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The frontrunners win in New York. Republican frontrunner Donald Trump and former Secretary of State Hillary Clinton moved closer to their respective nominations after winning their party’s primaries in New York. Trump took more than 60% of the vote and 89 of the 92 Republican delegates. Surprisingly, Ohio Governor John Kasich claimed the remaining three delegates after securing 25.1% of the vote. Sen. Ted Cruz was shut out of the delegate count after winning just 14.5% of the vote. On the Democratic side, Clinton won 57.9% of the vote and 135 of the 239 delegates that were available.
Japan had its biggest surplus in more than 5 years. Japan announced a trade surplus of 755 billion yen in March, the largest since October 2010. However, the internals of the report didn’t look so good. Exports fell for a sixth straight month, down 6.8% compared to a year ago. On the other side of the ledger, imports shrank 14.9%, largely because of the weakness in energy prices. The Japanese yen is little changed at 109.25 per dollar.
Oil is getting smoked. Oil workers in Kuwait have returned to work after they were told pay negotiations wouldn’t commence until they were back on the job, according to local news outlet Al Jarida. That news has pushed West Texas Intermediate crude oil down more than 2% to near $40.00 per barrel. The energy component has struggled to take out the recent highs above $42 that were put in last week.
Europe has filed an antitrust complaint against Google. The European Commission has filed a complaint against Google in regards to its Android operating system. At a press conference, European competition chief Margarethe Vestager said, “Google [has] pursued an overall strategy on mobile to protect and expand its dominant position.” She went on to say Google’s actions have hurt consumers by “stifling competition and harming innovation.” Google has three months to formally respond to claims, and faces a fine of up to $7.4 billion, or 10% of 2015 revenues.
Mitsubishi Motors cheated to look more environmentally-friendly. Japanese automaker Mitsubishi Motors admits it falsified test data to make its emissions look more environmentally-friendly. Reuters reports, Mitsubishi says it manipulated the test results of 625,000 cars that have been made over the past three years, and that it would stop making those cars immediately. An independent panel has been created to investigate the matter.
Yahoo edged out estimates. The company earned $0.08 per share on revenue of $1.09 billion. Both numbers were just ahead of Wall Street estimates. Yahoo said it expects revenue of between $1.05 billion and $1.09 billion for the second quarter, just below the $1.10 billion that analysts were looking for. “…we made substantial progress towards potential strategic alternatives for Yahoo,” CEO Marissa Mayer said in a statement. “Our board, our management team, and I are completely aligned on this top priority for shareholders.”
Intel is restructuring. The chipmaker announced earnings of $0.54 per share, topping the $0.49 that was expected by the Bloomberg consensus. Revenue climbed 8% to $13.80 billion, just missing the $13.84 billion that analysts were anticipating. But the real story is the restructuring that the company announced. Intel said it will take a $1.2 billion charge and lay off 12,000 workers, or 11% of its labour force. Additionally, CFO Stacy Smith will step down. The company gave disappointing Q2 revenue guidance of $13.5 billion.
Global stock markets trade mixed. Overnight, China’s Shanghai Composite (-2.3%) lagged and Australia’s ASX (+0.5%) outperformed. In Europe, Britain’s FTSE (-0.5%) leads the way down. S&P 500 futures are lower by 1.50 points at 2092.00.
Earnings reporting kicks into high gear. Coca-Cola, DISH Network, and EMC highlight the names reporting ahead of the opening bell. American Express, Las Vegas Sands, United Continental, and Yum Brands are among the companies reporting after markets close.
US economic data remains light. Existing home sales will be released at 10 a.m. ET and crude oil inventories will cross the wires at 10:30 a.m. ET. The US 10-year yield is down 1 basis point at 1.78%.
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