Business Today: Wall Street falls after Fed sticks with taper plan

	Click to View in Browser 01/29/2014 Wall Street falls after Fed sticks with taper plan NEW YORK (Reuters) - Stocks dropped more than 1 percent on Wednesday, hitting session lows after the Federal Reserve stuck with its plan to scale back stimulus even in the midst of emerging market turmoil. Facebook fourth-quarter revenue rises more than expected SAN FRANCISCO (Reuters) - Facebook Inc's fourth-quarter revenue jumped 63 percent, beating Wall Street targets, as the Internet company's mobile ad sales continued to accelerate. Fed cuts stimulus as expected; Bernanke prepares to depart WASHINGTON (Reuters) - The U.S. Federal Reserve on Wednesday announced a further $10 billion reduction in its monthly bond purchases as it stuck to a plan to wind down its extraordinary stimulus despite recent turmoil in emerging markets. Qualcomm posts higher first-quarter revenue, shy of Street SAN FRANCISCO (Reuters) - Leading mobile chipmaker Qualcomm Inc posted higher fiscal first-quarter revenue that slightly missed expectations as smartphone growth shifted from developed economies to China. Starbucks promotes CFO to new post in e-commerce push LOS ANGELES (Reuters) - Starbucks Corp Chief Executive Officer Howard Schultz on Wednesday said he was promoting Chief Financial Officer Troy Alstead to the new position of chief operating officer, allowing Schultz to focus on expanding the coffee shop chain's e-commerce business, particularly mobile payments. Lenovo nears $3 billion deal to buy Google's Motorola unit NEW YORK (Reuters) - China's Lenovo Group is nearing a deal to buy Google Inc's Motorola handset division for close to $3 billion, people familiar with the matter told Reuters on Wednesday, buying its way into a heavily competitive U.S. handset market dominated by Apple Inc. Exclusive: Google close to settling EU antitrust probe - sources BRUSSELS (Reuters) - Google is close to settling a three-year European antitrust probe with "much better" concessions to allay concerns over blocking rivals such as Microsoft from internet search results, two sources said on Wednesday. Chrysler sets price guidance on $2 billion refinancing loan NEW YORK (Reuters) - Chrysler Group LLC set pricing guidance on a $2 billion term loan as part of a $4.7 billion refinancing of the company's VEBA Trust note, sources said. Ex-AIG CEO loses appeal of bailout lawsuit vs. N.Y. Fed NEW YORK (Reuters) - Former American International Group Inc Chief Executive Maurice "Hank" Greenberg lost his appeal Wednesday in a lawsuit accusing the Federal Reserve Bank of New York of unlawfully bailing out the insurer at the height of the 2008 financial crisis. Ericsson CEO Vestberg tells board he plans to stay: Bloomberg STOCKHOLM (Reuters) - Ericsson CEO Hans Vestberg has told directors he has no plans to step down from the company following a report he is among candidates to take over from Microsoft Corp's Steve Ballmer, Bloomberg reported on Wednesday. Related Video Obama underscores minimum wage message at Costco Germany starts spending, others stumble Economic News Fed cuts stimulus as expected; Bernanke prepares to depart Analysis: Obama's nod to trade leaves tough work ahead in Congress 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