Business Today: Late rally lifts Wall Street into close

Click to View in Browser 05/23/2012 Late rally lifts Wall Street into close NEW YORK (Reuters) - Stocks staged a late-day reversal on Wednesday, rallying into the close as a sharp rise in materials shares boosted the S&P 500 and gains in Apple helped lift the Nasdaq. Chesapeake defends board in letter to shareholders (Reuters) - Chesapeake Energy Corp defended its board of directors in a letter to shareholders on Wednesday as investors push for governance changes at the U.S. oil and gas company. HP to lay off about 27,000, eyes over $3 billion savings SAN FRANCISCO (Reuters) - Hewlett Packard Co outlined a plan on Wednesday to lay off roughly 27,000 employees or about 8 percent of its workforce to jumpstart growth. Apple: U.S. e-book lawsuit "fundamentally flawed" (Reuters) - Apple Inc is rejecting charges that it conspired to fix prices of electronic books, calling the U.S. government's antitrust lawsuit a "fundamentally flawed" endeavor that could discourage competition and harm consumers. Jury deals blow to Oracle in case vs. Google SAN FRANCISCO (Reuters) - Google Inc's Android mobile platform has not infringed Oracle Corp's patents, a California jury decided, putting an indefinite hold on Oracle's quest for damages in a legal fight between the two Silicon Valley giants over smartphone technology. NYSE pitches listing to Facebook after IPO mess: source SAN FRANCISCO (Reuters) - Facebook is considering a stock-listing proposal put forward by the New York Stock Exchange, a source familiar with the situation told Reuters, in the wake of a disappointing initial public offering last week on the rival Nasdaq bourse. Dell's strategy questioned as shares dive (Reuters) - Shares of Dell Inc plunged 17 percent Wednesday after a disappointing revenue forecast spurred fears that global tech spending is weakening faster than anticipated and raised doubts about the PC maker's strategy. Eurozone looks at Greek exit as leaders meet BRUSSELS (Reuters) - European leaders, at odds over how to resolve the deepening crisis in the euro zone on Wednesday, have been advised by senior officials to prepare contingency plans in case Greece quits the single currency area. Gupta trial jury told of "top secret" Buffett deal NEW YORK (Reuters) - The deal that gave Goldman Sachs Group Inc a $5-billion boost from renowned investor Warren Buffet at the height of the 2008 financial crisis was "as top secret as you could get," a leading banker testified on Wednesday at the insider-trading trial of onetime Goldman board member Rajat Gupta. Facebook, banks sued over pre-IPO analyst calls (Reuters) - Facebook Inc and lead underwriter Morgan Stanley were sued by shareholders who claimed they hid the social networking company's weakened growth forecasts ahead of its $16 billion initial public offering. Related Video Robert Hormats peers optimistically over U.S. "fiscal cliff" China grabs bigger film role Economic News Guessing game begins over next Treasury chief Fed near limit on scope to help jobs: Kocherlakota 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