Walmart is now the third largest retailer of digital movie downloads, ahead of Sony and Amazon, according to researcher IHS Inc.

The grandfather of big-box and the world's largest retailer, with $419 billion in annual sales, 9,600 stores in 28 nations and 10 billion customer visits annually, Walmart is suddenly reaping substantial revenue due to its acquisition of Vudu. Vudu offers digital versions of Hollywood movies for rental or purchase and was created to stream movies through its own set-top box, but switched gears when consumers chose other devices.

“The business we’re in today, offering first-run movies a la carte, is doing very well right now and has tripled so far this year,” said Vudu GM, Edward Lichty.Continue reading...

Wal-Mart corporate raised eyebrows this week with its own purchase: a social media and search startup called Kosmix.

Consider it a strategic move by the retailer to attract more digitally connected consumers and keep abreast of the staggering number of conversations taking place on social and mobile platforms daily.

As Kosmix notes, “On any given day, people share 830 million items on Facebook, upload 6.1 million photos to Flickr, add 2.1 million minutes of video to YouTube and send 65 million tweets.”Continue reading...

AIG sells railcar sideline business.

BP's one-year anniversary of the Deepwater Horizon disaster is no cause for celebration.

Facebook's Mark Zuckerberg can't put the Winklevoss twins behind him just yet.

J&J faces hurdles on Wall Street.

Los Angeles Times and New York Times lead this year's Pulitzer Prize winners.

New York's Metropolitan Opera announces free summer outdoor series.

S&P surprises by putting a negative outlook on the US.

Wal-Mart aims to bolster social and mobile presence by acquiring Kosmix.

Zillow files for $51.8 million IPO.