PRESS DIGEST - Wall Street Journal - April 9

April 9 Tue Apr 9, 2013 2:12am EDT

April 9 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* Morgan Stanley plans to claw back some of the pay it owes a trader who pleaded guilty last week to a federal wire fraud charge for misleading his former employer, Goldman Sachs Group Inc, according to people familiar with the case. ()

* J.C. Penney Co Inc dumped Ron Johnson, the chief executive it poached from Apple Inc with great fanfare 17 months ago, replacing him midway through a major overhaul of its stores that has produced a disastrous drop in sales. ()

* Cerberus Capital Management LP, known for its purchase of Detroit auto maker Chrysler LLC during the financial crisis, wants to buy the dicey portions of securities tied to commercial mortgages, people familiar with the fund said. ()

* Several dozen Chinese, Asian and Western business leaders - including those from PepsiCo Inc and Volvo AB - sat down on Monday with Chinese President Xi Jinping for what was billed as a roundtable discussion. ()

* China's year-to-year consumer inflation fell to 2.1 percent in March, a lower-than-expected result that suggests the threat of inflation in the world's No. 2 economy is ebbing. ()

* U.S. regulators are probing whether securities firms are circumventing rules implemented in the wake of the financial crisis to protect municipalities against potentially biased investment advice, according to people familiar with regulators' efforts. ()

* Alcoa Inc reported a 59 percent rise in net profit for the first quarter and said production cutbacks in China are reducing a glut of aluminum that has been weighing down prices of the metal. ()

* The TV industry's best hope of shutting down TV startup Aereo Inc could rest on a legal case involving something called Aereokiller LLC. Aereo, which streams broadcast-TV signals over the Web, has prompted major TV networks including CBS Corp and Walt Disney Co to sue. ()

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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