January 23, 2008 / 7:03 AM / 11 years ago

PRESS DIGEST - Wall Street Journal - Jan 23

Jan 23 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* The Federal Reserve’s deep rate cut, and hint of another at next week’s scheduled meeting, halted a global markets free fall. But fears are growing that the moves may be too late to stop a U.S. recession.

* Apple Inc (AAPL.O) posted a 58 percent jump in profit on record Mac sales but issued a tepid outlook. Shares fell over 10 percent after hours.

* A federal judge took aim at Delphi Corp’s DPHIQ.PK plan to pay $87 million in bonuses to executives, saying he would approve its bankruptcy-reorganization plan only after it sharply reduces the payout.

* The glum news from U.S. banks continued with steep declines in fourth-quarter profit at five large lenders, led by Bank of America Corp (BAC.N) and Wachovia Corp WB.N, while mortgage-related woes plunged regional bank National City Corp NCC.N to a steep loss.

* Starbucks Corp (SBUX.O), the company that popularized the $4 cup of coffee, is testing a $1 cup and free refills of some of its offerings. The Seattle coffee giant is experimenting with selling the $1 “short” brew in the Seattle area, spokeswoman Valerie O’Neil confirmed.

* Sears Holdings Corp SHLD.O confirmed that it will reorganize its operations into five major units in a bid to give management teams more autonomy and control over their groups. The company identified its real-estate holdings as one of those units, but stopped short of indicating whether it will remain under the retailer’s ownership, be sold or be spun off.

* Retail Ventures Inc (RVI.N), the parent company behind the Value City retail chain, is expected to announce a plan to sell the discount stores as early as Wednesday, said people familiar with the matter.

* The Supreme Court turned away an appeal from Enron shareholders seeking to recover losses from Wall Street banks, underscoring the sweep of last week’s decision limiting the liability of companies that help other corporations commit fraud.

* Research In Motion Ltd RIM.TO RIMM.O unveiled features designed to make it easier for users of its BlackBerry device and service to manage their wireless e-mail, hoping to stay ahead of a pack of new competitors trying to chip away at the company’s popularity.

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