AP - Ominous clouds over the global banking sector sent Japanese stocks tumbling again Wednesday.

AFP - Asian stocks fell Wednesday after a plunge on Wall Street, where financial fears eclipsed hope that US President Barack Obama will move quickly to resuscitate the stricken economy.

AP - Wireless equipment maker LM Ericsson on Wednesday posted a 31 percent drop in fourth-quarter net profit, partly due to weaker handset sales, and said it would slash 5,000 jobs to cut costs.

AP - World stock markets dropped Wednesday, with Japan's benchmark losing 2 percent, as concern that rising bank losses will cripple the world economy overshadowed the inauguration of President Barack Obama.

AP - Hong Kong's main stock index retreated nearly 3 percent Wednesday amid worries that banking woes will prolong the global slump.

AP - Investors still worried about the troubled banking industry got some solace Wednesday from more upbeat earnings news from technology companies. Stock futures pointed to a moderate rebound at the opening from Tuesday's huge loss.

AP - Share prices on the London Stock Exchange were lower at midday Wednesday.

AFP - US President Barack Obama faced plunging global stock markets on Wednesday, with the music barely faded from euphoric star-studded celebrations to greet his arrival in the White House.

AP - World stock markets dropped Wednesday as fears that mounting bank losses will deepen the world economic slump overshadowed the promises of recovery in President Barack Obama's inaugural speech.

Bloomberg - Jan. 21 (Bloomberg) -- Christopher Cox stepped down as U.S. Securities and Exchange Commission chairman, leaving behind a demoralized agency that failed to spot Bernard Madoff’s alleged fraud and had its role diminished by the collapse of Bear Stearns Cos. and Lehman Brothers Holdings Inc.

AP - Industrial conglomerate United Technologies Corp. says its fourth quarter profit rose 8 percent, helped by one-time gains that exceeded restructuring costs even as revenue slipped.

AFP - A deepening banking crisis hammered stock markets for a second straight day Wednesday and confronted US President Barack Obama with a stark challenge on his first full day in office.

AP - European stocks recovered some of their earlier losses Wednesday on expectations of a higher open on Wall Street, with increases in technology shares offsetting some of the gloom in the banking sector.

Reuters - Wall Street was poised for a higher open on Wednesday, buoyed by a solid outlook from IBM, while investors were looking for measures from President Barack Obama to keep the year-long recession from worsening.

AP - Industrial conglomerate United Technologies Corp. said Wednesday its fourth quarter profit rose 8 percent, helped by gains in aerospace and its expanding fire and security business that offset declines in its heating, ventilating and air conditioning business. It also reaffirmed its earnings guidance for this year.

AP - American Airlines parent AMR Corp. says it lost $340 million in the fourth quarter as fewer people flew than a year ago.

AP - United Airlines parent UAL Corp. on Wednesday said it lost $1.3 billion in the fourth quarter because of operating losses and fuel-price bets that turned sour as oil prices fell. Without the bad hedges, results were better than analysts had expected.

Reuters - U.S. Bancorp , one of the 10 largest U.S. banks, said quarterly profit fell 65 percent to its lowest level in more than seven years, hurt by costs to boost credit reserves and write down investments.

AP - Abbott Laboratories said Wednesday its profit grew 28 percent in the fourth quarter as sales of its arthritis drug Humira climbed and the company gained on the sale of its spinal-products business.

Reuters - Microsoft Corp is expected to post a quarterly profit that misses its own target and announce thousands of job cuts this week as the global economic slump hurts even the technology industry's biggest players.

AP - U.S. Bancorp on Wednesday reported a 72 percent drop in earnings in the final three months of last year — its eighth straight quarterly profit decline — as credit costs and securities losses climbed.

AP - United Airlines parent UAL Corp. on Wednesday said it lost $1.3 billion in the fourth quarter because of operating losses and fuel-price bets that turned sour as oil prices fell. Without the bad hedges, results were better than analysts had expected.

AP - United Technologies Corp., whose elevator and climate control businesses are hurting from the recession, expects a tough first half in 2009 after reporting fourth quarter profits that were constrained by declines in its Otis and Carrier brands.

AP - World stocks were mixed Wednesday as a higher opening on Wall Street helped Europe's markets recoup earlier losses as stronger technology shares offset some of the ongoing gloom about banks.

AFP - London stocks fell again on Wednesday as continued uncertainty in the banking sector dragged down the broader market.

AFP - The US Securities and Exchange Commission (SEC) has opened an inquiry into Apple's disclosures about the health of chief executive Steve Jobs, The Wall Street Journal reported Wednesday.

Reuters - The U.S. Securities and Exchange Commission on Wednesday charged missing fund manager Arthur Nadel with defrauding investors at six Florida-based hedge funds.

Bloomberg - Jan. 21 (Bloomberg) -- Christopher Cox stepped down as U.S. Securities and Exchange Commission chairman, leaving behind a demoralized agency that failed to spot Bernard Madoff’s alleged fraud and had its role diminished by the collapse of Bear Stearns Cos. and Lehman Brothers Holdings Inc.

Reuters - The U.S. Securities and Exchange Commission charged missing Florida money manager Arthur Nadel with fraud on Wednesday and accused him of recently transferring more than $1 million to secret accounts he held.

NewsFactor - Apple's reporting on the health of CEO Steve Jobs will be the subject of an inquiry by the Securities and Exchange Commission, according to news reports.

AP - The major U.S. airlines have grounded aircraft and eliminated flights, but those moves might not be enough in the face of a recession that is choking demand for air travel. Their struggles, however, could be working to the benefit of consumers.

AP - Continental Airlines Inc. said Wednesday it will record $170 million in net charges against fourth-quarter earnings when it reports its quarterly results next week.

AP - Railroad operator Burlington Northern Santa Fe says its fourth-quarter earnings jumped 19 percent, as the benefit of lower fuel prices offset lower demand for shipments.

AP - Most Asian stock markets were modestly higher Thursday, as gains on Wall Street offset alarming new signs the region's economies were slowing faster than expected amid plummeting demand for their goods.