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Cramer: The retail shift  

The "Squawk on the Street" news team reports on today's top business headlines, including the retail sector and earnings by Walmart and Urban Outfitters.
Source: CNBC.com
April housing starts up 20.2%  

CNBC's Rick Santelli reports on the better-than-expected housing data and its impact on the markets.
Source: CNBC.com
Gov. Dayton's ire looms as Legislature races to pass budget

ST. PAUL, Minn.- Minnesota lawmakers sprinted Saturday to complete a $41.5 billion, two-year state budget that has drawn the ire of Gov. House- Senate panels planned to meet throughout the weekend to finish writing the bills that make up the budget, with votes coming as soon as they are ready. "If they send me a bill for less than $550 million, then my view is a special...
Source: The Associated Press | By: By KYLE POTTER and BRIAN BAKST, Associated Press
US court halts contentious law on contact lens price-fixing

SALT LAKE CITY- A federal appeals court has halted a new Utah law banning price-fixing for contact lenses that could have wide-ranging implications for the industry amid a fight between manufacturers and discount retailers. Along with Johnson& Johnson and Bausch& Lomb, the company says the law is an unconstitutional overreach written to benefit Utah- based...
Source: The Associated Press
Contested Utah law could impact contact lens industry

SALT LAKE CITY- A law banning price-fixing for contact lenses that took effect this week in Utah is a setback for the nation's largest manufacturers that could have ripple effects across the country amid an increasingly bitter fight with discount retailers. The new law appears to clear the way for the largest online discount seller, Utah- based 1-800 Contacts,...
Source: The Associated Press | By: By LINDSAY WHITEHURST, Associated Press
Replica of razed Chinese palace opens, but some prefer ruins

BEIJING- China already has its own copies of London's Tower Bridge and the Eiffel Tower. Now a life-sized model by a film studio of one of the country's own historical attractions- the Old Summer Palace- has ruffled the bosses of the original garden of emperors. Hengdian Studios in Zhejiang province is building a 30 billion yuan film set of the 3.5-...
Source: The Associated Press | By: By LOUISE WATT, Associated Press
US judge won't to block contact lens anti-price fixing law

SALT LAKE CITY- A federal judge on Monday refused to block a Utah law banning minimum prices for contact lenses that has drawn the ire of the nation's largest manufacturers. District Judge Dee Benson in Salt Lake City said in court documents that he wasn't persuaded by arguments from contact-lens makers Johnson& Johnson, Bausch& Lomb and Alcon Laboratories that...
Source: The Associated Press
UPDATE 2-Australia's RBA cuts rates, markets wonder if that's all

SYDNEY, May 5- Australia's central bank cut interest rates for the second time this year on Tuesday, seeking to buttress the economy against sliding mining investment while heading off a harmful increase in the local dollar. The currency did initially drop after the Reserve Bank of Australia trimmed its cash rate a quarter point to a fresh all time trough of 2.0...
Source: Reuters | By: Wayne Cole
UPDATE 1-Australia's RBA cut rates, markets wonder if that's all

SYDNEY, May 5- Australia's central bank cut interest rates for the second time this year on Tuesday, seeking to buttress the economy against sliding mining investment while heading off a harmful increase in the local dollar. The currency did initially drop after the Reserve Bank of Australia trimmed its cash rate a quarter point to a fresh all time trough of 2.0...
Source: Reuters | By: Wayne Cole
Massive demand for Mayweather-Pacquiao swamps PPV

Customers hoping to watch the matchup between Floyd Mayweather Jr. and Manny Pacquiao via Pay Per View reported difficulties ordering the match.
Source: CNBC.com | By: Javier E. David