Factory output in U.S. stalled in April on machinery cutbacks

Bloomberg: Factory production stalled in April, as American manufacturers were dealt blows by a strong dollar and cheap oil. The unchanged reading in manufacturing followed a 0.3 percent March gain that was larger than previously estimated, a Federal Reserve report showed Friday in Washington. The median forecast in a Bloomberg survey of 21 economists called for a 0.2 percent increase.

A phantom offer sends Avon’s shares surging

The New York Times: The federal government’s system for filing securities documents may not be as secure as many on Wall Street assume, considering what appears to have been a fake bid on Thursday for Avon Products. A firm calling itself PTG Capital Partners disclosed in a regulatory filing that it had offered to buy Avon for $18.75 a share. Though Avon shares surged, neither PTG Capital nor the firm’s supposed lawyer in the United States existed at the locations given in the regulatory filing.

Art market reaches new milestone with $2.7 billion sales frenzy

Bloomberg: In a hushed salesroom at Christie’s, five people fought for the chance to own a small square canvas of intersecting black lines with patches of color. The final price on Thursday for Piet Mondrian’s 1929 composition was $50.6 million. It was sold during a two-week auction frenzy in New York to capture the excess cash of the world’s mega-wealthy who are increasingly turning to art as a status symbol and an investment.