Bloomberg:
- US companies sold more shares in IPOs in the first quarter than in any similar period for the past five years, as economic growth fueled stock sales and reduced demand for convertible bonds and agency debt.
- Cardinal Health, the No. 2 US drug distributor, said full-year profit may miss its forecast by as much as 10 cents a share, partly because of reduced revenue from stockpiled drugs.
- Traders trimmed bets the Fed will lift the benchmark interest rate target by bigger increments in coming months as a government report today showed US companies added fewer jobs than expected.
- Toyota Motor said US sales of its Toyota, Lexus and Scion brands rose 17% in March.
- Ford Motor said its US sales of cars and trucks fell 1.7% on declining demand for sport-utility vehicles.
- The US dollar rose almost a cent against the euro after an industry report showed prices paid by US manufacturers jumped last month and services industries expanded at a faster pace.
- Crude oil is nearing a record and gasoline surged to an all-time high on speculation that rising demand my outpace US refinery production during peak demand this summer.
- Best Buy said profit this year will be below some analyst estimates.
Wall Street Journal:
- US regulators are investigating American International Group for possible further improper transactions with reinsurers.
- US lawmakers are proposing more incentives to drugmakers to develop medications to combat bioterrorism threats such as anthrax and small pox.
- Dana Corp. is close to signing a $100 million contract to outsource its human resources department to IBM.
- Microsoft filed 117 lawsuits against online sites to curb Internet scams that persuade users to give personal information.
- Medicare yesterday started a Web-based database to provide objective ratings on the quality of hospital care.
Fox News:
- Pope John Paul II has died.
New York Times:
- Chinese consumers are buying few cars from US and European manufacturers because of government restrictions on car fleet purchases and rising fuel prices.
- Intel Corp. President Otellini told a government panel on taxes that the world’s largest computer-chip maker might build its next $3 billion semiconductor plant outside the US because of high taxes.
AP:
- The Massachusetts House of Representatives approved a bill allowing embryonic stem cell research, with a majority large enough to override an expected veto by Governor Mitt Romney.
Detroit News:
- The FBI began an investigation into Delphi Corp.’s accounting practices after the auto-parts maker warned of earnings restatements.
NY Daily News:
- Fox News Chief Executive Roger Ailes said a proposed business news channel is on hold.
Chicago Sun-Times:
- Illinois Governor Rod Blagojevich proposed doubling the number of slot machines and table games allowed in the state to help generate an additional $300 million to fund schools.
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