TOP STORIES
SEC INVESTIGATES WHETHER BOFA BROKE CUSTOMER-PROTECTION RULES
The SEC is investigating whether Bank of America broke rules
designed to safeguard client accounts, potentially putting
retail-brokerage funds at risk in order to generate more profits,
according to people familiar with the inquiry.
UPS POSTS HIGHER EARNINGS; CFO TO RETIRE
UPS' 1Q earnings rose 14% to $1.03 billion, or $1.12 a share,
boosted by new pricing initiatives and strong growth in its
domestic segment. Earnings beat expectations, though revenue fell
short. Separately, UPS said CFO Kurt Kuehn will retire July 1.
FORD PROFIT DOWN ON INTERNATIONAL MARKETS
Ford Motor's 1Q net income fell 7% as better-than-expected North
American profits were dented by losses in Europe and South America,
which continue to be a drag on the bottom line. Sales totaled $33.9
billion, down 6% from a year ago.
U.S. STOCKS TRADE MIXED
U.S. stocks traded mixed on the heels of declines in Europe and
China, as investors continued to focus on corporate earnings. In
Europe, France's CAC 40 fell 1.4% and Germany's DAX declined
1%.
PFIZER TRIMS OUTLOOK ON STRONGER DOLLAR
Pfizer trimmed its full-year outlook amid a stronger U.S. dollar
and weaker euro, although the pharmaceutical giant posted
better-than-expected 1Q results on the strength of new products.
Revenue fell 4.3% to $10.86 billion.
CASE-SHILLER HOME PRICE INDEX CLIMBS
Home prices continued to rise modestly in February, according to
the S&P/Case Shiller Home Price Index, a continued upward push
in home values which underscores concerns that buyers' incomes
aren't keeping pace.
NATIONAL GUARD DEPLOYED IN BALTIMORE
National Guard troops fanned out through Baltimore,
shield-bearing police officers blocked the streets and firefighters
doused still-simmering blazes after riots, looting and violent
unrest engulfed swaths of the city yesterday.
MERCK RAISES EARNINGS OUTLOOK
Merck raised its earnings guidance for the year, despite the
negative impact of the stronger dollar, as its first-quarter
results declined less than expected. Shares rose 4% premarket.
T-MOBILE BOOSTS SUBSCRIBER GROWTH OUTLOOK
T-Mobile US boosted its subscriber outlook for the year, as
investments in customer growth pay off for the wireless carrier.
The company also reported 1Q results that narrowly topped Wall
Street expectations.
BP PROFIT HIT BY LOWER OIL PRICES
BP reported a fall in first-quarter profit from a year earlier,
giving the first glimpse of how low oil prices through the
beginning of 2015 affected the world's biggest oil companies.
AETNA BOOSTS PROFIT OUTLOOK
Aetna boosted its profit outlook for the year again as its
government business helped drive better-than-expected earnings for
the first three months of the year. It expects EPS of $7.20 to
$7.40 for 2015, up from its previous call for at least $7.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Grand Central
ROLE REVERSAL, AS CHINA EASES AND FED WAITS AT EXIT DOOR
China's central bank is launching unconventional monetary easing
programs as the Fed readies for an exit from its own low interest
rate policies. Sign up here for The Wall Street Journal's daily
report on global central banks.
Capital Journal Daybreak
OBAMA'S ECONOMIC OUTLOOK
President Obama warned that China would step into the economic
vacuum the U.S. would create if it fails to complete and enact a
free-trade deal with Asia. Sign up here for The Wall Street
Journal's morning rundown of the biggest news driving
Washington.