THE WORLD' FINANCIAL NEWS ON MAY 27, 2015

U.S. stock futures were higher this morning, after the Dow's worst day of May and the biggest one-day tumble for the S&P 500 and Nasdaq since May 5. (CNBC) Oil prices bounced back a bit this morning after yesterday's steep drop.Analysts expect crude stocks to fall for a fourth straight week when the American Petroleum Institute issues numbers this afternoon. (Reuters) G-7 finance ministers and central bankers are meeting in Dresden, Germany, starting today. Among the pressing issues are debt-strapped Greece and the efforts being made to reach a funding-for-reforms deal. (Reuters) There's no risk of a hard landing for China's economy, said former Fed Chairman Ben Bernanke at a forum in Seoul. He also argued that hiking U.S. interest rates should be viewed as a positive sign. (Reuters) Amazon (AMZN) is hiring more than 6,000 workers at some of its 50 U.S. fulfillment centers. The online retail giant said the new jobs will help it meet growing customer demand. (AP) Google (GOOG) and Yahoo (YHOO) have reportedly made inquiries aboutbuying news app Flipboard. Previous accounts had also said Twitter(TWTR) had expressed interest. (WSJ) As Re/code's annual Code conference continues today, there's news the tech site's parent company is being purchased by Vox Media-publisher of The Verge. CNBC has a partnership with Re/code. (USA Today) Highlights from Day 1 of Code include Snapchat CEO Evan Spiegel talking about near-zero interest rates creating an asset bubble and Massachusetts Senator Elizabeth Warren on why she's not running for president. (Re/code) Hackers used an online service provided by the Internal Revenue Serviceto gain access to information from more than 100,000 taxpayers, including tax returns. The IRS is notifying those affected. (AP) High-ranking international soccer officials were arrested early today, as part of a U.S. investigation into corruption at the sport's governing body, called FIFA. Meanwhile, a separate Swiss investigation was also launched in relation to 2018 and 2022 World Cup bids. (CNBC) Severe storms and devastating floods over the weekend in Texas and Oklahoma have killed at least 19 people. Another 14 people are missing in Texas, including eight members of two families whose vacation home was swept away. (NBC News)

	BY THE NUMBERS

There are no government economic reports on the calendar, but there's a read on housing this morning from the Mortgage Bankers Association. Borrowers are pulling back from refinances and struggling to make home purchases with 30-year mortgages now decidedly above 4 percent. Meanwhile, the Energy Department's usual Wednesday report on oil and gasoline inventories is delayed until tomorrow due to this week's Memorial Day holiday. Retailers are prevalent among this morning's earnings reports, with Tiffany(TIF), Michael Kors (KORS), Chico's FAS (CHS), Movado Group (MOV), andDSW (DSW) all reporting results. Meanwhile, Costco (COST) issues its quarterly numbers after today's closing bell, along with Palo Alto Networks(PANW) and Popeyes Louisiana Kitchen (PLKI). Toll Brothers (TOL) was first out of the gate with earnings reports this morning, earning 37 cents per share for its latest quarter, 2 cents above estimates. The luxury home-builder did see revenue come in below estimates as the number of homes sold fell two percent. TiVo (TIVO) late Tuesday reported earnings of 8 cents per share, a penny above estimates, while the digital video recorder maker's revenue was also above forecasts. Total subscribers jumped 27 percent from a year earlier. U.S. gourmet sandwich chain Jimmy John's is said to be preparing for an initial public offering that could value the company at more than $2 billion, including debt.

	STOCKS TO WATCH

Prescription benefits manager Express Scripts (ESRX) is seeking deals with pharmaceutical companies to set pricing for some cancer drugs based on how well they work, according to the Wall Street Journal. Novartis (NVS) is partnering with U.S. startup Rani Therapeutics on arobotic pill that's swallowed, but has tiny needles to deliver drugs into intestinal walls. Among Rani's backers is Google's venture capital unit. Reynolds American (RAI) won government approval to buy rival tobacco producer Lorillard (LO). Reynolds, behind Camel and Pall Mall, had to make concessions, but gets to keep Lorillard's Newport. Hormel Foods (HRL) is buying organic meat company Applegate Farmsfor $775 million, the company's largest ever acquisition, adding to its brands including Spam, Dinty Moore stew, and Jennie-O turkey.

	WATERCOOLER

Taco Bell and Pizza Hut-owned by Yum Brands (YUM)-committed toremoving artificial flavors and colors from most of their food. (WSJ) Apple (AAPL) has reclaimed its crown as the world's most valuable brand, according to an influential advertising report. (CNBC)

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