TOP STORIES
EXXON MOBIL POSTS SMALLEST PROFIT SINCE 1999 MERGER
Exxon Mobil, the largest U.S. oil company, reported its smallest
quarterly profit since 1999, a 63% plunge from a year ago, as oil
prices remain depressed.
U.S. STOCKS EXTEND LOSSES AS TECH SECTOR SLUMPS
U.S. stocks fell Friday, as deepening technology-sector declines
threatened to wipe out monthly gains for major indexes.
VALEANT FILES OVERDUE ANNUAL REPORT, MAKES SWEEPING BOARD CHANGES
Valeant filed its overdue annual report, resolving the looming
danger of debt default and at revealing a number of new
investigations into its business practices. It also outlined
sweeping board changes as it seeks to change its tone at the top of
the company.
MEDIVATION REJECTS SANOFI'S TAKEOVER BID
Medivation said it rejected Sanofi's $9.3 billion takeover
offer, claiming that the French drugmaker's proposal "undervalues"
the cancer-treatment company.
U.S. CONSUMER SENTIMENT FELL AS CAUTION CONTINUED
A closely watched gauge of U.S. consumer sentiment-the
University of Michigan consumer-sentiment index-continued to
decline in April, the latest evidence of growing worry about the
economy's momentum.
U.S. INFLATION READING ADVANCES ONLY MODESTLY
Inflation remained modest in March, a sign that pricing
pressures are in check amid slow growth in the U.S. and overseas,
and low oil prices.
VALEANT HOLDER SEQUOIA FUND REOPENS TO NEW INVESTORS
Sequoia Fund Inc., a mutual fund hurt by a large bet on
drugmaker Valeant Pharmaceuticals International Inc., is reopening
to new investors.
CHEVRON REPORTS WIDER-THAN-EXPECTED LOSS
Chevron reported a wider-than-expected loss amid lower oil
prices and the stronger dollar.
CREDIT SUISSE CEO CALLS FOR INVESTOR CALM
Top executives at Credit Suisse asked shareholders to be patient
with the Swiss bank's turnaround efforts and depressed stock price
at its annual investor meeting.
PRICELINE'S OUSTED CEO'S PAY FELL 32% AFTER BOARD REBUKE
Priceline Group's ousted CEO Darren Huston's compensation
dropped 32% last year after fellow directors decided not to pay him
a cash bonus as they investigated a relationship they later deemed
inappropriate.
EUROPEAN CLEARINGHOUSES DEEMED CAPABLE OF WITHSTANDING STRESS
European clearinghouses, which stand between buyers and sellers
of financial instruments, have enough funds to withstand any
plausible market developments, according to the results of a stress
exercise by the EU securities watchdog.
ROYAL CARIBBEAN RESULTS LIFTED BY HIGHER ONBOARD SPENDING
Royal Caribbean Cruises Ltd. reported better-than-expected
revenue and earnings as the cruise-ship operator benefited from
increases in onboard spending on beverages and Internet access.
ROVI TO BUY TIVO IN $1.1 BILLION DEAL
Rovi Corp. said it would acquire TiVo Inc. for about $1.1
billion, a tie-up that comes as consumers are increasingly changing
how they watch videos.
PHILLIPS 66 RESULTS HURT BY LOW ENERGY PRICES
Phillips 66 on Friday reported its profit dropped 61% in the
first quarter as low commodity prices continued to drag on the
energy giant's results.
CANADA GDP DECLINES IN FEBRUARY
Canada's economic output shrank in February for the first time
in five months, led by declines in wholesale trade and
manufacturing, and tempering the recent string of encouraging
economic data.
SHIRE POSTS FIRST-QUARTER PROFIT, REVENUE GROWTH
Shire, the Dublin-based drugmaker, said profit and revenue
climbed in the first quarter, thanks to strong sales of several
rare disease medicines and its blockbuster pill for
attention-deficit hyperactivity disorder.
MOODY'S RESULTS HURT BY DECLINE IN BOND ISSUANCE
Moody's Corp. on Friday slashed its guidance for the year and
reported profit plummeted 20% as a decline in global bond issuance
dented results in the most recent quarter.
AMC ENTERTAINMENT PROFIT CLIMBS
AMC Entertainment Holdings Inc., in the midst of a deal to merge
with Carmike Cinemas Inc., reported better-than-expected profit in
the latest quarter as revenue rose sharply.
LEGG MASON SWINGS TO A LOSS, HURT BY VOLATILE MARKETS
Legg Mason swung to a loss in its most recent quarter, the
latest asset manager to report results bruised by volatile
markets.
TRANSCANADA FIRST-QUARTER PROFIT FALLS 35%
TransCanada Corp. on Friday said its first-quarter profit fell
35%, hurt in part by one-time costs related to its decision to
cancel coal-power purchase deals in its home province of
Alberta.
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Tax Report
HAPPY ANNIVERSARY! THE ESTATE TAX TURNS 100
Today, the estate tax comes in the form of owing the government
up to 40% of your assets at death, above an exemption of $5.45
million per person. One hundred years after its creation, experts
across the political spectrum continue to debate if it should
remain.
Markets Main
CHINESE LEADERS CALL FOR STRONGER PROTECTION OF INVESTORS
Chinese leaders endorsed letting market forces influence local
stock markets but called for stronger protection of investors as
police formally arrested two well-known financial figures.
(END) Dow Jones Newswires
April 29, 2016 13:00 ET (17:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.