* Facebook Inc's stock briefly touched its IPO price of $38 on Wednesday, hitting a marker that felt out of reach in autumn of last year, when the stock was in free fall. While shares eventually drifted lower to settle at $36.80, Facebook is still within striking distance of $38, a fact not lost on Facebook's investors, many of whom were burned in the company's botched IPO. ()
* Activist investor William Ackman's brash move to buy a 9.8 percent stake in Air Products and Chemicals Inc is drawing attention to a large but little understood company that has been struggling with sliding profits as natural gas becomes more expensive. ()
* The U.S. Securities and Exchange Commission is probing the way International Business Machines Corp reports sales in its cloud-computing business, the company said in a securities filing on Wednesday. The filing offered no details of what practices in particular the SEC might be questioning. IBM defended its standards, saying its reporting is the result of a rigorous and disciplined process. ()
* Asia-Pacific law firm King & Wood Mallesons is merging with British law firm SJ Berwin LLP, creating a firm with more than 2,700 lawyers in over 30 offices around the world. The combination is a significant move into the British and European legal markets for the company, whose formation in 2012 was the largest law firm merger not to involve a U.S. or U.K. partner.
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