UBS (UBS) is trending as Switzerland's biggest bank posted a loss of 1.9 billion francs ($2.1 billion) for the fourth quarter due to legal reasons following a $2 billion rogue trading scandal. The company reported a profit of 323 million francs in the period a year earlier. UBS said the loss was mainly due to "net charges for provisions for litigation, regulatory and similar matters as well as net restructuring charges an an own credit loss." The bank reported a full year loss of more than 2.5 billion francs for 2012, compared with a profit of 4.1 billion francs in 2011. UBS also announced that it will buy back about 5 billion francs of its own bonds to reduce its financing costs. UBS admitted to fraud in its Japanese unit for manipulation of the benchmark London interbank offered rateand agreed to pay $1.5 billion in fines to regulators. That followed its acknowledgement of a multibillion-dollar trading scandal involving a rogue trader at its London office.
BP (BP - Get Report) is another popular search. The company reported a 72% drop in profit for the fourth quarter on lower production due to sales of assets. Also weighing on the company's results was its agreement to pay billions of dollars in fines to settle criminal charges over the Deepwater Horizon oil spill. Excluding the impact of asset sales the the oil spill settlement, BP had a profit of $3.98 billion, beating analysts' expectations of $3.3 billion despite dropping 20% from the year before.
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.