Reuters: Regulatory News: PRESS DIGEST - Wall Street Journal - May 15

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PRESS DIGEST - Wall Street Journal - May 15 May 15th 2012, 06:56 Tue May 15, 2012 2:56am EDT May 15 (Reuters) - The following were the top stories in The Wall Street Journal on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy. * Facebook's coming IPO has set off a frenzy of anticipation among investors. The firm raised its price range to $34 to $38 a share, resulting in a target valuation of up to $104 billion. * Coty withdrew its $10.7 billion offer for Avon Products , concluding a high-profile effort by Coty to take over an embattled larger rival. * JPMorgan closed ranks around CEO James Dimon ahead of a shareholder meeting and announced the departure of Ina Drew, a senior executive at the center of a trading blunder that has cost the bank more than $2 billion in losses. * LightSquared filed for bankruptcy-court protection as a deal to keep hedge-fund manager Philip Falcone's venture from defaulting wound down. * Best Buy's founder, Richard Schulze, will step down as chairman after an internal probe found that he didn't alert the board that CEO Dunn was allegedly having an inappropriate relationship with a female employee. * Many large companies prohibit their executives from pledging their shares as collateral for loans. But some continue to allow it, exposing shareholders to the risk that an insider might abruptly dump stock on the market * Coping with falling prices and weakening demand, European utility companies are struggling to remain profitable as households and businesses throttle back on energy use in what's become a protracted period of economic uncertainty in the region.

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