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• Wall Street bounces but investors dump Facebook
• Eaton to buy Cooper Industries for $11.8 billion
• Facebook sinks as Nasdaq scrambles to square trades
• Alibaba buys back stake held by Yahoo for $7.1 billion
• Lowe's cuts profit outlook; shares fall
• Expanding or not, retailers rethink stores
• Barclays to sell $6.1 billion BlackRock stake
• JPMorgan stops stock buybacks, maintains dividend
• Best Buy picks Spencer Stuart to run CEO search
• Rajat Gupta faces jury in insider trading case
• Euro zone needs growth and austerity: ECB's Asmussen
• Spain to slump further but will hit deficit goal
• Nasdaq alters IPO procedures after Facebook glitch
• Houghton Mifflin files Chapter 11 bankruptcy
• Apple,Samsung CEOs in U.S. court talks over patent row
• EU offers Google last chance in antitrust case
• Ex-Yahoo CEO Thompson resigns from Splunk board
• Shares steady near lows, investors fear Greece
• Analysis: China eschews fiscal fanfare for supportive spending
• Opel CEO faces workers over possible plant closure
• DaVita eyes new markets with $4.4 billion Healthcare deal
• Nasdaq to revamp system after tech problems on Facebook IPO: WSJ
• Qantas to cut another 500 maintenance jobs
• G8 growth talk leaves wary markets awaiting action
• Australia to seal trade deal with Malaysia
• Euro zone row gets fat pay rise for German workers
• Facebook shares could fall below IPO price: Barron's
• EU gives Google 'weeks' to ease antitrust concerns
• UK politician: Blair, Brown too close to Murdoch
• Court won't reduce student's music download fine
• Head of US nuclear safety agency to step down
• Stocks gain on Wall Street; Facebook falls
• Film effects company DDMG plans Abu Dhabi studio
• Houghton Mifflin files for bankruptcy protection
• Trial of ex-P&G, Goldman board member starts in NY
• Campbell's profit slips as soup sales remain cold
• JPMorgan suspends stock repurchase plans

Wall Street bounces but investors dump Facebook Posted: NEW YORK (Reuters) - Stocks rose on Monday after their worst weekly decline for the year with signs investors were quickly exiting newly floated shares of Facebook following its broken IPO and redeploying capital elsewhere in the market. Facebook Inc's shares fell below their $38 issue price as support from underwriters of the initial public offering dissipated after its Friday debut. The stock dropped over $5 to hit a session low of $33.00 in early trading, last trading down 11.8 percent at $33.71. That contrasted with a sizeable rally in shares of Apple, which rose 2.8 percent to $545.14. ...

Eaton to buy Cooper Industries for $11.8 billion Posted: (Reuters) - Diversified industrial manufacturer Eaton Corp struck a deal to buy electrical equipment maker Cooper Industries for $11.8 billion in cash and stock, paying a 29 percent premium to broaden its services to the electrical industry. Eaton, announcing the deal on Monday, also said it would reincorporate in Ireland, where Cooper is based. Eaton will pay $72 per share for the acquisition: $39.15 in cash and 0.77479 share for each Cooper share. Cooper shares rose nearly 25 percent to $69.77 in morning trading, while Eaton was down 0.8 percent at $42.08. ...

Facebook sinks as Nasdaq scrambles to square trades Posted: (Reuters) - Facebook shares sank on Monday in the first day of trading without the full support of the company's underwriters, leaving some investors down 25 percent from where they were Friday afternoon. Facebook's debut was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures. That may comfort companies considering a listing but does little for Facebook, whose lead underwriter Morgan Stanley had to step in and defend the $38 offering price on the open market. Without that same level of defense, its shares fell $4.50 to $33. ...

Alibaba buys back stake held by Yahoo for $7.1 billion Posted: SHANGHAI/NEW YORK (Reuters) - Chinese Internet entrepreneur Jack Ma's Alibaba Group is buying back up to half of Yahoo Inc's 40 percent stake for $7.1 billion in a deal that moves the Chinese e-commerce leader closer to a public listing. Under the agreement, Yahoo will sell one-half its stake in Alibaba for at least $6.3 billion in cash and up to $800 million in new Alibaba preferred stock. ...

Lowe's cuts profit outlook; shares fall Posted: (Reuters) - Lowe's Cos Inc , the world's No. 2 home improvement chain, cut its fiscal-year earnings outlook and said demand slowed toward the end of the traditionally strong first quarter, sending its shares down nearly 10 percent. Lowe's forecast came just days after larger rival Home Depot Inc missed Wall Street's quarterly sales estimates as demand weakened in April following a jump in home improvement projects earlier in the year because of a warm winter. ...

Expanding or not, retailers rethink stores Posted: (Reuters) - U.S. retailers believe this life left in their brick-and-mortar stores and they're trying new ways of making them more inviting by pampering customers - both the two- and four-legged kinds. PetSmart Inc , for instance, will offer overnight dog accommodations at more stores. Macy's Inc is offering a "virtual concierge" kiosk, and handbag maker Coach Inc is opening up dozens more men's sections this year. These are just some services retailers are trying to keep stores relevant as they try to compete with mobile devices, the Internet and daily deals. ...

Barclays to sell $6.1 billion BlackRock stake Posted: LONDON (Reuters) - British bank Barclays is selling its near-20 percent stake in U.S. asset manager BlackRock, worth $6.1 billion, as tougher global regulations have cut the attraction of such holdings. Barclays has held the stake for almost three years, a legacy of BlackRock's $15 billion purchase of Barclays Global Investors, but Basel III regulations mean banks have to hold more capital against minority stakes in asset managers and other firms, making it less profitable. ...

JPMorgan stops stock buybacks, maintains dividend Posted: NEW YORK (Reuters) - JPMorgan Chase & Co has suspended repurchases of its stock while it tries to get out of money-losing derivatives trades that have cost it at least $2 billion, Chief Executive Jamie Dimon said on Monday. He said the bank would maintain its dividend. It is the first time Dimon has said the bank will change how it manages its capital in the wake of what he has called "egregious mistakes" in the derivatives trades. ...

Best Buy picks Spencer Stuart to run CEO search Posted: NEW YORK (Reuters) - Best Buy Co Inc , the world's largest consumer electronics chain, said it has selected headhunter Spencer Stuart Inc to conduct the search for a new chief executive. Brian Dunn resigned as CEO last month. Following his departure, the company said an internal probe found that Dunn had an improper relationship with a female employee. Best Buy is in the midst of what it expects to be a six- to nine-month search for a successor to Dunn. Board member G. Mike Mikan is acting as interim CEO. The company said it will consider internal and external candidates for the job. ...

Rajat Gupta faces jury in insider trading case Posted: NEW YORK (Reuters) - Barely a day went by at the insider-trading trial of multimillionaire hedge-fund founder Raj Rajaratnam a year ago without mention of Rajat Gupta, a boldface name in business and charity circles. On Monday in the same federal court in New York, it will be Gupta's turn to go on trial. The former Goldman Sachs Group Inc and Procter & Gamble board member is accused of leaking stock secrets to Rajaratnam, his erstwhile friend and business associate who was convicted and is now in prison. ...

Euro zone needs growth and austerity: ECB's Asmussen Posted: BERLIN (Reuters) - Europe's fiscal pact must not be renegotiated or softened but could be complemented by growth-enhancing measures, European Central Bank Executive Board member Joerg Asmussen said on Monday. Asmussen also stressed that the ECB's non-standard measures - introduced to fight the debt crisis - were of a temporary nature and could be withdrawn any time if inflation risks emerged. There is a growing push in the euro zone, led by newly elected French President Francois Hollande, to do more to stimulate growth and not just focus on reducing deficits. ...

Spain to slump further but will hit deficit goal Posted: MADRID (Reuters) - Spain said on Monday it would meet its deficit targets this year despite a new slippage in its regions' accounts and a further contraction of the economy in the second quarter. Economy Minister Luis de Guindos said economic activity would likely slump by another 0.3 percent between April and June, further fuelling doubts about the country's ability to get a grip on in its finances and nurse an ailing banking sector back to health. ...

Nasdaq alters IPO procedures after Facebook glitch Posted: NEW YORK (Reuters) - Nasdaq OMX Group Inc said on Monday it is changing its initial public offering trading procedures following glitches in Facebook Inc's market debut at the end of last week that prevented some traders from knowing for hours whether their orders for shares had been completed. The exchange operator said in a note to traders that modifications to its IPO and halt cross application would prevent the problems that occurred on Friday from recurring. (Reporting By John McCrank; Editing by Gerald E. McCormick)

Houghton Mifflin files Chapter 11 bankruptcy Posted: (Reuters) - Houghton Mifflin Harcourt Publishers Inc filed for bankruptcy protection on Monday after the textbook publisher reached agreement with a majority of its creditors to cut about $3.1 billion of debt. The Boston-based company and two dozen affiliates filed for Chapter 11 protection in U.S. bankruptcy court in Manhattan. It said it had more than $1 billion in both assets and liabilities. Houghton Mifflin has struggled as state and local governments cut spending, reducing demand for textbooks for students from kindergarten to 12th grade, Moody's Investors Service has said. ...

Apple,Samsung CEOs in U.S. court talks over patent row Posted: SAN FRANCISCO (Reuters) - The chief executives of Apple Inc and Samsung Electronics Co Ltd come face to face on Monday in court-directed mediation in the United States over a dispute in which the iPhone maker claims the Korean firm has "slavishly" copied some of its products. Apple's Tim Cook and Samsung's Choi Gee-sung have been instructed by a federal judge to appear for mediation in San Francisco to help resolve the bitter patent litigation between the two firms. The U.S. ...

EU offers Google last chance in antitrust case Posted: BRUSSELS (Reuters) - The European Union's antitrust chief on Monday ratcheted up the pressure on Google, giving it a matter of weeks to settle an investigation into allegations of anti-competitive behavior and avoid formal charges and a possible fine. Even if the world's most popular search engine offers concessions to resolve the issue, it will still be under the EU spotlight following fresh complaints over its Android mobile software, the top operating system for Internet-enabled smartphones. ...

Ex-Yahoo CEO Thompson resigns from Splunk board Posted: (Reuters) - Data analytics software maker Splunk Inc said former Yahoo Inc CEO Scott Thompson has resigned from its board of directors, effective May 18. "In regard to recent health issues, we wish Scott all the best for a fast and full recovery," Splunk Chief Executive Godfrey Sullivan said in a statement. Thompson, who had joined Splunk's board in October, was reported to have been diagnosed with thyroid cancer. Thompson stepped down as Yahoo chief last week, 10 days after activist investor Daniel Loeb accused him of padding his biography by faking a computer science degree. ...

Shares steady near lows, investors fear Greece Posted: LONDON (Reuters) - European shares and the euro steadied near their lows for the year on Monday as investor fears that Greece could leave the euro were partly countered by promises from China and the Group of Eight leaders at the weekend to support growth. The FTSE Eurofirst index of top European shares was around 0.4 percent higher at 974.03 points after losing 5.1 percent last week to reach its lowest level of the year. ...

Analysis: China eschews fiscal fanfare for supportive spending Posted: BEIJING (Reuters) - China's focus on fine-tuning monetary and fiscal policies to fight the risk of a sudden economic slide worries investors pricing in a sixth successive quarter of slowing growth with no obvious sign of the solid stimulus they want. With domestic activity stifled by government curbs on real-estate speculation, the potential damage to demand for China's factory products from a deeper European debt crisis seems a logical justification for a spending splurge. "Maybe it would be easier for China if there were another global financial crisis. ...

Opel CEO faces workers over possible plant closure Posted: FRANKFURT, Germany (Reuters) - The head of General Motors unit Opel sought to allay workers' fears that the automaker plans to shut one of its four German plants as it pulls production of the Astra, its best-selling model, from the country. Opel Chief Executive Karl-Friedrich Stracke is under pressure from GM to end heavy losses at the U.S. carmaker's German arm by shifting production to countries with lower labor costs. Stracke told workers in Bochum on Monday that no decision has been made on their plant's future beyond 2014. ...

DaVita eyes new markets with $4.4 billion Healthcare deal Posted: (Reuters) - DaVita Inc , the biggest U.S. operator of dialysis clinics, has agreed to buy privately-held HealthCare Partners for about $4.42 billion in cash and stock to expand into new markets to help offset potential revenue pressures in its main business. HealthCare Partners, based in Torrance, California, runs medical groups and physician networks in Southern California, Central Florida, and Southern Nevada. Its revenues in 2011 were about $2.4 billion. The company provides its services to more than 667,000 patients and has total care dollars under management of about $3. ...

Nasdaq to revamp system after tech problems on Facebook IPO: WSJ Posted: (Reuters) - The Nasdaq is planning to revamp its systems for handling stock offerings after acknowledging that technology problems had affected trading in millions of newly issued Facebook shares on Friday, the Wall Street Journal reported. Individual investors were left in the dark for hours on Friday about whether their buy and sell orders for Facebook shares had actually been executed, in the latest of a series high-profile exchange glitches. ...

Qantas to cut another 500 maintenance jobs Posted: MELBOURNE (Reuters) - Australia's top airline Qantas Airways said on Monday it is eliminating 500 jobs by merging maintenance facilities to save up to A$100 million ($98.4 million) annually, as high fuel costs and weak demand take a toll on airline profits. Qantas, which is emerging from a costly industrial dispute, said in statement it will stop heavy maintenance in Tullamarine in Melbourne and concentrate on centers in Brisbane and Avalon, resulting in the job cuts. It had, in February, flagged another 500 job cuts for the group. ...

G8 growth talk leaves wary markets awaiting action Posted: (Reuters) - A pledge by leaders of industrialized nations to help the troubled world economy is unlikely to herald quick new action by Europe on its debt crisis, meaning more uncertainty for nervous financial markets. The Group of Eight economies stressed on Saturday that their "imperative is to promote growth and jobs", as they also recognized problems among European banks and gave verbal backing for Greece to stay in the euro. Still, despite U.S. calls for immediate moves to boost growth, no sign emerged that Germany would soften its stance on austerity as the cure for Europe's debt ...

Australia to seal trade deal with Malaysia Posted: CANBERRA (Reuters) - Australia will sign a free trade agreement(FTA) with Malaysia on Tuesday in a move it hopes will add new momentum to stalled bilateral trade talks with other key Asian trading partners. Australia is still negotiating free trade deals with South Korea, Japan and China, with progress in reaching agreement with Beijing and Tokyo slow. The deal with Malaysia, which will be Australia's sixth FTA, will be signed in Kuala Lumpur, said a spokesman for Australian Trade Minister Craig Emerson. ...

Euro zone row gets fat pay rise for German workers Posted: BERLIN (Reuters) - A record-breaking pay deal will give millions of German workers their biggest rise in wages in two decades, boost consumption in Europe's biggest economy and help towards adjusting the regional imbalances that have caused severe tensions within the euro zone, analysts said on Sunday. Germany's largest industrial union IG Metall agreed to a 4.3-percent pay rise from employers just before dawn on Saturday -- giving the 3.6 million car and engineering industry workers their biggest wage increase since a 5.4 percent deal in 1992. The eye-catching 4. ...

Facebook shares could fall below IPO price: Barron's Posted: (Reuters) - Shares in social media company Facebook Inc could fall below the initial public offering price of $38, Barron's wrote in its May 21 edition. Facebook saw its shares rise a scant 0.6 percent to $38.23 on Friday in the first day of trading. The stock stayed above the $38 IPO price, supported in the market by the deal's underwriters. But Barron's said the "big question" this week will be whether they continue to do so. ...

EU gives Google 'weeks' to ease antitrust concerns Posted: The European Union has given Google "a matter of weeks" to propose remedies to antitrust concerns arising from its alleged dominant position in the online search market.

UK politician: Blair, Brown too close to Murdoch Posted: One of the British Labour Party's most seasoned operatives said his party's leadership may have gotten too close to media tycoon Rupert Murdoch.

Court won't reduce student's music download fine Posted: The Supreme Court has refused to take up a Boston University student's constitutional challenge to a $675,000 penalty for illegally downloading 30 songs and sharing them on the Internet.

Head of US nuclear safety agency to step down Posted: The chairman of the Nuclear Regulatory Commission said Monday he is resigning amid accusations by fellow commissioners that he acted like a bully.

Stocks gain on Wall Street; Facebook falls Posted: U.S. stocks are rising, shaking off their worst weekly performance since November, as investors latched on to a relatively optimistic report from economists.

Film effects company DDMG plans Abu Dhabi studio Posted: The American special effects company that brought the "Transformers" movies to life and recently wowed concertgoers with a performing hologram of late rapper Tupac Shakur is setting up a studio in oil-rich Abu Dhabi.

Houghton Mifflin files for bankruptcy protection Posted: Houghton Mifflin Harcourt Publishers Inc. has filed for Chapter 11 bankruptcy protection after reaching an agreement to eliminate $3.1 billion of its debt.

Trial of ex-P&G, Goldman board member starts in NY Posted: Jury selection began Monday at the insider trading trial of a former Goldman Sachs board member after prosecutors told a judge they expect to call a current Goldman board member as one of their first witnesses.

Campbell's profit slips as soup sales remain cold Posted: Campbell Soup Co. is still struggling to heat up its lukewarm soup sales, with net income slipping by 5 percent in the latest quarter even as the company spent more on marketing.

JPMorgan suspends stock repurchase plans Posted: JPMorgan Chase CEO Jamie Dimon says the bank is suspending plans to buy back its own stock.

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