TOP STORIES
BANK OF AMERICA REPORTS LOSS
BofA reported a 1Q loss of $276 million, or 5c a share, versus a
profit of $1.48 billion a year ago, as it was weighed down by $6
billion in legal charges and was hit by slumping mortgage
originations. Revenue fell 2.7% to $22.57 billion.
U.S. HOUSING STARTS CLIMB 2.8% IN MARCH
U.S. housing starts rose 2.8% in March to a seasonally adjusted
annual pace of 946,000, fueled by growth in single-family homes,
but broader trends suggest the market remains in a slump.
MT. GOX GIVES UP ON REHABILITATION BID
Defunct bitcoin exchange Mt. Gox has given up its plan to
rebuild under bankruptcy protection and said it has agreed with a
Tokyo court on the first step toward liquidation.
YAHOO UP AS CONCERNS EASE
Yahoo shares rose 8% after the company's first-quarter report
indicated progress with its advertising business and eased concerns
about slowing growth at Alibaba, the e-commerce giant in which
Yahoo owns a 24% stake.
U.S. STOCKS RALLY IN OPENING TRADE
U.S. stocks opened broadly higher as rising hopes of economic
stimulus from Asia helped boost investor confidence. Futures had
pared some of their gains premarket after U.S. housing data missed
forecasts.
U.S. INDUSTRIAL PRODUCTION RISES IN MARCH
Industrial production increased a seasonally adjusted 0.7% in
March from the prior month, the Federal Reserve said. Capacity
utilization, a gauge of slack across industries, rose 0.4
percentage point to a 79.2% rate.
SOUTH KOREAN FERRY CAPSIZES
South Korea's rescue services raced to find more than 100 people
still missing after the sinking of a passenger ferry early
Wednesday. Two people have been confirmed dead.
COMBAT VEHICLES IN EAST UKRAINE RAISE RUSSIAN FLAG
Militants seized Ukrainian armored military vehicles and then
paraded them with a Russian flag through the streets of Slovyansk,
the country's defense ministry said, amid growing signs a new
operation to clear out pro-Russian separatists was already
sputtering.
ALIBABA FLEXES MUSCLES AHEAD OF IPO
Alibaba is nearing another giant milestone: a hotly anticipated
initial public offering in the U.S. that could raise about $15
billion from investors, just shy of what Facebook sold when the
social-networking firm went public in 2012.
OIL FUTURES PRICES HIT SIX-WEEK HIGHS ON UKRAINE CRISIS
Oil futures prices gained as unrest in Ukraine fueled concern
the West could impose further sanctions on Russia, the world's
second-largest oil exporter.
CREDIT SUISSE PROFIT BELOW EXPECTATIONS
Credit Suisse delivered a disappointing profit figure for the
first quarter, as the Swiss lender was weighed down by the
performance of its investment bank.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
The Wall Street Journal
ALIBABA FLEXES MUSCLES AHEAD OF IPO
Alibaba is nearing another giant milestone: a hotly anticipated
initial public offering in the U.S. that could raise about $15
billion from investors, just shy of what Facebook sold when the
social-networking firm went public in 2012.
The Wall Street Journal
U.S. HOUSING MARKET SLOW TO HIT ITS SPRING STRIDE
A flurry of recent housing data suggests that the market's
spring selling season is getting off to a slow start, a worrisome
sign after a winter of expectations that warmer weather would
rekindle growth.