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PRESS DIGEST- Wall Street Journal - May 23

May 23 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

- TikTok Inc on Monday filed a lawsuit challenging the state of Montana's new ban on use of the Chinese-owned app, the first state to bar the popular short-video sharing service.

- Activist investor TCS Capital Management has built a stake in Yelp Inc and is calling on the service-recommendation site to explore strategic alternatives including a sale, according to people familiar with the matter.

- Meta Platforms Inc was hit on Monday with a record 1.2 billion euro ($1.3 billion) fine by European Union regulators over the company's handling of user information and given five months to stop transferring users' data to the United States

- President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement Monday on how to raise the U.S. government's $31.4 trillion debt ceiling with just 10 days before a possible default that could sink the U.S. economy, but vowed to keep talking.

- U.S. semiconductor toolmaker Applied Materials Inc said on Monday it plans to spend up to $4 billion on a research center in the heart of Silicon Valley to speed up advances in semiconductor manufacturing.

- Chevron Corp said on Monday it is increasing its U.S. oil and gas footprint by acquiring shale producer PDC Energy Inc in a stock-and-debt transaction worth $7.6 billion. (Compiled by Bengaluru newsroom)

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