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Corporate Summary

•    UBS AG (NYSE:UBS) reported that it will slash 3,500 jobs across the globe in an attempt to save $2.5 billion by the end of next year

•    The Wall Street Journal reported that Sprint Nextel Corp. (NYSE:S) along with AT&T, Inc. (NYSE:T) and Verizon Communications Inc. (NYSE:VZ) will be acquiring the rights to Apple Inc.’s (NASDAQ:AAPL) iPhone 5 that is expected to hit the market in September

•    Microsoft Corporation (NASDAQ:MSFT) said it is going to develop and market cloud-computing products in China

•    Omnicare Inc. (NYSE:OCR) said that it might acquire its rival PharMerica Corporation (NYSE:PMC)

•    Williams-Sonoma Inc. (NYSE:WSM) posted second quarter earnings per share (EPS) of $0.37, ahead of the Zacks Consensus Estimate of $0.36

•    HJ Heinz Co. (NYSE:HNZ) reported first quarter EPS of $0.78, falling short of the Zacks Consensus Estimate of $0.76

•    William Blair initiated coverage on Adolor Corp. (NASDAQ:ADLR) with an “Outperform” rating

•    Atlantic Equities downgraded Eaton Corporation (NYSE:ETN) to an “Underweight” rating from a “Neutral” rating

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