IN THE NEWS TODAY
Tech entrepreneurs and venture investors are heading to the White House today to meet with government officials, and President Donald Trump, to discuss the potential impact of emerging technologies on industrial workers in the U.S. (CNBC)
AT&T is on pace to invest around $22 billion in the United States this year, CEO Randall Stephenson told CNBC today, ahead of attending the White House tech meeting.
Blackstone CEO Stephen Schwarzman on CNBC today directly linked a surge in optimism to the Trump administration's pro-growth policies. Schwarzman chairs President Donald Trump's Strategic and Policy Forum.
The Trump administration pressed China to exert more economic and diplomatic pressure on North Korea to help rein in its nuclear and missile programs during a round of high-level talks in Washington. (Reuters)
President Trump said he's crafting legislation to bar new immigrants from receiving welfare for at least five years. Trump announced the proposal at a campaign-style rally in Iowa last night. (NY Times)
Benchmark venture capitalist Bill Gurley, who was reportedly instrumental in the resignation of Uber CEO Travis Kalanick this week, is in talks to leave the rail-hailing firm's board. Benchmark is a major investor in Uber. (CNBC)
Staples (SPLS) is in advanced talks to be acquired by private equity firm Sycamore Partners. A deal for the office supplies retailer could be worth more than $6 billion. (Reuters)
Home Capital said billionaire Warren Buffett's Berkshire Hathaway will provide a new $1.5 billion line of credit to its unit Home Trust, ending the Canadian lender's strategic review process. (Reuters)
Snapchat's newest feature, Snap Map, is based on its latest acquisition, social mapping startup Zenly. Snap (SNAP) bought Zenly for $250 million to $300 million in cash and stock late last month. (TechCrunch)
Hain Celestial (HAIN) issued its long-delayed financial results after an internal accounting review and audit, and made no material changes to previously stated results. The natural and organic products maker's forward guidance was below estimates. (CNBC)
Japan's Takata is expected to file for bankruptcy on Monday, as the company faces billions in liabilities stemming from the biggest recall in automotive history over airbags. Takata will seek a bridge. (Reuters)
Tropical Storm Cindy turned deadly and roared through the Gulf of Mexico toward the coast today, slashing the region with heavy rains and flooding. It was the third day of rough weather for the region. (USA Today)
STOCKS TO WATCH
Oracle (ORCL) reported adjusted quarterly profit of 89 cents per share, 11 cents above estimates. Revenue was also above forecasts, with increased customer enthusiasm for cloud-based products and services at the software giant.
Steelcase (SCS) fell 4 cents shy of estimates with adjusted quarterly profit of 15 cents per share, and the office furniture maker also saw revenue fall short of forecasts. Steelcase's current quarter earnings and revenue are below consensus as well.
Novartis (NVS) reported surprisingly effective study results for a heart drug designed to reduce inflammation in patients who have survived prior heart attacks.
GlaxoSmithKline (GSK) won more than $235 million from Teva (TEVA) after a jury ruled that Teva had infringed a patent for GSK's blood pressure drug Coreg. Teva said it was disappointed with the ruling and will consider an appeal.
Apple (AAPL) is seeking to cut the royalties it pays record labels for its Apple Music service, according to a Bloomberg report. Existing deals expire at the end of June, although observers think the current agreements will be extended if no agreement is reached by then.
A new study finds an increase in the number of car accident insurance claims in three states that have approved the sale of marijuana for recreational use. (CNBC)