PRESS DIGEST Wall Street Journal Jan 24
Jan 24 (Reuters) - The following were the top stories in
The Wall Street Journal on Thursday. Reuters has not verified
these stories and does not vouch for their accuracy.
* Federal Reserve policy makers face the key issue of how
much lower they should push interest rates. Markets see a
further half-point cut. Worries persist that developing nations
are not strong enough to escape the pain of a slowdown in the
industrialized world.
* Citigroup Inc (C.N: Quote, Profile, Research) intends to sell or close some of its
newest branches and will focus retail efforts on large U.S.
metropolitan areas.
* Wal-Mart Stores Inc (WMT.N: Quote, Profile, Research) is stepping into the
lucrative pharmacy-benefits arena, in a move likely to shake up
a field that has been dominated by just a handful of players.
Chief Executive Lee Scott said Wal-Mart is initiating a pilot
program to help “select employers … manage how they process
and pay prescription claims.”
* EBay Inc (EBAY.O: Quote, Profile, Research) said Chief Executive Meg Whitman will
retire in March, capping a decade of running the global
electronic-commerce pioneer. John Donahoe, president of eBay’s
auction business, will succeed her as the CEO.
* New York state insurance regulators are trying to spur a
Wall Street bailout of bond insurers Ambac Financial Group Inc
(ABK.N: Quote, Profile, Research) and MBIA Inc (MBI.N: Quote, Profile, Research), which have been shaken by
mortgage-debt turmoil. Shares of the companies soared on hopes
for a deal.
* The U.S. economy is likely to dodge a recession, but the
slowdown will nonetheless sap revenues, bump up government
spending, and drive the federal budget further into deficit,
the official congressional budget watchdog predicted.
* Motorola Inc (MOT.N: Quote, Profile, Research) said that plummeting sales at its
cellphone division would lead to an overall loss in the first
quarter, adding that it couldn’t predict when it would halt its
slide in market share. The bleak outlook, combined with an 84
percent drop in fourth-quarter profit, sent the company’s
shares down 19 percent.
* General Motors Corp (GM.N: Quote, Profile, Research) Vice Chairman Robert Lutz said
the auto maker is focused more on “looking out over years into
the future,” rather than being overly focused on shorter-term
benchmarks such as quarterly earnings and the No. 1 global
sales position. Continued…
