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.
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