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Wells Fargo employees improperly altered customer documents trying to comply with a regulatory consent order over anti-money laundering controls. (Wall Street Journal)

A slow walk to the gallows? J.C. Penney reported first quarter results. Revenue fell about 4.3% to $2.58 billion. Same-store sales rose 0.2% but were short of analysts' forecast of 2% growth. Penney's lost $78 million, or 25 cents per share. (Reuters)

The Conference Board's Leading Economic Index gained 0.4% to 109.4 in April and has climbed for the last six months. The index measures 10 key metrics of economic movement and projects US economic conditions for the next 6 to 12 months.

General Electric has made a deal to merge its transportation business with rail industry equipment maker Wabtec (Reuters).

Microsoft has bought Semantic Machines, an artificial intelligence start-up. The company did not disclose any financial details of the acquisition. (CNBC)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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