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.