Dec. 19 - Swiss bank UBS admitted fraud and accepted a $1.5 billion fine for its role in manipulating global benchmark interest rates.
Did your morning call for Wednesday European regulators slapping UBS with a one point five billion dollar fine today. A global probe -- step the Swiss bank -- Libor rate in the US Europe and Asia. Isn't perspective the penalty is more than three times the 450. Million dollar fine Barkley had to -- in June for the same charge. And the second largest fine ever levied on a bank. Shares of UBS rose close to 2% to hit a seventeen month high in the premarket investors feeling assured the worst was over. UBS deal is likely to be followed by a slew of other settlements between big banks and regulators over the -- -- -- scandal. In earnings this morning we've got fed -- reporting just minutes ago. Revenue came in higher than expected but earnings per share came in below estimates the company saying earnings impacted by sandy. Forecast for capital spending for 2013 will remain the same and FedEx trading slightly lower in premarket. Also on our radar today hello pots and pans in towels yes we've got results from Bed, Bath & Beyond after the market close. Analysts polled by -- I'm looking for earnings per share one dollar inline with estimates. The patent wars continue to Rajon and what now seems like a hundred years war. Google's Motorola mobility battling out with the general Patton of patents apple. A US international trade commission judge ruling that Motorola's patent for -- sensor. Which -- spoke users from dialing wrong numbers is invalid. They win and for the iPhone maker. Oversees Google's getting a break the FTC delaying its decision in an antitrust probe and the tech giant ranks search results. Turning to the wider market US stock futures point to a slightly higher open still dancing to the speed of the fiscal cliff. Republicans are expected to vote on their tax bill in the house on Thursday but don't expect that -- passed in the democratic controlled senate. Which little something it's at this morning. The ratings agency warning the US will lose its triple its status if Washington doesn't get its act together -- Susan. On the macro front we've got data on housing starts today diet or -- construction of new homes to have dropped in November after three months of gains. That's it for Wednesday's morning cough follow us on Twitter at Reuters Insider and check out our ordered YouTube channel act Reuters dot com slash writers TV. I'm Lisa Bernhard this is --