• Stocks are down in early trading today as investors brace for disappointing earnings as well as signs the recession is getting worse. [WSJ, BN]
• Bank of America reported first quarter profits totaled $4.2 billion and revenues almost doubled, not that any of that will do much to soothe angry investors, who are pushing for a change in management. [NYT, WSJ, [NYT]
• Citigroup's first quarter profit of $1.6 billion last week? That may have been the product of creative accounting more than anything else. [NYT]

• Oracle has agreed to buy Sun Microsystems for $7.4 billion. [CNN, WSJ]
• UBS is selling its stake in a Brazilian bank to shore up its balance sheet. [DB]
• Following an investigation by the SEC and Andrew Cuomo, the Carlyle Group says it will no longer rely on placement agents to raise money. [FT, DB]
• AIG is expected to shake up its board this week. [WSJ]
• Unemployment is up in 46 states. The state with the highest jobless rate at the moment? That award goes to Michigan. [CNN]