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PRESS DIGEST - Wall Street Journal - May 7

May 7 (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.

* U.S. regulators have expanded their investigation into large banks' hiring practices in Asia, seeking more information from at least five U.S. and European firms. The SEC in early March sent letters to a group of companies including Credit Suisse Group AG, Goldman Sachs Group Inc, Morgan Stanley, Citigroup Inc and UBS seeking more information about their hiring in Asia. (http://r.reuters.com/xad29v)

* Chinese e-commerce company Alibaba (IPO-ALIB.N) filed plans to offer its shares in the United States, valuing itself at more than $100 billion, and confirming its size and scale ahead of what is expected to be one of the largest stock listings in history. (http://r.reuters.com/bed29v)

* Twitter Inc's early investors and employees got their first big chance to sell their stock on Tuesday since the social-media company went public in November. And they took it. A surge in selling pummeled the stock, sending it down 18 percent and wiping out $4 billion of market value. (http://r.reuters.com/ded29v)

* Target Corp isn't the only U.S. retailer looking for a new boss - and new ideas. Department store chain J.C. Penney Co, teen retailer American Eagle Outfitters Inc and a handful of others are also on the hunt for chief executives. The turnover at the top - and in some cases the extended searches for replacements - are further evidence of the pressure on an industry where once successful models are out of step with Americans' new shopping habits. (http://r.reuters.com/gud29v)

* Merck & Co is getting out of the business of making Claritin allergy medicines and Coppertone sunscreens, selling off its over-the-counter business to Bayer AG for $14.2 billion. The deal is the latest in a wave of mergers and acquisitions that is reshaping the global pharmaceutical industry. (http://r.reuters.com/ged29v)

* New York's spring auctions got off to a trotting, if not sprint-speed, start Tuesday as Christie's sold $285.9 million worth of Impressionist and modern art. (http://r.reuters.com/xed29v) (Compiled by Supriya Kurane in Bangalore)