TOP STORIES
PRIVATE SECTOR JOBS ROSE BY ONLY 169,000 IN APRIL, ADP SAYS
Private-sector payrolls once again expanded at a mediocre pace
last month, increasing by just 169,000 jobs in April, said the
national employment report compiled by payroll processor ADP and
forecasting firm Moody's Analytics.
U.S. PRODUCTIVITY FALLS 1.9% IN FIRST QUARTER
U.S. worker productivity fell in the opening months of 2015, the
latest sign of sluggish economic growth at start of the year. The
productivity of nonfarm workers fell at a 1.9% seasonally adjusted
annual rate. Economists expected a 1.8% decline.
U.S. STOCK OPEN HIGHER
U.S. stocks open higher, with Chevron and Exxon leading the
gainers. Earlier, futures rose, boosted by energy shares as U.S.
oil prices hit fresh five-month highs. Stock futures remained
higher after a disappointing report on private-sector
employment.
YELLEN CITES PROGRESS ON BANK REGULATION
The Federal Reserve and other financial regulators have made the
banking system a lot safer following the historic financial crisis
of 2008, Fed Chairwoman Janet Yellen said.
CHESAPEAKE ENERGY SWINGS TO LOSS ON WRITE-DOWN
Chesapeake Energy swung to a heavy 1Q loss of $3.78 billion as
the U.S. shale driller took a $3.6 billion write-down on some
properties amid tumbling oil and natural gas prices. Revenue fell
45.3% to $2.76 billion.
WENDY'S TO SELL BAKERY BUSINESS, 640 RESTAURANTS
Wendy's plans to sell its bakery business this month and sell
off 640 of its company-owned restaurants to franchisees. It also
reported a 1Q profit that narrowly topped Wall Street expectations,
through sales fell below views. Shares up 3% premarket.
ALEXION TO BUY SYNAGEVA IN $8.4 BILLION DEAL
Alexion Pharmaceuticals agreed to buy Synageva BioPharma in a
cash-and-stock deal valued at $8.4 billion, paying more than double
the market cap for the maker of rare-disease treatments. Alexion's
shares fell 10%; Synageva's shares surged 114%.
GLOBAL INFLATION EDGES HIGHER
The annual rate of inflation across the Group of 20 largest
economies increased for the second straight month in March,
although it was unchanged at a low level in developed
economies.
TREASURY TO ISSUE $64 BILLION IN NOTES, BONDS
The U.S. Treasury Department said it would issue $64 billion in
securities next week to fund the government's debt. Treasury also
said it would change its cash management policy beginning this
month to hold a higher level of cash in its general account.
THOMSON REUTERS UNVEILS $1B STOCK BUYBACK PLAN
Thomson Reuters said it plans to repurchase up to an additional
$1 billion of its shares by the end of next year. The company said
it has substantially completed a previous $1 billion stock buyback
program unveiled last July.
GSK CUTS RETURN TO HOLDERS FROM NOVARTIS ASSET SWAP
GlaxoSmithKline cut the amount of money it plans to return to
shareholders under an asset swap with Switzerland's Novartis as it
reported a rise in first-quarter net profit, boosted by the
deal.
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Grand Central
TWO VIEWS INSIDE FED ON U.S. PRODUCTIVITY SLOWDOWN
By now it is clear that U.S. productivity growth has slowed and
an important debate is taking place inside the Fed about exactly
when that happened. Sign up here for The Wall Street Journal's
daily report on global central banks.
Capital Journal Daybreak
SENATE PASSES BUDGET AGREEMENT
The Senate passed a budget agreement, following its adoption
last week by the House, making it the first joint budget resolution
to be approved by Congress since 2009. Sign up here for The Wall
Street Journal's morning rundown of the biggest news driving
Washington.