- Trump, under pressure to unite Republicans, sharpens attack on Clinton (Reuters)
- Trump's Campaign Upends the Science of Presidential Transition (BBG)
- Trump says Britain would be better off outside EU (Reuters)
- Goldman Said to Extend Fixed-Income Job Cuts to 10% of Staff (BBG)
- Apple's Tim Cook to visit China for government meetings (Reuters)
- China regulator studying impact of overseas-listed firms relisting in China (Reuters)
- China Ponzi Warning to Asset Managers Cites Pooling of Cash (BBG)
- CLSA Sees China Bad-Loan Epidemic With $1 Trillion of Losses (BBG)
- Push for $15 Raises Pay—And Tensions (WSJ)
- GM, Lyft to Test Self-Driving Electric Taxis (WSJ)
- Herbalife Soars After Saying It’s Close to FTC Resolution (BBG)
- Moderate Syrian Rebels Torn Between Giving Up, Joining Islamic Extremists (WSJ)
- 'Paralyzing Volatility' Means Trouble for Wall Street Giants (BBG)
- The Downside of Hedging Currency Risk for Stock Investors (WSJ)
- Square Falls on Concerns Over Financing of Loan Program (BBG)
- Credit Suisse Banker Case Said to Widen With Three New Suspects (BBG)
- Greek Unions Call 48-Hour Strike to Oppose Austerity Bill (WSJ)
- No Sign of Brexit Revolution as U.K. Voters Opt for No Change (BBG)
Overnight Media Digest
WSJ
- U.S. House of Representatives Speaker Paul Ryan said Donald Trump had "work to do" to unify the Republican Party and demonstrate his commitment to conservative principle. (http://on.wsj.com/1UDAiyM)
- General Motors Co and Lyft will begin testing a fleet of self-driving Chevrolet Bolt electric taxis on public roads within a year, as the companies seek to fight off Silicon Valley giants amid a reshaping auto industry. (http://on.wsj.com/1UDAfTy)
- Sanofi sent a letter to Medivation saying it would try to remove and replace members of the U.S. biotech firm's board if it didn't engage in takeover talks. (http://on.wsj.com/1UDAbmT)
- Apple Inc and SAP SE said they would cooperate to help developers create iPad and iPhone apps tapping the German software giant's database services and analytics. (http://on.wsj.com/1UDAcHx)
FT
* British retail tycoon Philip Green on Thursday hit out at UK lawmakers for leading what he called a "trial by media" in relation to last week's fall into administration of department store BHS.
* France's Sanofi has threatened to oust the board of Medivation if the U.S. cancer drugmaker continues to resist its $9.3 billion takeover offer. The company also indicated prospect of a higher bid if its target agreed to enter talks.
* Burberry is evaluating the appointment of a senior manager to support its chief executive, Christopher Bailey, amid concerns from investors after the company's share price saw a sharp fall.
* Italy's third-largest lender by assets, Banca Monte dei Paschi di Siena said its first-quarter profits fell by more than a third, highlighting concerns about its pile of bad loans and collapsing share price.
NYT
- After years of debate about the health risks of electronic cigarettes, the U.S. Food and Drug Administration on Thursday issued sweeping new rules that prohibits sale of electronic cigarettes to anyone under 18. (http://nyti.ms/1Yc0u2p)
- NRG Energy, moving to complete its reorganization after the ouster of its chief executive last year, is paring back involvement in two of its alternative energy ventures as it seeks to cut costs and streamline operations, the company announced on Thursday. (http://nyti.ms/24wg3JM)
- The leaders of the two most powerful labor unions in the U.S. - the Service Employees International Union and the American Federation of State, County and Municipal Employees - are completing a plan that calls for unusually close cooperation in political campaigning, organizing and bargaining in states and cities across the country. (http://nyti.ms/1XbwDZS)
- A suit challenging media mogul Sumner Redstone's mental competence, filed by a former companion, who was removed from his house and his will, goes to trial on Friday. (http://nyti.ms/1O1uL3E)
Canada
THE GLOBE AND MAIL
** Ontario school boards wanting to buy properties from other boards will be forced to pay as much as private developers do in some areas under new provincial rules that are causing divisions in the education sector. (http://bit.ly/23uhm5)
** The Supreme Court of Canada has closed the door on an application by Nortel Networks Corp's U.S. bondholders to try to make a claim for extra interest payments on their $4 billion of outstanding notes. (http://bit.ly/23ui57e)
** Conservative MPs who voted to support the Trudeau government's physician-assisted-dying bill as it makes its way to committee for further study say they did so on the word of their constituents - with some even pushing for more people to be eligible than the Liberal legislation currently allows. (http://bit.ly/1UEcT09)
NATIONAL POST
** The head of Canada Revenue Agency says the federal body is in the midst of a "blitz" on the Isle of Man tax scheme that heightened public and regulatory concerns over offshore accounts. (http://bit.ly/23ulnaF)
** The liquidity crisis at First Quantum Minerals Ltd is largely over, company executives said on Thursday, though there is still a lot of work required to improve the balance sheet. (http://bit.ly/23ulDGB)
** The shut down of energy facilities accelerated on Thursday, taking off line about 1 million barrels - close to 40 percent - of Alberta's daily oilsands production, as a wildfire that started near Fort McMurray spread south to new producing areas. (http://bit.ly/23ulFyl)
Analyst Actions:
- Advance Auto Parts (AAP) raised to buy vs neutral at Goldman
- Ariad Pharma (ARIA) raised to outperform at Cowen
- CorEnergy Infrastructure (CORR) cut to sector perform at RBC
- Endo (ENDP) cut to underperform at Mizuho
- Federal Realty Trust (FRT) cut to underperform at RBC Capital
- General Motors (GM) raised to equal-weight at Morgan Stanley
- Intercontinental Exchange (ICE US) resinstated buy at Goldman
- Macerich (MAC) raised to outperform at RBC Capital
- Medicines Co. (MDCO) rated new outperform at Cowen
- Michaels (MIK) cut to neutral at Goldman Sachs
- Ormat Technologies (ORA) cut to neutral at JPMorgan
- Ubiquiti Networks (UBNT) raised to market perform at BMO
- United Rentals (URI) cut to sell vs neutral at Goldman
- Weatherford (WFT) cut to market perform at Wells Fargo