Business Today: Wall St. plunges, S&P posts biggest drop since Nov 2011

	Click to View in Browser 06/20/2013 Wall St. plunges, S&P posts biggest drop since Nov 2011 NEW YORK (Reuters) - Stocks fell more than 2 percent on Thursday, extending the previous day's sharp decline as investors fretted over the Federal Reserve's plan to begin reducing its stimulus later this year if the economy strengthens. Bernanke suddenly no friend to big bond funds NEW YORK (Reuters) - Ben Bernanke, the central bank chief whose massive stimulus program drove bond yields to historical lows and minted a mountain of profit for fixed-income funds along the way, is now the arch nemesis of bond mavens. Oracle's new software sales disappoint SAN FRANCISCO (Reuters) - Oracle Corp reported a 1 percent increase to $4 billion in new software sales and Internet-based software subscriptions for the quarter, at the low end of its own forecasts, sending its shares sharply lower. Sprint raises Clearwire bid, wins key investor support NEW YORK (Reuters) - Sprint Nextel Corp raised its buyout offer for Clearwire Corp to $5 per share on Thursday and announced support from a key group of dissident shareholders, trumping rival suitor Dish Network Corp. Exclusive: Wells, Merrill vie for Wal-Mart retirement plan mandate (Reuters) - Wal-Mart Stores Inc is considering bids from retirement plan managers to run its $15.6 billion 401(k) program, which has been administered by Bank of America's Merrill Lynch unit for the past 15 years, according to three sources familiar with the situation. American Express names McKesson's Campbell as CFO (Reuters) - American Express Co named Jeffrey Campbell as its chief financial officer, replacing Daniel Henry, who will retire later this year. Madoff trustee cannot sue big banks, U.S. court rules NEW YORK (Reuters) - The trustee seeking money for Bernard Madoff's victims suffered a big defeat as a federal appeals court rejected his bid to recover nearly $30 billion from JPMorgan Chase & Co. and other banks he accused of aiding in the swindler's fraud. Blackstone settles Extended Stay lawsuit for $10 million (Reuters) - Blackstone Group LP agreed to pay $10 million to settle a lawsuit that had sought $8.4 billion for its role in the sale and subsequent bankruptcy of hotel chain Extended Stay Inc. Testing shows big improvement in Lockheed unmanned minehunter (Reuters) - An unmanned minehunting vehicle developed by Lockheed Martin Corp has shown improved reliability in new tests, moving it a step closer to use on U.S. warships, Navy officials said on Thursday. VW's Audi swaps R&D chiefs as criticism grows: source BERLIN (Reuters) - Volkswagen's Audi unit will swap development chiefs for a second time in less than a year, causing a stir at the luxury carmaker as it fights to close the gap with rival BMW. Related Video Kinograph brings old movies out of the dark David's Sling missile system unveiled in Paris Economic News Housing, regional factory data show economy's stamina Factories struggle in June, hiring slows: Markit A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend