Oct 25 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
* 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
* 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.