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FX probe settlements and Target’s turnaround–5 things to know today

May 20, 2015, 10:17 AM UTC
Target CEO Brian Cornell
contract Armin Harria
Photograph by Ackerman + Gruber for Fortune

Hello friends and Fortune readers.

Wall Street stock futures are mixed this morning, while the dollar is stronger after April’s housing starts and dovish ECB talk earlier in the week.

Today’s must-read article is from Fortune’s Patricia Sellers and reveals who Yahoo CEO Marissa Mayer credits for giving her the best leadership advice. You just might be surprised.

Here’s what else you need to know today.

1. DoJ to settle with banks over FX manipulation

The Justice Department is expected to announce settlements with five banks over allegations that they manipulated global foreign exchange benchmark prices. The settlements are expected to include up to $6 billion in fines, as well as some guilty pleas after the banks violated earlier non-prosecution agreements with the DoJ over rigging interest rate benchmarks. UBS has already said it will pay $545 million to the DoJ and Federal Reserve.

2. A Fed update.

The Federal Reserve publishes minutes from its April meeting this afternoon at 2 p.m. ET, which could shed more light on what’s weighing on the central bank’s decision to eventually raise interest rates. The release could likely end any chance of a June rate hike, economists told MarketWatch. Following its March meeting, Fed officials seemed much more optimistic about a June move, but after a weak first quarter GDP reading economists are resetting their expectations.

3. Target reports earnings.

The Minneapolis, Minn.-based retailer reports its first quarter financial results before the market opens today. Analysts expect the company to report earnings of $1.03 a share on sales of $17.1 billion, representing flat year-over-year revenue growth. Target (TGT) will be trying to show investors that CEO Brian Cornell’s strategic turnaround plan, which includes a sharper focus on the baby, kids, style and wellness categories, has been making progress. (For more a deep dive into Cornell’s plan, Fortune’s Phil Wahba got it straight from the source.)
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4. Is Salesforce looking for a buyer?

Salesforce (CRM) reports its first quarter earnings today, but investors will be looking for any indication of a possible takeover. Reports surfaced earlier this month that Salesforce was drawing buyout interest from tech bigwigs, possibly from Microsoft (MSFT) and Oracle (ORCL). No official deal has yet surfaced. Investors will also be listening for an update on the company’s cloud software services and growth in their subscription and support revenue, which accounts for 93% of total revenue.

5. David Letterman bids farewell.

After nearly 22 years, David Letterman will grace the stage of CBS’s “The Late Show” for the last time. He passes on the hosting torch to comedian Stephen Colbert, formerly of Comedy Central’s “The Colbert Report.” It will be the end of an era for late night television. Letterman, which first started his show “Late Night with David Letterman” on NBC in 1982, surpassed Johnny Carson to become the longest-serving late-night talk show host in history.