Oct 20 The following were the top stories in The
Wall Street Journal on Thursday. Reuters has not verified these
stories and does not vouch for their accuracy.
* The SEC is examining whether SAC Capital Advisors
improperly profited from trades made before the takeover of
Cougar Biotechnology by Johnson & Johnson was announced
* Under pressure to revive UBS's fortunes and help
the firm recover from a rogue-trading scandal, the Swiss bank's
interim chief is preparing to shrink its once high-flying
* While many American and European manufacturers moved
production to low-wage countries, British industrial giant
Rolls-Royce has taken a contrarian course. It gravitates
to high-wage hotspots.
* Doubts grew about the effectiveness of a key proposal for
stemming Europe's deepening debt crisis as it emerged that
officials have ruled out a plan for the euro zone's bailout fund
to directly guarantee bond issues.
* Groupon is scaling back plans due to market volatility. It
is now expected to seek a valuation of less $12.5 billion, down
from roughly $20 billion.
* Silver Lake Partners is working with one of its investors,
the Canada Pension Plan Investment Board, and Microsoft
to put together a proposal to buy Yahoo .
* Thomas Peterffy, chief executive of Interactive Brokers
Group Inc , says computer-driven high-speed trading
firms have made the market less efficient-and less safe.
* Asian shares fell as concerns over Europe's ability to
come up with a credible fix to the euro zone debt crisis shook
confidence, with Sydney slipping to a two-week low. The Nikkei
dropped 1 percent.
* Daimler AG dismissed the chief of its U.S.
Mercedes-Benz operations earlier this week over the company's
allegations he paid for personal expenditures with company
money, according to people familiar with the matter.
* Wall Street's total price tag on settlements with U.S.
securities regulators for allegedly misleading investors about
mortgage bonds churned out ahead of the financial crisis surged
past $1 billion with a deal by Citigroup Inc to pay $285
* Labor dispute talks between the NBA and its players union
will continue into Thursday, said federal mediator George Cohen,
following two marathon mediation sessions.
* Abbott Laboratories will split its drugs and
medical products businesses into separate publicly traded
companies in the face of growing pricing pressure and looming
patent expirations in the challenging pharmaceutical sector.
* Testimony at a parliamentary hearing on Wednesday raised
new questions about the evidence News Corp Deputy Chief
Operating Officer James Murdoch has given lawmakers in an
ongoing phone-hacking inquiry, a development that came just days
ahead of a shareholder vote over governance at the company.
* Morgan Stanley reported a $2.15 billion
third-quarter profit and provided more details than ever before
about its exposure to troubled European debt.
* After securing a contract at Ford Motor Co for
about 41,000 workers, the United Auto Workers union is turning
its attention to winning ratification at Chrysler Group LLC, the
last of the Detroit Three auto makers to accept a proposed