An earlier version of this story incorrectly stated that Apple holds its shareholder meeting today. The event will not be held until Thursday.

BOSTON ( TheStreet) -- Contracting manufacturing activity in China and Europe leads your quick fix of company, market, economic and investing news for Wednesday, Feb. 22.

Wednesday's 5 Biggest Stories

China's manufacturing activity spent a fourth straight month in contraction in February, with new export orders falling hard. Reuters

The story is the same in Europe, where eurozone composite PMI contracted unexpectedly in February. MarketWatch

Obama is set to unveil a new revamped tax program that would lower the effective tax rate for corporations but would kill off other deductions. WSJ

Regarding the second Greek bailout: ""Unfortunately it doesn't feel like the world has changed a whole lot." Bloomberg

A U.S. consumer agency says that bank overdraft fees hurt consumers. Don't worry, the banks will find other ways to nickel and dime customers. Reuters

Company News

Dell ( DELL) blames its bad quarter on hard drive supply issues. Computer World

Citigroup ( C) is staring at a multi-billion dollar hit on its stake in Morgan Stanley Smith Barney. WSJ

There is a significance to the key reversal in Apple's ( AAPL) stock last week. MarketWatch

Oh, and Thursday is the day Apple shareholders meet for their annual meeting. Reuters

Johnson & Johnson ( JNJ) CEO Weldon has been recalled and pulled off of the shelf. Chicago Tribune

Odds and Ends

Dow 13,000 is either an awesome symbol of hope or completely meaningless, depending on who you ask. Dealbreaker

Happy Wednesday. You're about halfway through this holiday-shortened week. Here's a song by The xx to start the day off. YouTube

-- Written by Robert Holmes in Boston.

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