BOSTON ( TheStreet) -- Here are the top stock market headlines for the morning of Tuesday, July 27, 2010.
Tuesday's Early Headlines
- BP Takes $32 Billion Charge; Hayward Out -- BP (BP) said it will take a pretax charge of $32 billion related to the oil spill as the company reported a second-quarter loss of $17 billion, or $5.42 a share. BP also confirmed that CEO Tony Hayward will be replaced by Robert Dudley, an American who has been overseeing the Gulf cleanup. BP also said it will sell another $23 billion in assets.
- Home Prices Rise in May -- The S&P/Case-Shiller 20-city home price index rose 4.6% in May from a year earlier. The increase in home prices comes after the April expiration of the first-time homebuyers tax credit. On a seasonally adjusted basis, the 20-city composite was up 0.5% in May on a month-over-month basis after an upwardly revised 0.6% rise in April. Economists had forecasted a 0.2% increase.
- Library of Congress OKs 'Jailbreaking' of Mobile Phones -- The U.S. Library of Congress said Monday that users of handsets like Apple's (AAPL) iPhone who open up software to load applications -- a process known as "jailbreaking" -- are not violating copyright protections. "Persons who circumvent access controls in order to engage in noninfringing uses of works in these six classes will not be subject to the statutory prohibition against circumvention," Librarian of Congress James Billington said in a statement Monday.
- Yahoo! Japan Switches to Google -- Yahoo! Japan decided to use Google's (GOOG) search engine technology and online advertising platform instead of Microsoft's (MSFT) platform, which is being used by part-owner Yahoo! (YHOO). Yahoo! Japan, which makes up more than 50% of Japan's internet search activity, said it expects to switch to Google's search engine by the of the year and to its online ad platform some time later.