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Italy’s lower house of parliament on Wednesday approved a government request for a loan of up to €20 billion to rescue the country’s struggling lenders, including Banca Monte dei Paschi di Siena SpA , according to Reuters. The decision comes as BMPS, the world’s oldest lender, is scrambling to push through a recapitalization plan to keep it afloat. The bank has estimated it will run out of liquidity in four months, rather than the 11 months earlier estimated, Reuters reported, citing bank documents. That sent the shares down as much as 19% to a record low. The stock trimmed its losses to 4.9% after news that the lower house had approved the bailout request. The €20 billion rescue fund will be used to prop up other Italian banks as well, according to Reuters.

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From:: Stock Market News

Shares of Banca Monte dei Paschi di Siena SpA dropped 17% Wednesday following a report the embattled Italian lender’s liquidity could be wiped out sooner than anticipated. The bank now expects to run out of liquidity in four months, compared with a previous estimate of 11 months, Reuters reported, citing BMPS documents. The bank’s current net liquidity position is 10.6 billion euros ($11.02 billion).

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GoPro Inc. said its board approved an additional $7 million in restructuring costs to pay for layoffs, according to a Securities and Exchange Commission filing late Tuesday. GoPro shares declined 0.6% to $8.85 after hours. The company said the additional funds are on top of the estimated $24 million to $33 million previously disclosed. Back in late November, the action-camera company said it was shedding 15% of its workforce. GoPro expects to account for most of the restructuring costs in the fourth quarter.

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A U.S. District Court judge in Illinois ordered Igor B. Oystacher and his proprietary trading company, 3Red Trading LLC, both of Chicago, Illinois, to pay a $2.5 million civil penalty for a manipulative and deceptive spoofing scheme he employed while trading at least five different futures contracts on four exchanges for more than two years. The U.S. Commodity Futures Trading Commission charged Oystacher and 3Red with spoofing-entering and canceling orders he never intended to fill-while trading E-Mini S&P 500, copper, crude oil, natural gas, and VIX futures contracts on at least 51 trading days between December 2011 and January 2014. According to the judge’s order this strategy allowed Oystacher and 3Red to buy or sell futures contracts in quantities and/or at price levels that would not have otherwise been available to them in the market, absent the spoofing activity. The judge’s order also requires that an independent monitor assess and monitor all 3Red’s and Oystacher’s futures trading for three years.

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Adam Messinger, Twitter’s chief technology officer, announced on Twitter Tuesday that he is leaving the company. “After 5 years I’ve decided to leave Twitter and take some time off,” Messinger wrote. Twitter said Tuesday that it plans to “streamline and flatten the organization” by having its engineering, product and design function areas reporting directly to Jack Dorsey, the company’s chief executive. These changes come as the company said it is speeding up the implementation of product improvements. Another executive, John McFarland, who joined Twitter when it acquired his startup TellApart, is also leaving the company, according to Recode. Shares of Twitter were down 0.5% after hours.

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The American Petroleum Institute reported late Tuesday a larger than expected drawdown of U.S. crude oil supplies for the week ended Dec. 16. API said U.S. crude supplies declined by just under 4.2 million barrels, according to sources. Analysts and traders forecast a stockpile decline of 2.4 million barrels, on average. Supply data from the Energy Information Administration will be released Wednesday morning. February crude , the most active contract, rose to $53.59 a barrel in electronic trading, up from the contract’s settlement of $52.30 on the New York Mercantile Exchange.

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Facebook is going into radio with the addition of a Live Audio function. The company said Tuesday that the new feature, as part of Facebook Live, would allow publishers to broadcast live recordings. Facebook partnered with the BBC World Service, LBC, Harper Collins and two authors, Adam Grant and Britt Bennett, to test out the feature. It plans to roll it out more broadly in early 2017. Shares of Facebook were down less than 1% after hours Tuesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News