• Boeing Jumps on the Protectionist Bandwagon
Boeing asked the Commerce Department to investigate alleged subsidies to Bombardier's new CSeries of regional jet, adding to trade tensions with Canada. The CSeries received hundreds of millions in dollars in launch aid from Canadian and U.K. governments. Fortune carried two interesting contributions yesterday on the latest lumber dispute with Canada, this one by Alan Wolff, a former trade negotiator under both Republican and Democrat administrations, and this one by Granger MacDonald, head of the National Association of Home Builders. MacDonald estimates that it will add $3,600 to the cost of an average family home.
• Weak Trading Adds to Pressure on Barclays CEO Staley
The last thing Jes Staley needs just now is a badly-received set of earnings. But that's what he's got: a surprise drop in fixed-income trading revenue left Barclays well behind both U.S. and European rivals in the first quarter. The embarrassment is all the greater because the investment bank is the focus of Staley's strategy for Barclays; this quarter's earnings contained a large write-down related to the disposal of its African operations, which are being sold to fund that strategy. ISS, the U.K.'s largest proxy advisory service, is already urging shareholders to vote for Staley's removal for attempted persecution of a whistleblower last year. It may find a more receptive audience after the shares fell 4.3% in early trading.
• Cloudera's Downround IPO
Software company Cloudera raised $225 million at its initial public offering, at a valuation of $1.9 billion. That's less than half of the $4.1 billion valuation it once enjoyed in its venture capital-backed heyday. Intel, which backed the company through more than one funding round, will hold a 19.4% stake after the IPO. The valuation is a sober reminder of public markets investors' old-fashioned need to see profits. Cloudera lost $187 million in the fiscal year to Jan. 31, on $261 million in revenue. Competition has forced it to discount sharply and spend more than it wanted on marketing.
• Facebook Admits Being Manipulated
Facebook released a report effectively admitting that its network had been used in orchestrated attempts to manipulate public opinion about political issues, including the U.S. election. It blamed both governments and non-state actors. The admission is encouraging, if belated, evidence of its ability to fix itself. But the mere fact that it shut down over 30,000 fake accounts engaged in similar manipulation ahead of the French elections shows just how big a problem it has on its hands.
Summaries by Geoffrey Smith; Geoffrey.firstname.lastname@example.org @geoffreytsmith