PRESS DIGEST - Wall Street Journal - Aug 12

Mon Aug 12, 2013 12:59am EDT

Aug 12 (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.

* Federal health officials have launched a probe into the use of antipsychotic drugs on children in the Medicaid system, amid concerns that the medications are being prescribed too often to treat behavioral problems in the very young. ()

* The dollar is stumbling as investors begin to question the relative strength of the U.S. economic recovery, which had powered a rally in the greenback in the first half of 2013. The WSJ Dollar Index, a gauge of the dollar's exchange rate against seven of the world's most heavily-traded currencies, is down 4 percent in the past month and hit a seven-week low on Friday. ()

* J.C. Penney Co Inc's board is weighing whether to take action against William Ackman, a director and the company's largest shareholder, after the hedge fund manager publicly released confidential boardroom deliberations in two separate salvos last week, people close to the company said. ()

* Aviation equipment supplier Rockwell Collins Inc, seeking a larger presence in the growing global market for advanced air traffic control systems and in-flight connectivity, on Sunday announced a $1.39 billion deal to buy closely held ARINC Inc from the investment firm Carlyle Group LP. ()

* Swiss drug giant Novartis AG faces a mounting problem in Japan, its second largest market, where researchers have retracted studies that touted the benefits of the company's most popular heart medicine, Diovan. Two university led investigations into Novartis related research discovered data had been altered to produce inaccurate results. ()

* Retailers Wal-Mart Stores Inc, Macy's Inc, Kohl's Corp and Nordstrom Inc are reporting their second-quarter results this week. All eyes will be on their early reads about back-to-school sales and the outlook for the rest of the year, with analysts expecting Wal-Mart to be a season winner because its discount positioning can better resonate with consumers pressured by the payroll tax rise and other economic concerns. ()

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