Facebook reports that its revenue grew to more than $1 billion and its membership to 900 million. (Reuters)

Microsoft (NASDAQ: MSFT) sells some of the patents it bought from AOL (NYSE: AOL) to Facebook for $550 million. (Reuters)

Netflix (NASDAQ: NFLX) earnings and projections fail to impress Wall St., which pushed shares down by nearly 15%. (Reuters)

Dow AgroSciences may produce weed-resistent corn. (Reuters)

Google (NASDAQ: GOOG) may launch an online storage system to compete with Dropbox. (Reuters)

Yahoo! Japan my buy back shares from Yahoo! (NASDAQ: YHOO). (Reuters)

An ITC judge says Microsoft violated some of Motorola Mobility (NYSE: MMI) patents. (Reuters)

Several investment banks will cut employment as deal volume falls. (WSJ)

Social Security and Medicare will run through funds faster than previously expected. (WSJ)

General Motors (NYSE: GM) CEO Ackerson says he will stay as long as the board will have him. (WSJ)

The smartphone business increasingly becomes a race between Apple (NASDAQ: AAPL) and Samsung. (WSJ)

United Continental (NYSE: UAL) to buy 100 737s from Boeing (NYSE: BA). (WSJ)

Jana Partners buys 12% of Barnes & Noble (NYSE: BKS). (WSJ)

Verizon’s (NYSE: VZ) earnings press AT&T (NYSE: T) and Sprint-Nextel (NYSE: S) to do similarly well. (WSJ)

Mexican government officials question the operations of state-owned oil firm Pemex. (NYT)

China’s largest banks are challenged to find more capital. (NYT)

More and more EU officials react badly to Angela Merkel’s stand on austerity. (Bloomberg)

Douglas A. McIntyre

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