PRESS DIGEST - Wall Street Journal - Oct 25

Thu Oct 25, 2012 2:15am EDT

Oct 25 (Reuters) - The following are the top stories in the Wall Street Journal on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* Facebook Inc on Wednesday posted its biggest daily stock gain since its initial public offering in May, a day after reporting strong revenue and progress on making money from mobile ads.

* Chief executives of more than 80 big-name United States corporations, from Aetna Inc to Weyerhaeuser Co, are banding together to pressure Congress to reduce the federal deficit with tax-revenue increases as well as spending cuts.

* Former Goldman Sachs Group Inc director Rajat Gupta was sentenced to two years in federal prison for leaking corporate secrets about the bank to a hedge fund at the height of the financial crisis.

* The federal government filed a civil lawsuit against Bank of America Corp, alleging the second-biggest United States bank by assets saddled taxpayers with losses by misrepresenting the quality of home loans it sold to mortgage-finance firms Fannie Mae and Freddie Mac.

* The head of Lockheed Martin Corp said scheduled across-the-board cuts to the United States defense budget wouldn't hit existing business before March, though there has been no official word from the Pentagon that they will be avoided.

* Uganda has taken back control of a prospective oil area licensed to CNOOC Ltd, Tullow Oil Plc and Total SA after initial drilling failed to yield any crude, the government said in a short statement.

* The sports-shoe giant, Nike Inc, said it has agreed to sell Umbro, its struggling UK-based soccer-gear unit to Iconix Brand Group Inc for $225 million, less than half of the $578 million or so that Nike paid in 2008.

* Best Buy Co announced a leadership shake-up as the struggling electronics chain warned that earnings this quarter would be "significantly below" those it posted a year ago.

* A report by the Senate Finance Committee based on thousands of documents it subpoenaed from Medtronic Inc raises new questions about the integrity of the medical research underpinning one of the medical-device maker's products.

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