Olympus is trending as Sony (SNE - Get Report) is set to acquire a stake in the company for 50 billion yen ($643.5 million). The purchase will make Sony the biggest shareholder of Olympus, with an 11.46% stake. In a statement, the two companies said they will embark on a joint venture to develop and manufacture endoscopes and other medical devices. They will create a joint company by the end of the year and will also cooperate in digital cameras. The deal comes in the wake of an accounting scandal that forced Olympus to restate several years of earnings. Olympus has control of roughly 70% of the medical endoscope market. Sony entered the medical market last year when it acquired medical diagnostics company Micronics. The company has been turning its focus away from television manufacturing, where it has struggled as of late.
The U.S. Postal Service is another popular search. The USPS is set to default on a $5.6 billion payment to pre-fund employee retirement benefits on Sept. 30. That will mark the second time the USPS has defaulted on a payment in two months. The payment is required by Congress, an order that has been stipulated since 2006. The USPS has been seeking legislation that would allow it reduce the $5 billion payment it must make to pre-fund retiree health benefits every year. It also seeking legislation that would enable it to axe mail delivery on Saturday.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move. -- Written by Brittany Umar.