Business Today: Wall Street sinks in wake of jobs report

Click to View in Browser 04/9/2012 Wall Street sinks in wake of jobs report NEW YORK (Reuters) - The Dow and the S&P 500 extended losses to a fourth day on Monday, as investors took their cues from last week's disappointing jobs report, which raised new concerns about the U.S. economy's recovery. Facebook to buy Instagram for $1 billion SAN FRANCISCO (Reuters) - Facebook will pay $1 billion in cash and stock for Instagram, a 2-year-old photo-sharing application developer, in its largest-ever acquisition just months before the No. 1 social media website is expected to go public. Icahn sues Amylin, pushes for sale (Reuters) - Carl Icahn sued Amylin Pharmaceuticals Inc to block enforcement of a bylaw that prevents the billionaire investor from launching a proxy fight that could lead to a sale of the maker of diabetes drugs. Microsoft trumps Amazon, others for AOL patents (Reuters) - Microsoft trumped Amazon, eBay and other tech giants with its more than $1 billion purchase of the majority of AOL Inc's patent trove. Weak U.S. jobs data renew QE bets NEW YORK (Reuters) - Disappointing U.S. job growth reported last Friday favored safe-haven assets and supported short-term rates futures contracts on Monday as another round of large-scale bond purchases to support the U.S. economy looked more likely. Companies use popular provision to avoid income taxes WASHINGTON (Reuters) - More than two dozen Fortune 500 companies paid no U.S. federal income taxes in recent years partly because of a corporate tax break that is broadly supported by Republicans and Democrats alike, a consumer group said on Monday. Ford recalls more than 140,000 Focus cars in U.S. (Reuters) - Ford Motor Co is recalling 140,310 Focus cars from model year 2012 in the United States to repair a potential problem with the passenger-side windshield wiper motor, according to U.S. safety regulators. Sony to ax 10,000 jobs in turnaround bid: Nikkei TOKYO (Reuters) - Japan's Sony Corp is cutting 10,000 jobs, about 6 percent of its global workforce, the Nikkei newspaper reported on Monday, as new CEO Kazuo Hirai looks to steer the electronics and entertainment giant back to profit after four years in the red. In foreclosures, Occupy groups see a unifying cause (Reuters) - Mercedes Robinson-Duvallon turned 83 in February, but there was little time for celebration. Avon names J&J's Sherilyn McCoy as CEO; shares fall (Reuters) - Avon Products Inc named Johnson & Johnson senior executive Sherilyn McCoy to be its new CEO, presenting Coty Inc with another hurdle in its $10 billion bid for the world's largest direct seller of cosmetics. Related Video Bianco: Higher chance of more Fed stimulus by June Jobs hangover frazzles Wall Street Economic News Analysis: How low can U.S. jobless rate really fall? Despite recovery, U.S. public employees face more layoffs 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