Economy
The energy research group IHS has released a report stating the benefits of U.S. oil exports. Advantages include an added domestic investment of $750 billion, fuel prices lowered by 8 cents a gallon, and an added 394,000 jobs. Congress previously enacted a ban on exports after price shocks from the 1973 Arab oil embargo. With the possibility of Russia cutting its gas and oil supply to Europe, there is a greater focus on available U.S. energy.

Eight U.S. states have sparked a new electric vehicle plan to promote the sale of 3.3M "zero emission vehicles" by 2025. The project aims to install recharging stations at workplaces, expand cash/non-cash incentives for buying electric cars, and push dealers to promote electric vehicles. Time will tell how the legislation will affect Tesla Motors (TSLA) and other electric car makers.

Stocks
Qualcomm CEO Steve Mollenkopf has announced his wishes to be the chipmaker behind driverless technology. His statement comes after Google (GOOG, GOOGL) released its two passenger self-driving prototypes yesterday. Qualcomm (QCOM) has already been increasing its capabilities of computer vision and peer-to-peer connections. The next step would be to take it to driverless vision and connecting cars to each other.

GM engineer Ray DeGiorgio testified last year that he forgot to order a change to the faulty ignition switch, which has resulted in the large recall on numerous GM models. DeGiorgio was suspended by General Motors (GM) on April 10, and told congressional investigators that he had forgotten about the change since it was part of a package of changes. However, an internal GM document surfaced showing DeGiorgio signing off on the change in April 2006.

Hyundai has unveiled two sedans built exclusively for its home market: The new AG, and a diesel version of the Grandeur (Azera). The South Korean company has been concerned with growing imports from Europe and the U.S. due to free trade deals in recent years. A stronger Korean Won has also squeezed Hyundai's (OTC:HYMLF) earnings in overseas markets like the U.S.

Sprint Chairman Masayoshi Son reasons that the rise in telecom and cable mergers by Verizon (VZ), Comcast (CMCSA) and AT&T (T) should allow his company to buy rival T-Mobile (TMUS). "Access to the Internet is currently dominated by three giants with no sizable competitor," says Son. Antitrust authorities have previously frowned on the Sprint (S) deal, as it would cut the number of national competitors in the wireless industry to three from four.

Chevron presented its accomplishments at its annual shareholder meeting, including the 2013 first cargo shipment of liquefied natural gas from Angola - but the company didn’t mention that the $10B project is currently shut down. The Angola LNG export project is not expected to resume production until mid-2015 following a rupture on a flare line that forced Chevron (CVX) to shut it down; project contractor Bechtel says it is trying to fix the problems and address plant capacity issues.

Today's economic calendar:

8:30 Initial Jobless Claims
8:30 GDP Q1
8:30 Fed's Pianalto: 'Inflation and Monetary Policy'
8:30 Corporate Profits
9:45 Bloomberg Consumer Comfort Index
10:00 Pending Home Sales
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
1:00 PM Results of $29B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

Notable earnings before today's open: ANF, COST, FRED, IKGH, MOD, PLL, QSII, SAFM, SBLK, SOL, TECD

Notable earnings after today's close: AVGO, BLOX, BNNY, ESL, EXPR, FWM, GES, LGF, NMBL, OVTI, PSUN, SPLK, VEEV, VMEM