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NEW YORK (Reuters) - Wall Street opened little changed on Tuesday as concerns about global growth weighed on investor sentiment, while shares of Facebook continued their post-IPO slide. The Dow Jones industrial average was up 8.70 points, or 0.07 percent, at 12,513.18. The Standard & Poor's 500 Index was up 4.94 points, or 0.38 percent, at 1,320.93. The Nasdaq Composite Index was up 9.29 points, or 0.33 percent, at 2,856.50. (Reporting By Edward Krudy, editing by Dave Zimmerman)

WASHINGTON (Reuters) - U.S. home resales rose in April to their highest annual rate in nearly two years and a falloff in foreclosures pushed prices higher, hopeful signs about the pace of recovery in the still-struggling housing sector. The National Association of Realtors said on Tuesday that existing home sales increased 3.4 percent to an annual rate of 4.62 million units last month, the highest since May 2010. Nationwide, the median price for a home resale jumped to $177,400 in April, up 10.1 percent from a year earlier. That was the biggest year-over-year increase since January 2006. ...

NEW YORK (Reuters) - The selloff in Facebook's shares deepened on Tuesday, as investors continued to question the stock's valuation after Reuters reported that underwriters cut their revenue forecasts for the company before the IPO. [ID:nL4E8GM35V] Facebook's shares hit a low of $30.98 on Tuesday, 8.9 percent below Monday's close, a loss of 18 percent from their $38 IPO price. At the low, the stock had lost 30 percent from an intraday high of $45 hit shortly after trading started on Friday. ...

BERLIN/PARIS (Reuters) - Germany dismissed a French-led call for euro zone nations to issue common bonds, a day before a European Union leaders' summit which investors are looking to for new measures to counter the bloc's debt crisis. After a torrid week, stock markets rallied on optimism that the Wednesday summit would produce measures to foster growth and ward off the threat of contagion should Greece exit the euro. The FTSEurofirst 300 index of top European shares was up 1. ...

NEW YORK (Reuters) - Former Goldman Sachs director Rajat Gupta "threw away his duties" by divulging bank secrets to hedge fund manager Raj Rajaratnam, a U.S. prosecutor said at the start of Gupta's insider-trading trial on Monday. The defense punched back that the government had no direct evidence. Gupta, 63, once a boldface name in business and charity circles, is the most prominent corporate executive charged in a U.S. government crackdown on insider trading in recent years. ...

SINGAPORE, May 22 (IFR) - India's mounting economic and political woes are prompting market players to raise the specter of a Greek-style crisis in Asia's third largest economy. This is not simply idle speculation. Last Friday, the rupee crashed to an all-time low against the dollar of 54.9 and it was stuck most of Tuesday at the psychologically significant Rs55/USD level, where the currency is seen as having no obvious technical support. And the implications of a rupee collapse would be immense. ...

NEW YORK (Reuters) - Google Inc completed its $12.5 billion purchase of Motorola Mobility, and the Web search leader named a new management team for the cellphone maker. Google said on Tuesday that Motorola Chief Executive Sanjay Jha has stepped and has been succeeded by Dennis Woodside, former president of Google's Americas region. Woodside oversaw planning for the Motorola integration, according to Google. The deal close comes just days after the companies gained approval for the acquisition from the Chinese government. European and U.S. regulators approved the deal in February. ...

NEW YORK (Reuters) - Best Buy Co Inc reported better-than-expected quarterly results and maintained its outlook for the year as a turnaround plan started to take hold, sending shares in the world's largest consumer electronics chain up more nearly 4 percent. The stronger results eased concerns about the future of the retailer after Chief Executive Brian Dunn resigned abruptly last month amid a probe into allegations of personal misconduct. Critics are also worried that Best Buy is serving as a showroom for Amazon.com Inc and other online retailers. ...

WASHINGTON (Reuters) - Drug reviewers on Tuesday recommended rejecting a Pfizer Inc drug because the data did not prove it worked well in treating a rare neurodegenerative disease. The U.S. Food and Drug Administration staff reviewed the pill, tafamidis, ahead of an advisory panel of outside experts, which will vote on whether to recommend it for approval on Thursday. The FDA will make a final decision later, taking into account the panel's recommendation. ...

LONDON (Reuters) - Britain must do more to bolster demand and the Bank of England should purchase more assets or even cut its main interest rate - already at a record low - to prevent years of sluggish growth, the International Monetary Fund said on Tuesday. Britain has not fully recovered from the slump caused by the 2007-2009 financial crisis, and the economy fell back into recession around the turn of the year. "Growth is too slow and unemployment, including youth unemployment, is too high," IMF Managing Director Christine Lagarde said at a news conference. ...

(Reuters) - In the run-up to Facebook's $16 billion IPO, Morgan Stanley, the lead underwriter on the deal, unexpectedly delivered some negative news to major clients: The bank's consumer Internet analyst, Scott Devitt, was reducing his revenue forecasts for the company. The sudden caution very close to the huge initial public offering, and while an investor roadshow was underway, was a big shock to some, said two investors who were advised of the revised forecast. ...

(Reuters) - Citigroup said it has a cautious view on the U.S. small-and mid-cap companies on concerns over earnings pressure in the second half amid the euro zone crisis and the political uncertainty in the United States. Analyst Scott Chronert downgraded the small and mid-cap technology sector to "market weight", saying expectations for margin improvement for the group may be tough to meet even as valuations remain attractive. Chronert upgraded the health care and utilities sectors to "overweight" on valuation. ...

LONDON (Reuters) - Mobile operator Vodafone made a writedown of 4 billion pounds ($6.3 billion) and cut its medium-term sales target as the debt crisis squeezed customers in southern Europe, forcing them to save money on phone calls. Vodafone posted full-year results in line with forecasts and stood out from its peers by promising another strong dividend as strength in emerging markets and Germany, Britain and Turkey offset a slump in spending in Spain and Italy. ...

LONDON (Reuters) - Commodities trader Glencore has taken majority control of its fast-growing Mutanda copper operation in Congo with deals worth $480 million, marking the first step in a planned merger of the mine with its nearby Kansuki concession. Mutanda, in central Africa's copper belt, is one of Glencore's main growth assets and a key operation in the Democratic Republic of Congo alongside its Katanga asset, largely thanks to its high ore grades and low expansion costs. ...

HONG KONG/BEIJING (Reuters) - Nissan Motor Co Ltd said it aims to triple global sales of its premium Infiniti brand by 2016 and take 10 percent of China's luxury vehicle market, challenging leaders like Audi AG and Mercedes Benz maker Daimler AG. Infiniti on Tuesday became the first global car brand to open a headquarters in Hong Kong, but it is viewed as a latecomer to China with production there planned to start in 2014. Infiniti currently has about 3 percent of China's luxury vehicle market. ...

(Reuters) - Apple has maintained its place as the world's most valuable brand over the past year, leading a group of technology-related companies that dominate the top 10, according to a study published on Tuesday. The iPhone and iPad maker has boosted its brand value by 19 percent in the past year to $183 billion, or 37 percent of its market capitalization, according to the annual BrandZ study by leading brands and market-research agency Millward Brown. ...

(Reuters) - Federal prosecutors on Monday announced insider trading charges against a former Yahoo employee and a fund manager for illegally sharing and trading on secret company information. The pair pleaded guilty in Manhattan federal court on Monday, the Manhattan U.S. Attorney's office said in a press release. They were also charged by U.S. securities regulators in a parallel civil proceeding. The SEC said it is pursuing a civil settlement with the two. ...

LONDON (Reuters) - Tesco boss Philip Clarke has opted not to take an annual bonus of about 372,000 pounds ($588,000) following a poor performance by the world's third-biggest retailer in its main British market. Shares in Tesco, which issued a shock profit warning in January, have lost almost a quarter of their value this year and the company is now investing about 1 billion pounds in a bid to stem a declining market share in Britain. ...

(Reuters) - Former MF Global Holdings Ltd chief Jon Corzine received more than $8 million in pay and stock options from the futures brokerage in the year before it went bankrupt. Corzine's pay along with that of other former MF Global executives was listed in a court document filed on Friday by Louis Freeh, the trustee unwinding the company's bankrupt estate. Corzine, a former Goldman Sachs chief and New Jersey governor, was paid $3 million in cash, the filing showed, as well as $5.35 million in stock options, which are likely now worthless. ...

NEW YORK (Reuters) - Seventeen more partners at Dewey & LeBoeuf announced their departure on Monday, as the failing law firm considered filing for bankruptcy. Rival law firm Proskauer Rose said it was bringing in four partners, including Ralph Ferrara, a vice chairman at Dewey and former general counsel of the U.S. Securities and Exchange Commission. Duane Morris, another law firm, said it was hiring 16 lawyers from Dewey, including six of its partners. ...

BEIJING/SHANGHAI (Reuters) - China will fast track approvals for infrastructure investment to combat a slowdown in the economy, a state-backed newspaper reported on Tuesday, showing how Premier Wen Jiabao's call for policies to support growth is being put into action. The pace of investment in the likes of roads, bridges and real estate is running at its weakest in nearly a decade, April data showed, suggesting the world's second-biggest economy is heading for a sixth straight quarter of slowing growth. ...

(Reuters) - Jailed former Enron Corp. Chief Executive Officer Jeffrey Skilling is seeking a new trial citing "newly discovered evidence," according to court documents. Skilling was convicted in 2006 on charges including conspiracy and securities fraud in relation to the 2001 collapse of the one-time energy trading giant Enron. The 58-year-old is now serving a 24-year jail term. Skilling attorney Daniel Petrocelli has asked a judge for more time to file a "motion for a new trial based on newly discovered evidence", according to court filings last week in Houston federal court. ...

(Reuters) - Facebook shares sank 11 percent in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 percent from where they were Friday and driving others to switch back to more established stocks. Facebook's debut was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures. That may comfort companies considering a listing, but does it little for Facebook, whose lead underwriter, Morgan Stanley, had to step in and defend the $38 offering price on the open market. ...

NEW YORK (Reuters) - Stocks rose more than 1 percent on Monday, with the S&P 500 snapping a six-day losing streak in a rebound from equities' biggest weekly drop in almost six months, but Facebook slumped in its second session after a disappointing debut. Tech shares were among the day's biggest gainers, with an S&P sector index surging 2.8 percent on the strength of Apple Inc . Shares of Apple climbed 5.8 percent to $561.28, leading the Nasdaq to its biggest one-day percentage gain since December 2011. ...

(Reuters) - Facebook shares sank 11 percent in the first day of trading without the full support of the company's underwriters, leaving some investors down almost 25 percent from where they were Friday and driving others to switch back to more established stocks. Facebook's debut was beset by problems, so much so that Nasdaq said on Monday it was changing its IPO procedures. That may comfort companies considering a listing, but does it little for Facebook, whose lead underwriter, Morgan Stanley, had to step in and defend the $38 offering price on the open market. ...

SAN FRANCISCO (Reuters) - Facebook's lackluster initial public offering performance is a black eye for many on Wall Street and could have ramifications for similar upcoming deals such as an offering by Twitter, but venture capitalists in Silicon Valley are keen to shrug off Facebook's stumble - at least for now. ...

WASHINGTON (Reuters) - U.S. lawmakers investigating Wal-Mart Stores Inc for alleged bribery in Mexico are frustrated by the lack of cooperation they have received from the company, a committee staffer familiar with the investigation said. Attorneys for Wal-Mart briefed the committee earlier on Monday about the company's anti-corruption compliance program, the person said. But Wal-Mart has not committed to briefing the panel on the substantive allegations raised by a New York Times report, a key request of the committee, said the staffer, who spoke on the condition of anonymity. ...

SHANGHAI/NEW YORK (Reuters) - Yahoo Inc will sell as much as half of its 40 percent stake in Chinese e-commerce powerhouse Alibaba Group for $7.1 billion, ending years of fractious talks over how to extract value from its most prized asset. Yahoo also increased its stock buyback authorization by $5 billion to $5.5 billion as a result of the deal but said it might instead opt to distribute some of the proceeds through a dividend. The sale, announced on Monday, gives Yahoo $6.3 billion in cash and up to $800 million of new Alibaba preferred stock. After taxes, Yahoo will clear $4.2 billion. ...

Global stocks advanced Tuesday ahead of a summit of European leaders that's expected to be dominated by calls to boost economic growth across the continent, though ongoing worries over the upcoming Greek election kept the rally in check.

Argentina's nine-year economic expansion is slowing sharply, according to analysts, who predict growth of 2.5 percent to 3 percent this year, half the 5.1 percent projected by the government's 2012 budget and far below last year's 8.9 percent rise.

U.S. stocks opened mixed ahead of a report expected to signal further gains in the housing market, while Facebook's shares took another fall.

Political and financial uncertainty in Greece saw shares on the Athens Stock Exchange drop to their lowest level in 22 years on Tuesday, despite broad gains in European markets, after the crisis-hit country got another gloomy growth forecast.