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Thursday, August 8, 2013

Business Today: Wall Street bounces to end three-day drop as Microsoft gains

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08/8/2013

Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between

Wall Street bounces to end three-day drop as Microsoft gains

NEW YORK (Reuters) - U.S. stocks advanced on Thursday, snapping a three-day losing skid as a rally in Microsoft helped lift the technology sector.

Exclusive: U.S. steps up probe of JPMorgan over Bear mortgage bonds

(Reuters) - The U.S. Department of Justice has stepped up a probe in recent weeks into Bear Stearns & Co's mortgage dealings in the run-up to the financial crisis, according to two sources familiar with the situation, raising the possibility that JPMorgan Chase & Co may face yet another case over mortgage bonds.

Judge orders hold on administrative proceeding against SAC's Cohen

NEW YORK (Reuters) - Steven A. Cohen got a reprieve on Thursday, albeit a small and temporary one, when an administrative law judge approved a request to stay a case brought by securities regulators, who have accused the billionaire hedge fund manager of failing to supervise two of his employees.

Fed officials sing same song on cutting QE3 next month: Fisher

(Reuters) - The U.S. Federal Reserve will likely begin cutting back on its massive bond-buying stimulus next month, as long as economic data continues to improve, a top Fed official said on Thursday.

Soros Fund withdrawing all of its money from Pershing: source

(Reuters) - Soros Fund Management LLC is withdrawing its money from William Ackman's Pershing Square Capital Management due to performance, according to a person close to the matter said on Thursday.

Ackman pushing J.C. Penney to speed up CEO search

(Reuters) - J.C. Penney Co Inc has begun the search for a new chief executive to replace Myron Ullman, with top investor Bill Ackman pushing to have one named in 30 to 45 days, according to a letter the activist investor sent to the company's board.

Fannie Mae sending $10.2 billion to taxpayers as profit swells

WASHINGTON (Reuters) - Fannie Mae , the largest U.S. mortgage finance company, said on Thursday its second-quarter profit nearly doubled to $10.1 billion, triggering another big payment to the U.S. Treasury that could complicate the debate over revamping Fannie and its smaller sibling, Freddie Mac.

U.S. probe focuses on mortgage bonds that JPMorgan created, not acquired

(Reuters) - U.S. prosecutors investigating JPMorgan Chase & Co for allegedly violating securities laws are looking at mortgage bonds created by the bank itself, and not by companies it bought, according to a source familiar with the matter.

Exclusive: T.Rowe slashes stake in Dell to 2.8 percent from 4 percent - sources

NEW YORK (Reuters) - T. Rowe Price Associates, one of the most influential opponents of Michael Dell's offer to buy out Dell Inc for about $25 billion, reduced its ownership in the struggling PC maker to a 2.8 percent stake from the 4 percent it held as of March 31, two sources familiar with the situation told Reuters.

Cleveland Fed President Pianalto to retire in 2014

(Reuters) - Federal Reserve Bank of Cleveland President Sandra Pianalto will retire as head of the U.S. regional central bank in early 2014, the bank said on Thursday.