Wall Street edges up on Greece, Disney earnings

NEW YORK (Reuters) - Stocks edged higher on Wednesday as hopeful investors awaited the latest attempt by Greece to reach a deal on reforms in exchange for a new bailout.

Greek debt not sustainable with 70 percent haircut: S&P

NEW YORK (Reuters) - Greece will likely not achieve sustainable debt levels with a 70 percent reduction in the value of bonds held by its private creditors, Standard & Poor's warned on Wednesday, putting pressure on the official sector also to take losses.

ECB still split on joining Greece debt deal: sources

FRANKFURT (Reuters) - European Central Bank policymakers are still divided on what contribution the ECB could make to a restructuring of Greece's sovereign debt, two euro zone monetary policy sources said on Wednesday.

Sprint loss widens on iPhone costs

(Reuters) - Sprint Nextel posted a wider quarterly loss, reflecting the higher costs of selling Apple Inc's iPhone. Plus its subscriber growth fell short of expectations, which sent the company's shares down 3.7 percent.

Deutsche Bank to defer some bonuses - source

LONDON (Reuters) - Germany's Deutsche Bank will defer any part of an employee's bonus above 200,000 euros ($264,800) this year, a source close to the bank said, making it the latest industry player to limit pay in the face of fierce criticism of the industry.

Time Warner beats forecasts, shares up

(Reuters) - Time Warner Inc posted better-than-expected quarterly profit on Wednesday helped by its cable networks and the last installment of its Harry Potter movie franchise.

Frustration mounts as Greeks seek elusive bailout deal

ATHENS (Reuters) - Greek party leaders finally gathered on Wednesday to agree a reform deal in return for a new EU/IMF rescue to avoid a chaotic default, after repeated delays which have prompted warnings that the euro can live without Athens.

Fed may need to buy more mortgage bonds: Williams

SAN RAMON, Calif (Reuters) - The U.S. central bank may need to buy more bonds to bolster a housing market whose distress is at the heart of a "frustratingly slow" economic recovery, a top Federal Reserve official said on Wednesday.

Mortgage applications jump on refi demand: MBA

NEW YORK (Reuters) - Applications for home mortgages jumped last week, fueled by increased demand for refinancing as interest rates fell, an industry group said on Wednesday.

Optimism springs eternal in Cisco shares ahead of results

NEW YORK/CHICAGO (Reuters) - Cisco's earnings have had a way of crushing the dreams of optimists in the last two years.