Facebook isn’t the only tech stock having a good week. Amazon—helped along by its booming cloud business—more than doubled its net income in Q1 as compared to a year ago – NYTimes and WSJ and Bloomberg and MarketWatch
The Cloud was kind to Microsoft, too – WSJ and Bloomberg
For Wells, it’s only getting worse before it gets better. Today, that means a Labor Department probe into the bank’s 401(k) practices—namely, whether WF pushed participants in low-cost plans to roll over their holdings into more expensive IRAs at the bank – WSJ
US Q1 GDP estimates are due out this morning. Here’s what we’re watching – NYTimes
Delaware Superior Court Judge Paul Wallace refused KMPG’s pleas to throw out plaintiffs’ claims against the accounting giant despite finding he lacked jurisdiction to address them, deciding instead that the plaintiffs could push to transfer their negligent misrepresentation claims to the Court of Chancery. Underlying the procedural mess is the allegation that KPMG “failed to realize an offshore oil services company was running a $1.1 billion invoicing fraud” – Law360
The Times notes a distinctly “elegiac tone” from the chair of 20th Century Fox at a Las Vegas film industry convention this week, as Disney stands ready to “absorb 20th Century Fox as part of a $52.4 billion deal with Rupert Murdoch” – NYTimes
No surprise (for us, at least) that Facebook (through tech chief Michael Schroepfer) had a much tougher go of it before a British parliamentary committee yesterday than Zuck faced in Congress—thanks, in part, to a Digital, Culture, Media & Sport Committee that’s “built a reputation for thoroughness and detailed questioning” – NYTimes
The Journal’s “Future of Everything” feature gives us this scary look at crypto-related crime, which is soaring at the moment and forcing law enforcement to develop a whole new set of skills in an effort to keep pace – WSJ
A bit more detail on the DocuSign IPO and the company whose shares are set to officially hit the Nasdaq this morning – MarketWatch and Bloomberg
For ConocoPhillips, the win was nice ($2 billion from an arbitration tribunal of the International Chamber of Commerce over Venezuela’s seizure of CP’s oil projects a decade ago), but good luck collecting. Petros, anyone? – NYTimes
China’s Huawei is shelving plans for a massive bond sale after the DOJ revealed that its investigating the cellular giant over violating US sanctions related to Iran – WSJ
The Hubble Space Telescope somehow celebrated its 28th birthday this week. How better to celebrate than with this ridiculous zoom and flythrough of the Lagoon Nebula that we have courtesy of Hubble – Nasa
Have a great weekend.
