News In Brief

MID-DAY UPDATE: New York AG investigates mortgage packaging, Wal-Mart’s U.S. sales fall

Katharine Crnko May 17, 2011

Here are today’s top headlines from the Marketplace Morning Report and from around the web.

News this morning that the New York State Attorney General is investigating how big banks packaged mortgages into securities during the housing boom. The investigation is said to include Bank of America, Morgan Stanley and Goldman Sachs. Here is Marketplace’s coverage.

Housing starts fell more than 10 percent in April, as an overhang of homes on the market discourages builders from taking on new projects.

Wal-Mart said that sales at its U.S. discount stores open at least a year fell 1.1 percent during its first quarter, marking its eighth straight quarterly decline. Here is Marketplace’s coverage.

Hewlett-Packard cut its full-year outlook, hurt by the impact of Japan’s earthquake and weak sales of consumer PCs.

Professional social networking company LinkedIn Corp raised the expected price range of its Initial Public Offering by 30 percent on today, a sign that investors remain eager to bet on social networking companies. Here is Marketplace’s coverage.

Portugal is set to receive $100 billion in loans. It’ll be the third bailout for the eurozone, and emotions across the region range from regret to resentment. Here‘s Marketplace’s coverage.

Russian state oil company Rosneft is dropping out of a deal with BP, leaving BP’s investors concerned over the company’s leadership. Here is Marketplace’s coverage.

To a gas station I wish I had driven by the other day here in Los Angeles. It was selling gas for a $1.10 a gallon. One dollar and ten cents! Police had to direct traffic after customers lined up down the block. Turns out it was a computer glitch that went on for four hours before the pumps were shut down. The gas station owner says he lost $21,000. He’s asking the customers who benefited to use some of their savings to buy something at his convenience store.

Don Gorske will eat Big Mac number 25,000 today. The Wisconsin man has been eating the McDonald’s two patty, special sauce favorite for nearly four decades. Two-a-day, everyday. Gorske, who’s already hit a Guinness world record for the number of Big Macs he’s eaten, says he’s in fine health and his cholesterol is under control. Although his wife says he doesn’t get enough vitamins.

You can read the rest of today’s stories from the Marketplace Morning Report here.

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