MarketWatch - May 16, 2012

If you're keeping on top of the stock markets this morning:

The Nikkei dropped by 99.57 points to 8,801.17.

The Dow also lost 63.35 points to 12,632.00.

And the NASDAQ slipped 8.82 points to 2,893.76.

General Motors plans to stop advertising on Facebook.

The company says it simply isn't getting enough mileage out of its spending.

The announcement comes just three days before Facebook is expected to hold a historic initial public offering.

The social network giant has been trying to convince investors that its ad business makes it worthy of a $100 billion valuation.

A disappointing earnings is report is released from JC Penney.

The struggling department store chain says profits and sales were much lower than expected last quarter.

It will also stop paying a quarterly dividend do save money.

News corp. will acquire a nearly 20 percent stake in one of China's largest film distributors.

The media company hopes Bona Films will help it gain a stronger foothold in China's booming film market.