PRESS DIGEST – Wall Street Journal – May 17

May 17 (BestGrowthStock) – The following were the top stories in
The Wall Street Journal on Monday. Reuters has not verified
these stories and does not vouch for their accuracy.

* BP Plc (BP.L: ) had its first breakthrough in the effort to
stem the oil spill in the Gulf of Mexico, using robots to
insert one end of a mile-long tube into a shattered oil pipe on
the ocean floor. The goal is to siphon up some, if not most, of
the crude gushing into the Gulf of Mexico.

* The European Central Bank’s extraordinary policy of
buying government bonds has eased the financial pressure on
Europe’s weaker economies, but the fear of possible
sovereign-debt defaults still hangs over the financial markets.

* The head of the World Trade Organization, Pascal Lamy,
said he is worried that the Group of 20 leading economies
hasn’t yet demonstrated its ability to handle international
financial regulation, leaving a big gap in efforts to prevent
another major banking crisis.

* Bank of America Corp (BAC.N: ) tried to keep cases pending
against it from landing with U.S. District Judge Jed Rakoff, in
the hopes of avoiding another dramatic confrontation with the
judge over the bank’s handling of the Merrill Lynch & Co
takeover.

* The global financial slowdown prompted a sharp reduction
in investment by sovereign-wealth funds in 2009, though their
pace of spending picked up at the end of year, said a report by
two research groups.

* Momentum is building for stronger coordination of fiscal
policy in euro-zone countries ahead of a meeting in Brussels
this week of senior European policy makers to discuss an
overhaul of budget rules.

* Groupon Inc, a website offering daily deals at businesses
in the U.S. and Canada, is expanding into Europe by buying
Berlin-based City Deal GmbH.

* Knauf Plasterboard Tianjin Co, one of the companies
tangled in litigation over defective Chinese-made drywall, said
it has reached a settlement with builder Beazer Homes USA Inc
(BZH.N: ), an indication that Knauf is moving quickly to settle
claims before lawsuits go to court.

* Negotiators from several big Wall Street banks worked
through the weekend to rescue a storied Chicago lender from
closure by regulators amid signs of progress on the private
portion of a public-private bailout.

* Risk is again a four-letter word among individual
investors. That could spell further trouble for the stock
market in days and weeks ahead. Already, investors pulled $2.8
billion out of U.S. equity funds in the week through May 12,
according to Lipper FMI, the most since March 2009. Safe-haven
money-market funds, meanwhile, saw inflows of $16.6 billion.
That broke a 17-week streak of declines.

Stock Market Trading

PRESS DIGEST – Wall Street Journal – May 17