May 22 (Bloomberg) -- Mortgage applications in the U.S. dropped last week by the most in almost five months as higher borrowing costs made refinancing a loan more expensive.

May 22 (Bloomberg) -- U.S. stock futures rose, after equity benchmarks climbed to record highs yesterday, as investors awaited Federal Reserve Chairman Ben S. Bernanke’s testimony on the economy and the central bank’s asset purchases.

May 22 (Bloomberg) -- West Texas Intermediate fell for a second day after industry data showed U.S. inventories rose for a fourth week, the longest run of gains since February. China’s oil stockpiles climbed for a second month.

Local banking veteran Robert Horsman has joined Torrey Pines Bank as market executive for the San Diego region, where he will focus on helping the bank expand its base among local businesses, not-for-profit organizations and professionals.

Novatel Wireless Inc. announced that Mesh Systems has selected it for its newly certified CDMA2000 1X embedded M2M module, and Regulus Therapeutics Inc. announced it will present at the Deutsche Bank 38th Annual Healthcare Conference in Boston, according to company announcements, SEC filings and Bloomberg News.