TOP STORIES
ICAHN REPORTS 7.6% STAKE IN CHESAPEAKE ENERGY
Activist investor Carl Icahn reports a 7.6% stake in Chesapeake
Energy and calls for the replacement of at least four of the
embattled natural gas company's current board members. Shares up
1.5% after hours.
US STOCKS FALL ON EUROPE ANXIETY
Stocks finish lower ahead of the long holiday weekend as reports
of weakness in Spain underlined anxiety about the euro zone,
outweighing a better-than-expected reading on U.S. consumer
confidence. DJIA sheds 75 points.
SPAIN TO INJECT EUR19 BLN INTO BANKIA
Spain's government is prepared to give EUR19 billion in
financial support requested by troubled lender Bankia, the bank
says, in what would be the largest bank bailout in the country's
history.
US SENTIMENT RISES TO HIGHEST LEVEL SINCE MAY 2007
The Thomson Reuters/University of Michigan consumer sentiment
index increases to 79.3 in its final-May reading from 77.8 earlier
in the month and 76.4 at the end of April, according to an
economist who has seen the report.
JP MORGAN CHASE BOARD TO SHAKE UP RISK PANEL
The board of J.P. Morgan Chase & Co. (JPM) is expected to
shake up its risk policy committee in the wake of more than $2
billion in trading losses, said people familiar with the
matter.
UBS, CITIGROUP LOSE $50M ON NASDAQ FACEBOOK GLITCHES
The market-making arms of UBS and Citigroup suffered combined
losses of about $50 million on trades made during last Friday's
glitch-plagued listing of Facebook on the Nasdaq, people familiar
with the matter say.
MERCK, SANOFI SUBMIT FIRST-ROUND BIDS FOR AMYLIN
Merck and Sanofi have submitted first-round bids for Amylin
Pharmaceuticals worth at least $25 a share, valuing the company at
more than $4 billion, Bloomberg News reports.
LEHMAN CONFIRMS $1.58B BUYOUT OF ARCHSTONE
Lehman Brothers confirms it will buy the 26.5% stake in
Archstone it doesn't already own for $1.58 billion, ending a
high-stakes battle over the control of the apartment giant.
NBC SEEKS TO BUY MICROSOFT'S MSNBC.COM STAKE
NBC Universal is in talks to buy Microsoft out of their jointly
owned MSNBC.com website, completing unwind of software-media
partnership long regarded as awkward holdover from dawn of
internet.
GM SAYS PROXY FAILED TO NOTE RELATED PARTY DEAL
General Motors says it failed to disclose in its proxy a
$600,000 contract with an ad agency partly owned by the wife of the
auto maker's chief financial officer.
RITE AID REVEALS HIGHER PAY FOR KEY EXECUTIVES
Total pay for Rite Aid's top executives jumps sharply higher in
fiscal 2012 due to long-term cash incentive units that vested after
the company reached adjusted earnings targets for the past three
years.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
POINT OF VIEW
Move Bankers Off Regional Fed Boards
If local bankers were simply banned from the regional Reserve
Bank boards, any complaints about the appearance created by bankers
taking any role in the Federal Reserve system also would disappear,
writes Neal Lipschutz.
BIG PICTURE
Economists Try To Forecast Unprecedented 'Grexit'
While financial markets and economists are focused on how a
possible Greek exit would play out, U.S. consumers are barely
paying attention, and this could be a case where ignorance is
bliss, writes Kathleen Madigan.
============ U.S. MARKETS ACTION ===========
DJIA down 74.92 points to 12454.83
NASDAQ down 1.85 points to 2837.53
S&P 500 down 2.86 points to 1317.82
10-year T-note 100 01/32 at 1.7432 yield
NYMEX Crude up $0.20 at $90.86/bbl at close
Dollar/Euro down 0.0131 at 1.25190