"Wallstreet" Reader

"Wallstreet" Reader

Google Pounces on Apple Map Problems

Posted: 28 Sep 2012 06:18 PM PDT

The furor over Apple's faulty mapping software reached the Silicon Valley company's highest echelons Friday, prompting an apology from Chief Executive Tim Cook and opening the way for rival Google to capitalize on the misstep.


Money Funds' $1 Share Price At Risk

Posted: 28 Sep 2012 04:39 PM PDT

Two SEC officials voiced support for requiring money-market mutual funds to abandon their signature fixed $1 share price. Any rule change would need three votes in the five-member commission.

LightSquared Asks FCC to OK on New Technology Plan

Posted: 28 Sep 2012 03:20 PM PDT

LightSquared., the wireless venture controlled by hedge-fund manager Philip Falcone, wants regulatory approval for a plan it believes will overcome the technical problems that have postponed its launch of a next-generation network and tipped the company into bankruptcy protection.

Obama Blocks Chinese Firm's Bid for Wind Farms

Posted: 28 Sep 2012 06:58 PM PDT

The White House issued an order that prevents a Chinese-owned firm from acquiring four wind-farm projects near a Navy facility in Oregon.

Nelson Peltz Trims Stake in Legg Mason

Posted: 28 Sep 2012 04:04 PM PDT

The activist investor's Trian Fund Management transferred 1.8 million shares to one of its investors, lowering its stake to 9.5% from 10.5%.

Fed Reveals Its Borrowers

Posted: 28 Sep 2012 11:32 AM PDT

Regional and local banks were the biggest borrowers of short-term loans from the Federal Reserve in late summer 2010, a time when borrowing from the discount window was at more normal levels.

U.S. Steel, Union Make A Deal

Posted: 28 Sep 2012 03:30 PM PDT

The United Steelworkers union said it ratified a new labor contract with U.S. Steel that includes a 4.5% wage hike and bonuses, but also no-strike provisions and greater contributions toward health-care plans.

Germany, France Jockey Over EADS-BAE Deal

Posted: 28 Sep 2012 02:04 PM PDT

Haggling between Germany and France over the proposed merger of European Aeronautic Defence & Space and Britain's BAE Systems continued to cast shadows over the deal.

Deal to Meld Pittsburgh Hospital, Insurer Collapses

Posted: 28 Sep 2012 05:47 PM PDT

Highmark's deal to acquire Pittsburgh's West Penn Allegheny Health System collapsed amid a dispute over whether the regional hospital would be asked to file for bankruptcy to complete their merger.

Big Digs Demand Bigger Shovels

Posted: 28 Sep 2012 01:14 PM PDT

Budgets at above-ground mining companies may be shrinking as demand for commodities cools, but their suppliers keep touting bigger and pricier shovels able to full a giant dump truck with fewer scoops.

BofA Takes New Crisis-Era Hit

Posted: 28 Sep 2012 07:35 PM PDT

Bank of America agreed to pay $2.43 billion to settle claims it misled investors about the acquisition of troubled brokerage firm Merrill Lynch & Co., in the latest financial-crisis aftershock to rattle the banking sector.


Corn Prices Surge 5.6% on USDA Report

Posted: 28 Sep 2012 12:36 PM PDT

Corn prices rose by their daily limit after the U.S. government said domestic corn supplies at the end of the latest crop year were lower than analysts expected.

Ex-SAC Analyst Pleads Guilty in Insider Case

Posted: 28 Sep 2012 04:39 PM PDT

A former employee at a division of hedge fund SAC Capital Advisors pleaded guilty to trading on insider information and said he would help the government's broad investigation.

Spanish Banks Beat Expectations

Posted: 28 Sep 2012 06:58 PM PDT

A new audit shows Spain would need less capital for its banks than initially estimated, clearing the way for the cleanup of the ailing sector at a time of uncertainty about the country's finances.

FCC Prepares for Airwaves Auctions

Posted: 28 Sep 2012 10:52 AM PDT

The FCC proposed rules for new airwaves auctions to accommodate the growth in wireless services while also suggesting possible limits on major carriers like AT&T and Verizon Wireless.

Student-Loan Defaults Rise

Posted: 28 Sep 2012 10:32 AM PDT

A rising number of Americans are defaulting on federal student loans shortly after payments come due, fresh data show, continuing a trend throughout the recession and weak recovery.

Google Nears Microsoft Value After Hot Quarter

Posted: 28 Sep 2012 12:37 PM PDT

Google headed toward its biggest quarterly rally in seven years—up 30% through Thursday, or nearly five times the surge in the S&P 500. It is now within striking distance of unseating Microsoft as the third-largest U.S. company by market value.

Medtronic to Buy Chinese Orthopedic-Device Maker

Posted: 28 Sep 2012 09:00 AM PDT

U.S. medical-devices maker Medtronic will buy orthopedic-device maker China Kanghui Holdings for $816 million in cash—the year's largest foreign-company investment in a Chinese health-care business.

Ex-Analyst to Plead Guilty in Insider Case

Posted: 28 Sep 2012 08:29 AM PDT

A former tech analyst at SAC Capital Advisors' Sigma Capital Management unit is expected to plead guilty to criminal charges in an alleged scheme to trade on confidential information about technology firms, which prosecutors have described as a "criminal club."

Abbott Says Executive Didn't Graduate College

Posted: 28 Sep 2012 03:48 PM PDT

Abbott Laboratories said Richard Gonzalez, who is in line to become CEO of its AbbVie pharmaceutical spinoff, doesn't have degrees from two universities, as stated in SEC filings.