September 6, 2013 / 4:25 AM / in 4 years

PRESS DIGEST-Wall Street Journal - Sept 6

Sept 6 (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.

* The market for student loans suffered another blow on Thursday when J.P. Morgan Chase & Co, the nation’s largest lender by assets, said it is getting out of the business. ()

* A prominent New Jersey doctor who has conducted Alzheimer’s drug trials for major pharmaceutical companies is a key player in federal law-enforcement officials’ probe into allegations of insider trading involving Steven A. Cohen’s SAC Capital Advisors LP. ()

* An experimental cancer vaccine failed to help skin-cancer patients in a GlaxoSmithKline clinical trial, a setback for a hot area of medicine that seeks to harness the body’s immune system to fight tumors. ()

* Regulators are set to finalize long-delayed rules to rein in advisers who help states and localities raise cash in the $3.7 trillion municipal bond market, a move aimed at protecting taxpayers from the types of complex transactions that soured during the financial crisis. ()

* Challenges persisted for apparel retailers in August as shoppers continued to stay away from malls, though consumers appeared to be opening their wallets for bigger-ticket items, such as furniture, automobiles and building supplies. A bright spot was Costco Wholesale Corp, which reported a 5 percent rise in August same-store sales, excluding gasoline, compared with the last year’s August, beating expectations for 3.5 percent growth. ()

* At least three bidders are finalists in the bidding for Shapell Homes, a 58-year-old Southern California home building company that is expected to sell for about $1.5 billion. Toll Brothers Inc, Standard Pacific Corp and Brookfield Homes Corp are finalists for the company, which owns one of the largest portfolios of residential land currently for sale in California, according to four people familiar with the bidding process. ()

* United Continental Holdings Inc said Thursday that it intends to recall nearly 600 furloughed United pilots to address the airline’s future staffing needs. The callbacks echo those made by other large airlines, including AMR Corp American Airlines and Delta Air Lines Inc, as carriers have returned to financial health and are coping with a wave of retirements. ()

* Alliant Techsystems Inc, one of the world’s largest ammunition manufacturers, agreed to buy gun-accessory maker Bushnell Group Holdings Inc for $985 million in cash, a move that marks the culmination of an auction of the closely held company. ()

* Apple Inc has begun evaluating a plan to offer iPhones with screens ranging from 4.8 inches to as high as 6 inches, people familiar with the matter say. That would be a sizable leap from the 4-inch screen of the iPhone 5 released last year, and, at the upper end, would be one of the largest on the market. ()

* Toyota Motor Corp is rebooting its strategy in North America, giving local executives more say over product and production decisions after more than three years of losing market share in the U.S. to rivals. ()

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