TOP STORIES 
 
U.S. TRADE GAP WIDENS ON SURGING IMPORTS 

The trade deficit expanded by 43.1% to a seasonally adjusted $51.37 billion in March, the Commerce Department said. It was the largest monthly percentage increase since December 1996 and the largest deficit reading since October 2008.

 
AETNA TO STOP COVERING ROUTINE USE OF MORCELLATOR 
 

Aetna will stop covering routine use of the laparoscopic power morcellator this month, marking the most direct blow from a major health insurer to a surgical tool that regulators determined can spread hidden cancer in women.

 
U.S. STOCKS TRADE LOWER 
 

U.S. stocks fell, pulling back after the S&P 500 notched its biggest two-day advance in more than a month. The Dow Jones Industrial Average slipped about 55 points in early afternoon trading.

 
GERMAN CAR MAKERS PREPARING BID FOR NOKIA MAPPING UNIT 
 

Germany's big-three premium brand auto makers are said to be preparing to launch a formal bid to acquire a majority stake in Nokia's HERE mapping unit, in a consortium that includes Chinese technology group Baidu and values HERE at "considerably more than EUR2 billion."

 
DISNEY'S REVENUE TOPS VIEWS 
 

Walt Disney's revenue rose a better-than-expected 7% to $12.46 billion for the first three months of the year as continued strength at cable networks and consumer products offset weakness at its movie studio. Shares up 1%.

 
ISM NON-MANUFACTURING INDEX RISES IN APRIL 
 

The ISM's non-manufacturing purchasing managers index came in at 57.8 in April, up from 56.5 in March. Forecasters had expected last month's PMI to slow slightly to 56.3.

 
SPRINT STUMBLES, BUT HOLDS PLACE IN U.S. WIRELESS RACE 
 

Sprint stanched the bleeding in its customer base in the first three months of the year, but concerns about its cash and network upgrade plan raised doubts about its turnaround prospects.

 
REGULATOR TO ALLOW REVIEW OF FREDDIE, FANNIE CEO PAY 
 

Mortgage-finance companies Freddie Mac and Fannie Mae disclosed that their regulator, the Federal Housing Finance Agency, had authorized them to review the pay of CEOs Donald Layton and Timothy J. Mayopoulos.

 
WORKER AT FIAT CHRYSLER DETROIT PLANT DIES IN ACCIDENT 
 

A worker at Fiat Chrysler Automobiles' Detroit plant died this morning on the job, the company confirmed. It said in a statement that it is working with Detroit officials to investigate the death.

 
UBS PROFIT NEARLY DOUBLES 
 

UBS said first-quarter profit nearly doubled from the same period last year on gains at its core wealth management business and a strong bump from its pared-down investment bank.

 
GOLDMAN RAISES LEGAL LOSS VIEW 
 

Goldman Sachs raised the top end of its range of "reasonably possible" legal expenses to about $3.8 billion, the Wall Street firm said in a regulatory filing.

 
 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Earnings Preview 
ALIBABA SEEN POSTING DECLINE IN PROFIT 
 

Alibaba Group Holding is set to announce its fiscal 4Q earnings Thursday before the U.S. market opens. It is expected post net income of 3.28 billion yuan, down 40% from same period a year ago, under U.S. generally accepted accounting principles.

 
Heard on the Street 
UBS SHOWS IT SHOULD KEEP CLEAR OF OLD HABITS 
 

Even the best reformed characters can struggle not to be tempted back into their old ways. But UBS has cleaned up its act the most among European banks and the signs are good that it has ample incentive to stay that way.