactions on the spinwave excitation spectrum of itinerant ferromagnets. We show that correlations between a Fermi sea electron-hole pair and a magnon result in a very pronounced zone boundary softening and strong deviations from the Heisenberg spinwave dispersion. We show that this spin dynamics depends sensitively on the Coulomb and exchange interactions and discuss its possible relevance to recent experiments in the manganites. PACS numbers: 75.30.Ds, 75.10.Lp, 75.47.Lx The interaction between itinerant carrier spins and localized magnetic moments leads to ferromagnetic order in a wide variety of systems [1]. Examples include the manganese oxides (manganites) R 1−x A x MnO 3 ( R=La, Pr, Nd, Sm, · · · and A= Ca, Ba, Sr, Pb, · · · ) [2] and the III-Mn-V ferromagnetic semiconductors [3]. Such systems are of great current interest due to their novel potential applications. For example, the manganites display colossal magnetoresistance [2], while ferromagnetic semiconductors raise the possibility of multifunctional quantum devices that combine information processing and storage on a single chip with low power consumption [4]. In such materials, the magnetic and transport properties are intimately related and can be controlled by varying the itinerant carrier concentration and dimensionality.In the manganites, n=1-x itinerant electrons per Mn atom partially fill a d-band with e g symmetry. Their concentration, n, is controlled by the hole doping, x. The d-band kinetic energy K is determined by the hopping energy between the neighboring lattice sites, t ∼ 0.2 − 0.5eV. The itinerant electron spins interact strongly with localized spin-S magnetic moments (Hund's rule coupling H exch with strength J ∼ 2eV> t). S=3/2 comes from the three electrons in the tightly bound t 2g orbitals. This ferromagnetic interaction competes with the direct antiferromagnetic interactions (H AF ) between neighboring local spins, J AF ∼ 0.01t. The largest energy scale in the manganites is given by the on-site Coulomb repulsion between the itinerant electrons, U ∼ 3.5 − 8eV (H U ). This Coulomb interaction is generally difficult to treat and its effects have received less attention. Here we focus on the role of U on the spin dynamics in the concentration range 0.5 ≤ n ≤ 0.8 where metallic behavior is observed in both 3D and quasi-2D (layered) manganites.The ferromagnetic order in the manganites can be interpreted to first approximation by invoking the double exchange mechanism and the J → ∞ limit of the minimal Hamiltonian K + H exch [2,5]. An itinerant carrier is allowed to hop on a lattice site only if its spin is parallel to the local spin on that site. The kinetic en-ergy is thus reduced when all spins are parallel. This favors the ferromagnetic state |F , which describes local spins with S z = S on all lattice sites and a Fermi sea of spin-↑ electrons. The above spins are often treated as classical,...