TOP STORIES 
 
PRIVATE SECTOR JOBS ROSE BY ONLY 169,000 IN APRIL, ADP SAYS 

Private-sector payrolls once again expanded at a mediocre pace last month, increasing by just 169,000 jobs in April, said the national employment report compiled by payroll processor ADP and forecasting firm Moody's Analytics.

 
U.S. STOCKS TRADE LOWER 
 

U.S. stocks fell after Federal Reserve Chairwoman Janet Yellen drew attention to elevated valuations in the stock market. The Dow Jones Industrial Average recently was down 80 points.

 
FRENCH PROSECUTORS LAUNCH PROBE OF J.P. MORGAN UNIT 
 

French prosecutors have filed preliminary criminal charges against a unit of J.P. Morgan Chase for its alleged complicity in tax fraud, according to court documents reviewed by The Wall Street Journal.

 
FED'S YELLEN SAYS FINANCIAL RISKS NOT CURRENTLY ELEVATED 
 

Federal Reserve Chairwoman Janet Yellen said risks to financial market stability are moderate at the moment although stock market valuations appear somewhat elevated and some bond and loan markets suggest investors may be taking excess risks.

 
PENTAGON WORRIES KEY IRAQI REFINERY COULD FALL TO ISIS 
 

Pentagon officials said they are worried that a key Iraqi oil refinery that is held by Iraqi commandos could fall to Islamic State control in the coming days.

 
U.S. PRODUCTIVITY FALLS 1.9% IN FIRST QUARTER 
 

U.S. worker productivity fell in the opening months of 2015, the latest sign of sluggish economic growth at start of the year. The productivity of nonfarm workers fell at a 1.9% seasonally adjusted annual rate. Economists expected a 1.8% decline.

 
IMF'S LAGARDE SAYS REGULATORS NEED TO BOLSTER OVERSIGHT 
 

The head of the International Monetary Fund warned that regulators still need to bolster oversight of the financial system to tackle excessive risk-taking, six years after the financial crisis shocked the global economy.

 
ALEXION TO BUY SYNAGEVA IN $8.4 BILLION DEAL 
 

Alexion Pharmaceuticals agreed to buy Synageva BioPharma in a cash-and-stock deal valued at $8.4 billion, paying more than double the market cap for the maker of rare-disease treatments. Alexion's shares fell 9%; Synageva's shares surged 115%.

 
FAA JOINS WITH CNN, BNSF TO STUDY DRONE FLIGHTS 
 

The Federal Aviation Administration is joining with companies including CNN and BNSF Railway to study how to allow drone flights in urban areas and beyond the sight of the devices' operators.

 
CHESAPEAKE ENERGY SWINGS TO LOSS ON WRITE-DOWN 
 

Chesapeake Energy swung to a heavy 1Q loss of $3.78 billion as the U.S. shale driller took a $3.6 billion write-down on some properties amid tumbling oil and natural gas prices. Revenue fell 45.3% to $2.76 billion.

 
WENDY'S TO SELL BAKERY BUSINESS, 640 RESTAURANTS 
 

Wendy's plans to sell its bakery business this month and sell off 640 of its company-owned restaurants to franchisees. It also reported a 1Q profit that narrowly topped Wall Street expectations, through sales fell below views. Shares up 5%.

 
 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Big Picture 
PAIR OF ECONOMISTS LOOK FOR APRIL HIRING BONANZA 
 

After getting burned by March's weak payroll number, the consensus view for Friday's employment report is modest. Two economists, however, are calling for a big gain in April payrolls, writes Kathleen Madigan.

 
Heard on the Street 
SIZING UP BIG BANK SYNERGIES 
 

Whether you call it cross-selling, wallet-share, or revenue synergies, this plank of universal bank strategy is a slippery beast that has long been difficult to pin down in the real world. But nowadays it is more than a plan, it is a justification for why large global banks should continue to exist.