QUICK OVERVIEW

• (WSJ) Yum earned $458 million, or 96 cents a share,, up from $264 million, or 54 cents a share, in the same quarter a year ago. Excluding items, the company would have earned 76 cents a share. Revenue hit $2.74 billion, a 13% gain.

• (WSJ) Qualcomm reported a profit of $2.23 billion, or $1.28 a share, up from $999 million, or 59 cents a share, a year earlier. Excluding 41-cents per-share earnings from the Qualcomm Strategic Initiatives segment, stock-based compensation and other items, per-share earnings rose to $1.01 from 86 cents. Revenue improved 28% to $4.94 billion.

• U. S. Crude oil stocks increased 3.9 million barrels, gasoline stocks decreased by 3.7 million. Distillate stocks decreased 2.9 million barrels. Ethanol stocks rose 0.2 million to 22.0 million barrels.

• Human Genome Sciences (HGSI) announced that it has received an unsolicited proposal from GlaxoSmithKline (GSK) to acquire HGS for $13.00 per share in cash.

• E-Trade Financial reported Thursday its Q1 profit rose to $62.6 million, or 22 cents a share. Up from 16 cents a share YoY.

• China’s media reports that the province of Heilongjang, which is its largest soybean producer, is suffering through its worst drought in a decade.
• A Friday rumor on the soybean floor that Brazil is cutting off exports produced a good rally. Soy meal is making new highs.

• EBAY reported that revenue for Q1 rose 29% to $3.3 billion, compared to the same period of 2011.

• Microsoft Corp. reported Q3 profit of $5.11 billion, or 60 cents a share, on $17.41 billion in revenue.

• The Federal Reserve says banks will have two years to comply with a rule that would ban them from trading for their own profit. The so-called Volcker rule is expected to take effect this summer. But the Fed clarified that it won’t enforce it until July 2014.

• Yum (YUM) reported Q1 earnings increased of 21% YoY

• AIA (AAGIY) Group first quarter new business value rose 27%

• Japan's trade deficit in the past fiscal year ending in March stood at 4.41 trillion yen (about 54. 19 billion U.S. dollars), marking the worst ever reading for the country.

• Brazil cut the basic interest rate from 9.75% to 9%.

• A prominent Chinese think tank issued a forecast saying China's grain output is likely to grow for the ninth consecutive year in 2012. (Good thing the weather doesn’t have a memory, or the odds of that happening would be slim)

• Wal-Mart Stores Inc (WMT), the world's largest retailer, squelched an internal investigation into allegations of bribery at its Mexican subsidiary instead of broadening the probe, the New York Times reported