TOP STORIES
US STOCKS SINK AFTER JOBS DATA
Stocks finish broadly lower, with the Nasdaq Composite seeing
its steepest weekly loss this year, after a softer-than-forecast
payrolls report raises concerns about the pace of U.S. economic
growth. DJIA ends down 168 points at 13038.
US PAYROLLS RISE 115,000; JOBLESS RATE 8.1%
U.S. job growth slows again in April, a fresh sign the economy
could be settling into a sluggish spring. Non-farm payrolls rise
just 115,000, falling short of the 168,000 rise economists were
expecting, while the jobless rate dips a notch to 8.1%.
US TREASURY ANNOUNCES 3RD AIG STOCK OFFERING
The U.S. Treasury Department says it would launch its third
public offering of shares in American International Group, the
insurer that was bailed out with U.S. government support during the
financial crisis.
FED'S WILLIAMS SAYS STIMULUS REMAINS 'CRUCIAL'
The U.S. economy remains fragile, which will require the Federal
Reserve to maintain a stimulative monetary policy in the coming
years, San Francisco Fed President John Williams says.
NO VERDICT IN ORACLE, GOOGLE TRIAL
The jury deliberating over Oracle's claims that Google infringed
its copyrights failed to reach a verdict before the weekend, and is
expected to reconvene Monday.
YAHOO FACES PRESSURE OVER CEO
Hedge fund Third Point continues its attack against Yahoo's
management, calling for the immediate termination of CEO Scott
Thompson amid admitted inaccuracies in his academic credentials.
Yahoo shares down 1%.
FCC DISMISSES LIBERTY MEDIA BID TO CONTROL SIRIUS
Federal Communications Commission dismisses Liberty Media's
application for approval to take de facto control of Sirius XM
Radio, dealing a setback to Liberty and its chairman, media mogul
John Malone.
US OIL FUTURES SETTLE AT 3-MONTH LOW
Oil futures tumble to a three-month low, blowing through $100 a
barrel and continuing on lower, in a rout spurred by
weaker-than-expected U.S. employment data. Nymex July crude settles
down 4% at $98.49 a barrel.
APPEALS COURT OVERTURNS $2B JUDGMENT AGAINST FORD
An Ohio appeals court overturns a $2 billion award to Ford
dealers who said they were overcharged for heavy trucks for a
decade. Ford said the Ohio Court of Appeals rejected a jury award
in a class action lawsuit.
WESTLAKE PULLS ACQUISITION OFFER FOR GEORGIA GULF
Westlake Chemical says it has withdrawn its roughly $1.2 billion
offer to buy Georgia Gulf and says it has no plans to pursue a
future transaction for the rival chemical company.
BERKSHIRE HATHAWAY PROFIT MORE THAN DOUBLES
Warren Buffett's Berkshire Hathaway posts a sharply higher 1Q
profit of $3.25 billion, or $1,966 a Class A share, as natural
disasters abate. Operating earnings rose to $1,615 a Class A share
but missed Wall Street estimates of $1,780.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
BIG PICTURE
US Payrolls Miss The Mark Yet Again
Monthly payrolls disappoint, this time increasing a mere 115,000
jobs in April, and even the slight downtick in the jobless rate is
a sign of softness, writes Kathleen Madigan. But it's still too
early to declare the recovery dead.
TECHNICALLY SPEAKING
Charts Do A Number On The S&P 500
The benchmark S&P 500 index is banking on a single technical
number, support that it is close enough to touch, writes Stephen
Cox. A bounce from 1369.49 will point the index to a revisit of the
high for the three-year uptrend.
============ U.S. MARKETS ACTION ===========
DJIA down 168.32 points to 13038.27
NASDAQ down 67.96 points to 2956.34
S&P 500 down 22.47 points to 1369.10
10-year T-note 101 02/32 at 1.8798 yield
NYMEX Crude down $4.05 at $98.49/bbl at close
Dollar/Euro down 0.0695 at 1.30830