Mark Zuckerberg is under fire from shareholders, and KFC suffers after-effects from the Asian flu. Those and more are what's news Wednesday in stocks.
The Dow industrials (^DJI) slid 116 points Tuesday, the S&P 500 (^GSPC) fell 16 and the Nasdaq (^IXIC) lost 36 points.
Facebook (FB) CEO Mark Zuckerberg absorbed the ire of shareholders at the company's first annual meeting since going public. He acknowledged his disappointment with the company's stock, which has fallen nearly 40 percent since the IPO, but he defended the company's fundamental strategy.
KFC and its parent company, Yum Brands (YUM), say sales in China slid 19 percent in May. But Yum expects sales to improve in the coming months, and turn positive again by the end of the year.
Ulta Salon Cosmetics & Fragrance (ULTA) says its net rose 20 percent, as the beauty-supply chain beat expectations on Wall Street.
Rambus (RMBS) is set to jump after the technology licensing company settled a patent infringement case with a South Korean supplier. The agreement includes a five-year licensing pact.
Seven of the nation's largest banks have been granted another two years to comply with parts of the Dodds-Frank law aimed at limiting certain risky investments. Among banks getting the waiver: JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC).
Federal regulators have filed suit against Dollar General (DG) and the U.S. unit of the automaker BMW for discrimination against black job applicants. Last year, PepsiCo (PEP) agreed to pay $3 million to settle similar charges that its improperly used criminal and credit checks to screen out applicants.
Walgreen (WAG) has agreed to pay $80 million to settle charges that its stores in Florida failed to comply with federal rules to track the sale of controlled substances such as opioids, allowing them to end up on the black market.
A government study finds that Enbrel, a top selling Amgen (AMGN) drug to treat rheumatoid arthritis, is no more effective than much cheaper generic alternatives.
And Internet music company Pandora (P) is buying a tiny radio station in South Dakota. Its aim is to pay lower royalty rates to music publishers.
Check back after the market closes Wednesday for the new Daily Finance closing bell report.
-Produced by Drew Trachtenberg
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