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Features5 things

Mayweather/Pacquiao and Berkshire Hathaway — 5 things to know today

By
Tom Huddleston Jr.
Tom Huddleston Jr.
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By
Tom Huddleston Jr.
Tom Huddleston Jr.
Down Arrow Button Icon
May 1, 2015, 6:39 AM ET
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Hello friends and Fortune readers.

Wall Street stock futures are higher this morning in what promises to be a quiet session owing to May Day holidays around the world.

Cable operator Charter Communications reports quarterly earnings today, though investors will likely be just as interested to find out if the company has any comment on speculation that it could make a bid for Time Warner Cable. Other companies reporting quarterly earnings tomorrow include Berkshire Hathaway, Chevron and CVS Caremark (CVS).

Today’s must-read story is by Fortune‘s Dan Primack and it details how victims of childhood sex abuse have turned to social media platforms such as Facebook (FB) for support and to find justice.

Here’s what else you need to know about today:

1. Mayweather vs Pacquiao

A slow Friday for news generally lets the attention drift to the weekend’s sporting occasions, and there’s no argument over the biggest one this weekend. The world welterweight championship bout between Floyd Mayweather and Manny Pacquiao in Las Vegas is going to be the biggest-money event in boxing history, worth up to $500 million by some estimates. It could have been even more if the organizers had given themselves more than eight weeks to line up sponsors.

2. Charter talks earnings (and, maybe, Time Warner Cable?)

The market will be all ears when Charter Communications (CHTR) reports first-quarter earnings this morning. While the cable operator backed by billionaire John Malone could report disappointing revenue, investors will be especially keen to hear any comments the company has regarding the possibility of Charter making a bid for Time Warner Cable (TWC) after the latter’s potential $45 billion sale to Comcast fell through last week. There have been rumors that executives from the two companies could meet next week to discuss a deal.

3. Chevron’s quarterly numbers

Much like many of Chevron’s (CVX) energy industry brethren, the world’s second-largest oil company is expected to report a drop in first-quarter profits this morning due to slumping oil prices. The price of crude oil dropped below $50 per barrel in January, hovering around five-year lows through much of the first quarter. On Thursday, rival Exxon Mobil reported a 46% drop in quarterly profits — a drop-off that was actually less severe than Wall Street’s predictions.

4. Berkshire Hathaway earnings kick off shareholder meeting

The investment vehicle for billionaire Warren Buffett is expected to reveal strong first-quarter earnings on Friday, reflecting the overall growth of the U.S. economy given the diversity of Buffett’s investments. The quarterly report will serve as an appetizer ahead of Berkshire Hathaway’s (BRK) annual shareholder meeting, which takes place this weekend and will see thousands flock to Nebraska to hear from Buffett and mark the Oracle of Omaha’s 50th year at the helm.

5. More economic data

The Institute for Supply Management is expected to report a slight increase in its index measuring the monthly growth of U.S. manufacturers. Meanwhile, the U.S. Commerce Department will release data on March construction spending and automobile manufacturers will put out a monthly sales report for that industry.

—Reuters contributed to this report.

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By Tom Huddleston Jr.
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