Halliburton (HAL) and Baker Hughes (BHI) are going their separate ways due to regulatory concerns, calling off their November 2014 merger agreement that was once valued at $35 billion. Halliburton was stuck with a $3.5 billion break fee. (Reuters)
Marissa Mayer, CEO of Yahoo (YHOO), would be entitled to severance benefits valued at $54.9 million in case she's terminated without cause, according to a regulatory filing. The embattled firm is trying to sell its core internet business. (USA Today)
The world's biggest sovereign wealth fund is launching a crackdown on executive pay, targeting high salaries at companies around the globe, in an attempt to exert its influence in a debate that's been gathering pace in recent months. (FT)
Hulu, a joint venture of television network owners 21st Century Fox (FOXA), Walt Disney (DIS) and Comcast's (CMCSA) NBCUniversal, is developing a subscription service to stream video feeds of popular broadcast and cable TV channels. (WSJ)
Puerto Rico will miss a $389 million debt payment due to creditors of the Government Development Bank today, registering the largest default to date for the fiscally struggling U.S. territory since its historic default in August on bonds issued by the Public Finance Corporation. (CNBC)
Republican Donald Trump holds a 15-point lead over Ted Cruz in Tuesday's potentially decisive presidential primary race in Indiana, according to results from a new NBC News/Wall Street Journal/Marist poll. On the Democratic side, Hillary Clinton leads Bernie Sanders by just four points.
President Barack Obama poked fun at Clinton and Sanders as well as Trump and Cruz on Saturday night at the annual dinner of the White House press corps. Former House Speaker John Boehner made a cameo in light-hearted video produced by the White House. (NY Times)
Passengers on Carnival's (CCL) Adonia were due to arrive in Cuba this morning, after setting off Sunday from Miami. Under warming relations between the U.S. and Cuba, it's the first cruise in decades to depart from an American seaport for the communist island nation. (AP)
The inventor of the digital currency bitcoin has finally been revealed, according to an interview with several media outlets and a blog post written by the man himself. (CNBC)
BY THE NUMBERS
San Francisco Fed President John Williams speaks at 5:30 p.m. today. On Sunday, New York Fed President William Dudley talked about the central bank possibly needing more powers to provide emergency funding to securities firms in times of extreme stress.
With the European Central Bank's monetary policy "bazooka" facing some strong criticism, the head of Europe Sovereign Risk at Moody's told CNBC the ECB's policies weren't as effective as they used to be.
The first U.S. economic numbers of May come out at 10 a.m. ET, with the Institute for Supply Management releasing its manufacturing index for April and the government issuing its March construction spending report.
An otherwise busy week for corporate earnings gets off to a slow start this morning, with Sysco (SYY) among the few major companies reporting. AIG (AIG), Sturm Ruger (RGR), and Tenet Healthcare (THC) are among those issuing quarterly numbers after this afternoon's closing bell.
STOCKS TO WATCH
IntercontinentalExchange (ICE) may get more time to consider a bid for the London Stock Exchange. Reuters reports LSE's parent company may delay its shareholder meeting to approve its planned takeover by Deutsche Boerse until after the Brexit referendum on June 23.
J.C. Penney (JCP) shares could double over the next three years, according to Barron's, which said the retailer has made substantial progress in improving its operations over the past year.
Facebook (FB) is the target of a proposed class action lawsuit filed by a shareholder over the company's plan to issue a new Class C stock. The suit contends that the move is unfair and designed to give CEO Mark Zuckerberg even more power.
Apollo Education Group (APOL) saw private equity firm Apollo Global Management (APO) raise its takeover bid for the University of Phoenix online college operator to $10.50 per share from its original $10, boosting the deal's value to $1.14 billion.
AIG (AIG) raised $1.25 billion by selling a chunk of its stake in China insurer PICC, according to IFR. Citigroup (C) and Deutsche Bank (DB) both have sold their minority holdings in Chinese banks in recent months.
WATERCOOLER
An Illinois woman has filed suit against Starbucks for $5 million over the amount of ice the coffee giant used in its drinks, claiming customers often end up with half of the amount of drink that's listed on the menus in fluid ounces. (NBC News)
Walt Disney's "The Jungle Book" dominated the North American box office, winning the crown for the third weekend in a row with $42.4 million. The PG-rated movie has made $252 million domestically and $432 million overseas. (USA Today)