Business Today: Wall Street rises on economic data, Apple rallies

	Click to View in Browser 08/13/2013 Wall Street rises on economic data, Apple rallies NEW YORK (Reuters) - Stocks rose on Tuesday after strong economic data including retail sales, while Apple boosted the Nasdaq after billionaire investor Carl Icahn revealed a long position in the stock. Icahn builds large Apple stake, wants larger buybacks SAN FRANCISCO (Reuters) - Activist investor Carl Icahn said on Tuesday he has built a "large position" in Apple Inc and had a "nice conversation" with CEO Tim Cook about a larger stock buyback, sending the company's shares to a near seven-month high. Apple options volume soars on Icahn investment NEW YORK (Reuters) - Trading in Apple Inc options surged on Tuesday after activist investor Carl Icahn revealed via Twitter a large stake in the tech company, which he believes to be undervalued. Former JPMorgan executive says he expects to be cleared in 'Whale' probe (Reuters) - Lawyers for Javier Martin-Artajo, a former JPMorgan Chase & Co employee who is expected to face U.S. criminal charges for his role in a trading scandal that cost the bank $6.2 billion, said on Tuesday he expects to be cleared of wrongdoing and has cooperated with regulators. U.S. sues to block AMR-US Airways merger; stocks fall WASHINGTON (Reuters) - The U.S. government on Tuesday sued to block American Airlines and US Airways' proposed merger to create the world's biggest airline, saying consumers would end up paying higher fares and fees. Fed could begin reducing bond buys in September: Lockhart ATLANTA (Reuters) - The Federal Reserve could begin reducing its bond-buying stimulus as early as its September meeting despite inflation being below target, Atlanta Fed President Dennis Lockhart said on Tuesday. Ackman quits J.C.Penney board, removing distraction (Reuters) - Hedge fund billionaire Bill Ackman's two-year campaign to transform department store J.C. Penney came to an abrupt end on Tuesday with his decision to step down from the board, after a weeklong public spat with fellow board members. SEC wins dismissal of lawsuit over handling of $7 billion Stanford fraud (Reuters) - A federal judge in Florida has thrown out a lawsuit accusing the U.S. Securities and Exchange Commission of negligence for failing to report that the now-imprisoned swindler Allen Stanford was running a $7.2 billion Ponzi scheme. BP sues U.S. government over contract suspensions after oil spill NEW YORK (Reuters) - BP Plc is suing the U.S. government for barring the British oil giant from obtaining new federal contracts after the company pleaded guilty to charges related to the 2010 rig explosion in the Gulf of Mexico. Heinz to cut 600 jobs in North America after sale of company PITTSBURGH (Reuters) - H.J. Heinz Co, the world's largest ketchup maker, said on Tuesday it plans to eliminate 600 jobs across North America. Related Video The "hyper" activity of Elon Musk Techquity: Facebook increases activity, Larry vs. Larry Economic News Fed could begin reducing bond buys in September: Lockhart U.S. budget cuts hitting long-term unemployed hard 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