October 23, 2007 / 1:34 AM / 11 years ago

PRESS DIGEST - Wall Street Journal - Oct 2

Oct 2 (Reuters) - The following were the top stories in The Wall Street Journal on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

* Citigroup Inc (C.N) warned quarterly net would fall 60 percent, hurt by credit-market costs. UBS outlined a retrenchment plan that includes cutting the investment-banking unit’s assets by nearly a third.

* Xerion Capital, a $400 million hedge fund, announced that it is selling itself to Perella Weinberg Partners.

* EBay Inc (EBAY.O) plans to take $1.4 billion in charges related to its Skype subsidiary and announced a management shakeup at the Internet phone business.

* A Prudential Financial (PRU.N) unit sued State Street Corp’s (STT.N) subsidiaries over clients’ losses totaling $80 million from investments that included subprime mortgages.

* Hershey Co (HSY.N) Chief Executive Officer Richard Lenny is stepping down at year end amid differences with the trust that controls the company.

* Negotiators for Chrysler workers signaled reluctance to a pact similar to the tentative General Motors Corp (GM.N) deal. Ford Motor Co’s (F.N) and Chrysler’s managements have their own issues.

* The European Commission said it will intensify its probe of Qualcomm (QCOM.O) for allegedly overcharging cellphone makers for certain licenses.

* As the Federal Bureau of Investigation launched an investigation into Blackwater USA in the wake of a shooting incident in Iraq, a congressional report cataloged a long list of incidents involving the security contractor’s use of force while protecting U.S. diplomats.

* Stocks’ record finish amid surging mortgage defaults and growing fears of a recession raises questions about what kind of calamity it will take to rattle Wall Street’s confidence. The Dow Jones industrial average .DJI rose 191.92, or 1.4 percent, to 14087.55.

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