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May 12, 2014

CNBC Morning Squawk - May 12, 2014: U.S. stocks start higher, despite east Ukraine vote.



In the news today
U.S. stock futures signaled a higher open on Wall Street today, with investor sentiment in Asia and Europe buoyed after the Dow’s all-time high close on Friday. TheS&P 500 is just over 12 points short of its record. (CNBC)
Former Treasury Secretary Tim Geithner gives CNBC's "Squawk Box" his insights into the economy, corporate taxes, and his book "Stress Test" about the 2008 financial crisis. The interview airs at 8 a.m. ET.
Pro-Moscow rebels have declared a resounding victory in a weekend referendum on self-rule for eastern Ukraine, but there seems to be a split over what this means going forward. (Reuters)
With Pfizer (PFE) continuing its push to buy U.K. rival AstraZeneca (AZN), the American drugmaker pressed the scientific case for its $106 billion offer, as British lawmakers get ready to have their say(Reuters)
Hedge fund manager Bill Ackman has racked-up nearly a billion dollars in paper profits, since his $47 billion offer with Valeant (VRX) for Botox-maker Allergan (AGN) became public last month. (WSJ)
This is a “rocky time” for IBM (IBM). That’s the word from CEO Virginia Rometty, who also said the tech stalwart has a clear vision for how to pursue another generation of growth.(NY Times)
Comcast (CMCSA) is offering at least two Asian cellular operators access to its WiFi hot-spots in the U.S., in trial partnerships that illustrate its ambitions to compete with U.S. wireless carriers. (Reuters)
Two U.S. billionaires are betting on rival cities, Tokyo and Osaka, to be the first inJapan to open casino resorts—once the government gives the go-ahead to legalise gambling. (Reuters)
The NBA said if Donald Sterling's ownership of the LA Clippers is terminated, so will the claim of his estranged wife, Shelly. The embattled Sterling broke his silence and apologized for the racist remarks that got him banned and fined. (USA Today)
Nearly three years since a damaging earthquake, the Washington Monument reopens to the public today—with tours set to resume this afternoon(Washington Post)
Carlyle Group (GC) co-founder David Rubenstein, who largely funded the repairs, joins CNBC’s “Squawk Box” to talk about what it took to fix the iconic structure, and Apple’s (AAPL) reported $3 billion buyout interest in Beats, which Carlyle has a big investment in.
By the numbers
A busy week for economic numbers gets off to a slow start today, with only the federal budget statement for April on today’s agenda. Economists are looking for a $114 billion shortfall for the month when that number is released at 2 p.m. ET.
The pace of corporate earnings slows down considerably this week, with few names of note on the agenda for this morning. Rackspace (RAX) and Elizabeth Arden (RDEN) are among the companies set to release their numbers after today’s closing bell. Later this week, quarterly numbers from Wal-Mart (WMT), Deere (DE), Macy’s (M),SodaStream (SODA), Kohl’s (KSS), Applied Materials (AMAT), and J.C. Penney (JCP) are out, among others.
Stocks to watch
Credit Suisse (CS) and BNP Paribas have reportedly asked the U.S. to allow their subsidiaries—rather than the parent companies—to plead guilty in probes involving helping wealthy Americans evade taxes. That’s according to the New York Times, which also said prosecutors are not inclined to grant those requests.
General Motors (GM) ranked as the worst in a new survey of automotive suppliers. This comes on the heels of the crisis over that ignition defect, which triggered the recall of 2.6 million vehicles.
Deutsche Telekom is seeking a breakup fee of more than $1 billion if regulators do not approve a merger of the company’s T-Mobile (TMUS) unit with Sprint (S), according the Wall Street Journal. The paper said the breakup fee is a key point as the two sides try to finalize a deal.
Watercooler
Seth Rogen did it again! Universal’s frat party “Neighbors” easily took the weekend box office with $51.1 million. (WSJ)
Date night: Here's a look at the most expensive and least expensive cities to grab a burger and a movie. (CNBC)

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