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U.S. markets news

Biggest ever chip deal: Avago to buy Broadcom for US$37bil
ECONOMIES OF SCALE: The combination of Avago and Broadcom will make the company the third-largest US semiconductor maker by revenue, behind Intel Corp and Qualcomm Inc. - Reuters.
Broadcom sold to rival for $37 million in biggest tech deal ever  OCRegister
Avago to buy Broadcom for $37 billion in biggest-ever chip deal  Reuters
TheStreet.com  
Teva Settles case with FTC for $1.2 Billion in Cephalon Antitrust Business
Teva Pharmaceuticals has settled for an agreement with the U.S Federal Trade Commission to pay a large amount of money on behalf on consumers, as a consequence to law violation.
Teva to pay $1.2 billion in generic drug settlement  Omaha World-Herald
Teva settles Cephalon case with FTC for $1.2 billion over sleep drug  Boston Globe (subscription)
Oil gains 1 percent as US inventories drop for fourth week
SINGAPORE Crude futures rose around 1 percent on Friday after American inventories fell for a fourth straight week, although prices are set for a weekly drop on a stronger dollar.
Oil extends gains, investors eye next week's OPEC meeting  MarketWatch
Gap between crude oil benchmarks narrows  postzambia.com
Swiss Economy Contracts as Strong Franc Stymies Exports
Switzerland's economy shrank the most in six years as the strong franc took its toll on exports. Gross domestic product fell 0.2 percent in the first quarter, after a revised growth of 0.5 percent in the previous three months, the State Secretariat for Economic ...
Switzerland's Economy Shrinks, Squeezed by Strong Swiss Franc  Wall Street Journal
UPDATE 1-Swiss economy contracts in first quarter after franc cap dropped  Reuters
US economy likely shrank in first quarter, but fundamentals strong
WASHINGTON The U.S. economy likely contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls and a resurgent dollar, but activity since has rebounded modestly.
US economy likely shrank in 1st quarter  FoxReno.com
GDP report expected to show economy shrank  USA TODAY
Equinix to Buy Data Center Rival Telecity for $3.6 Billion
LONDON - The American data center provider Equinix said on Friday that it had struck a deal to acquire its smaller British rival Telecity Group for about $3.6 billion in cash and stock.
Data Giant Equinix Agrees Deal to Acquire Telecity  Wall Street Journal
UPDATE 1-Equinix to buy Telecity Group for $3.6 bln, Interxion deal collapses  Reuters
Hong Kong shares end down, investors wary after market slump
HONG KONG May 29 Hong Kong stocks dipped on Friday, with investors staying cautious after the previous session's slide triggered by a tumble in mainland markets.
Small Funds Stoke China's Stock Rally  Wall Street Journal
China Selloff Sends Most Stocks Limit-Down Since 2008 Crisis  Bloomberg
Richard Fuld Has No Regrets over Lehman Brothers' Resounding Collapse
Lehman Brothers Holdings' filing for bankruptcy protection in 2008, which was the by far the largest in the country, is believed to have played a critical role in the recent financial crisis.
Lehman's Fuld Says It Wasn't His Fault  Wall Street Journal
Breaking Silence, Richard Fuld Speaks on Love, Putin and 'Rocky'  New York Times
Intel close to $15B Altera tie-up: Report
Visitors take pictures next to the Intel logo outside of company headquarters in Santa Clara, California. Intel is close to a deal to buy smaller chipmaker Altera for about $15 billion, according to a report in the New York Post.
Intel said to be nearing $15bn deal to buy Altera  Irish Independent
Intel nears US$15bil deal to buy Altera: NY Post  The Star Online
JPMorgan to lay off 5000 employees
JPMorgan Chase & Co. has begun layoffs expected to total more than 5,000 by next year, people familiar with the matter said. This latest phase of cuts started earlier this year and would eliminate at least 2 percent of the bank's workforce over the next year.
JP Morgan to lay off more than 5000 by next year, reports say  Yahoo Finance UK
WSJ: JPMorgan Plans To Cut 5000 Jobs  RTT News