Tagged: Wall Street

Update at 4:33 p.m. ET. Right At Expectations:

Facebook reported slightly stronger than expected profits. For the second quarter, it reported a net loss of $157 million or 11 cents a share. But when it adjusted its earnings to remove stock compensation charges related to its IPO, Reuters reports, Facebook actually made 12 cents a share.

"Rajat Gupta, who reached the pinnacle of corporate America as managing partner of McKinsey & Co. and was a director at Goldman Sachs Group Inc. and Procter & Gamble, was convicted by a federal jury of leaking inside information to hedge-fund manager Raj Rajaratnam," Bloomberg News writes.

The Associated Press recaps the case:

Four years ago, Evelyn Stevens was working as a Wall Street investment banker and just starting to race bicycles. But she rose through the cycling ranks quickly, and next month she will represent the United States at the Olympic Games in London.

On a recent muggy morning in busy Central Park, Stevens easily weaves her bicycle through many obstacles.

"There's the horse carriages, there's the bike buggies, there's the Rollerbladers," she says, "the people on their bikes training, the five gajillion joggers, the hot dog stands, the dogs — there's a lot going in."