September 26, 2008 / 5:21 AM / 10 years ago

PRESS DIGEST - Wall Street Journal - Sept 26

Sept 26 (Reuters) - The following were the top stories in The Wall Street Journal on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

* Federal regulators seized Washington Mutual Inc (WM.N) and struck a deal to sell the bulk of its operations to JPMorgan Chase & Co (JPM.N) in what is by far the largest bank failure in U.S. history.

* Political wrangling threw the $700 billion bailout plan into disarray, despite a day of negotiations that seemed to promise a deal. Talks broke off Thursday night with no agreement and with plans to reconvene in the morning, without House Republicans.

* The first presidential debate remained up in the air as lawmakers struggled to reach an agreement on a bailout package.

* Short-term money markets remained in turmoil, heightening the likelihood the credit pullback will harm the broader economy.

* Billionaire investor Warren Buffett’s decision to rescue Constellation Energy Group Inc CEG.N could reshape the future of the nuclear-power industry.

* Demand for durable goods and new homes plunged in August, while weekly jobless claims surged, the government said in a triple dose of bad economic data.

* General Electric Co (GE.N) clipped the wings of its finance unit as it reduced its earnings forecast, highlighting both the impact of the credit crisis on corporate America and how companies might respond.

* Fears that Research in Motion Ltd RIM.TO RIMM.O is spending heavily to push a new slate of sleek BlackBerry devices to holiday shoppers outweighed news of higher sales and profit, sending shares plunging in after-hours trading.

* New York Attorney General Andrew Cuomo has expanded his investigation into short selling of stocks to encompass trading activity in the credit-default swap market.

* Justice Department staff reviewing Google Inc’s (GOOG.O) online-advertising deal with Yahoo Inc YHOO.O met this week with customers and competitors and scheduled a final round of meetings with the two companies next week, amid signs the government may be preparing to recommend an antitrust challenge to the deal.

* Chrysler LLC is expected to fire roughly 300 salaried employees as soon as Friday in a bid to meet a target of cutting 1,000 white-collar jobs by the end of September.

* Goodyear Tire & Rubber Co GT.N, the largest tire maker in the United States by sales, will draw $600 million from its credit lines because of an inability to access some U.S. cash investments, more than half of which are held in a troubled money-market fund.

* U.S. chicken producer Pilgrim’s Pride Corp PPC.N warned investors it will report a “significant” loss this quarter and could end up in default with its lenders.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below