U.S. stocks open sharply higher Wednesday. Wall Street followed a 7.7 percent gain in Japan's Nikkei Stock Index, the biggest percentage gain since October 2008. The rally in Asia came after China made moves to stimulate its economy, namely cutting taxes on corporate dividends. McDonald's (MCD) says it will use eggs from only cage free hens but the transition could take up to 10 years. McDonald's uses some 2 billion shell and liquid eggs every year, or about 4 precent of the eggs produced in the United States. Citigroup (C) says the worst may not be over for the world economy. Citigroup's chief economist Willem Buiter said there is a 55 percent chance of some form of global recession in the next couple of years, with China leading the slump. Fairchild Semiconductor (FCS) lowered its 3rd quarter sales outlook. GlaxoSmithKline (GSK) inhaler treatment for lung disease failed to show longer life in patients. Celanese (CE) announced a $1 billion stock buyback.
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