"Wallstreet" Reader

"Wallstreet" Reader

Asian Shares Lose Ground

Posted: 15 Jun 2011 06:43 PM PDT

Asian stock markets were lower after a sharp selloff on Wall Street, as fears of contagion from a possible Greek default and weak U.S. economic data weighed investor sentiment. Japan's Nikkei Stock Average fell 1.0%.

Fresh Greek Shock Waves

Posted: 15 Jun 2011 06:48 PM PDT

Greece shook global markets, intensifying fears of a default, as tens of thousands of demonstrators protested a new round of budget-cutting plans and its prime minister offered to step down to try to preserve them.

Wal-Mart Is Facing Latest Salvo From Union

Posted: 15 Jun 2011 05:46 PM PDT

A hundred Wal-Mart workers representing a new union-financed group are expected to converge at the company's headquarters to demand that management pay attention to their concerns.

Accounting 'Convergence' Hits Bump

Posted: 15 Jun 2011 05:17 PM PDT

A proposed accounting rule that will change how companies book revenue was delayed again Wednesday, as rule makers said more work is needed that will push the rule's issuance into 2012.

Lenders Dig In on Rules

Posted: 15 Jun 2011 04:53 PM PDT

Financial firms are making an aggressive, last-ditch push to ward off stricter capital requirements ahead of an international agreement that could come later this month.

Borders to Avoid Some Closings

Posted: 15 Jun 2011 07:17 PM PDT

Beleaguered bookstore chain Borders Group reached a tentative deal with bankruptcy lenders to avoid closing more than three dozen stores.

Falcone's Venture Runs Into Static

Posted: 15 Jun 2011 07:15 PM PDT

Philip Falcone's plan to build a multibillion-dollar telecom network is getting dogged by interference, with challenges ranging from technical and regulatory issues to twists in deal talks with a potential partner. And some fund investors aren't happy either.

Tussling Over Apartments

Posted: 15 Jun 2011 05:05 PM PDT

Barclays and the Lehman Brothers estate are butting heads over whether to sell Archstone or its assets privately or instead take the apartment giant public in the largest real-estate IPO ever.

Referrals on SAC Disclosed

Posted: 15 Jun 2011 04:10 PM PDT

The SEC has received 65 referrals of suspicious trading at hedge-fund firm SAC Capital over the last decade, or 46 more than previously disclosed, according to Sen. Charles Grassley.

Paulson Funds Struggle as Big Bets Backfire

Posted: 15 Jun 2011 07:27 PM PDT

Hedge-fund investor John Paulson has suffered sizable losses in recent weeks amid fresh worries about the global economy, pushing a key fund deep into the red for the year so far.

Flaherty Expects Mild Pace of Growth to Continue

Posted: 15 Jun 2011 03:09 PM PDT

Despite new economic headwinds at home and abroad, Canada's finance minister said Wednesday he expects moderate growth this year, and pledged the government will be able to rein in its deficit even if there is a slowdown.

IRS Panel Urges Better Clarity on 'Conduit' Munis

Posted: 15 Jun 2011 03:30 PM PDT

An Internal Revenue Service advisory committee called for greater clarity on rules for the so-called conduit-issuer part of the municipal-bond market that helps private companies and nonprofit groups to tap the tax-exempt market.

Sina CEO Defends Stock-Sale Disclosure

Posted: 15 Jun 2011 02:07 PM PDT

Sina CEO defended his company's handling of recent deal by insiders to sell shares and denied the Chinese Internet firm plans to spin off its Weibo messaging business.

Greek Fears Send Stocks to Three-Month Low

Posted: 15 Jun 2011 01:26 PM PDT

U.S. stocks tumbled as fears of contagion around a Greek default picked up, adding more pessimism to a foreboding mix of U.S. economic data.

Pandora Cools After Early Jump

Posted: 15 Jun 2011 01:29 PM PDT

Investor enthusiasm for Pandora Media's much-hyped initial public offering ebbed as the hours ticked by Wednesday, with the stock losing its early momentum by the closing bell.

J&J Unit to Exit a Stent Business

Posted: 15 Jun 2011 11:59 AM PDT

J&J plans to exit the $4 billion global market for drug-coated heart stents following years of declining sales and market share.

M&A Mojo Takes Hit as Markets, Economy Stumble

Posted: 15 Jun 2011 01:22 PM PDT

Wednesday's market malaise could slow a deal machine that already has been losing momentum in recent weeks.

Core Inflation Moves Higher

Posted: 15 Jun 2011 01:46 PM PDT

Inflation excluding food and energy posted its biggest monthly gain in five years in May, though falling oil prices helped calm overall costs. Separately, industrial output rose a bit.

Capital One Bids for HSBC Card Unit

Posted: 15 Jun 2011 01:29 PM PDT

Capital One Financial, which is in the final bidding for ING Groep's U.S. online bank, is already plotting a complementary acquisition: It's an early bidder for HSBC Holdings' U.S. credit-card portfolio.

U.K. Bank 'Ring-Fencing' Plan Will Set Off Debate

Posted: 15 Jun 2011 01:03 PM PDT

U.K. Chancellor of the Exchequer George Osborne backed a proposal to force banks to fence off their risky operations from retail banking, kicking off a likely fight with lenders over which divisions will be subjected to this ring-fencing.