peHUB First Read

* Facebook has become the web’s largest news reader

* Martha White: The second lives of vacant auto dealerships

* Pharma is at pains to replace blockbusters. Has it found a cure?

* Morning Call: U.S. futures point lower, London falls early, European shares extend losses, the Nikkei drops 0.5% and Hong Kong shares lose ground.

* Recruiters say that MBA job prospects are improving.

* Liz Gannes: Generation Internet is anyone under 30, not just teens

* Ben Bernanke’s remarks at his swearing-in ceremony.

* Tweet of the Day: @OpenJonathan Today’s my last day at Sun. I’ll miss it. Seems only fitting to end on a #haiku. Financial crisis/Stalled too many customers/CEO no more

* Terence Corcoran blames Obama Administration officials, Henry Waxman and unions for Toyota’s woes. Toyota engineers, however, gets a pass. Brilliant.

* Matthew Sholz: Seattle needs an incubator culture

* SGN founder Shervin Pishevar tries his hand at creating a Silicon Valley rap video:

* Finally, thanks to everyone who came out to last night’s peHUB Shindig in New York City. We hope to have photos up sometime later today…