Sony also cuts targets for smartphones and camera sales. (Reuters)

A complex Irish tax loophole helps Apple Inc. (NASDAQ: AAPL) save billions in taxes. (Reuters)

Merck & Co. Inc. (NYSE: MRK) sets a $5 billion share buyback through Goldman Sachs Group Inc. (NYSE: GS). (Reuters)

Sprint Nextel Corp. (NYSE: S) raises its offer for Clearwire Corp. (NASDAQ: CLWR), but many investors think the new sum is inadequate. (Reuters)

Jamie Dimon has a stronger position at J.P. Morgan Chase & Co. (NYSE: JPM) now that he will keep both the CEO and chairman jobs. (WSJ)

Prosecutors may use the Racketeer Influenced and Corrupt Organizations Act (RICO) to charge SAC Capital Advisors. (WSJ)

Ford Motor Co. (NYSE: F) will increase production by 200,000 vehicles this year. (WSJ)

ESPN, which is majority owned by Walt Disney Co. (NYSE: DIS), begins a series of large layoffs. (WSJ)

Phone companies start to sell subscriber data to marketers. (WSJ)

Vodafone Group PLC (NASDAQ: VOD) says it will use a dividend from Verizon Wireless to expand its main businesses in Europe. (WSJ)

Renault and Nissan aggressively invest to increase market share in India. (WSJ)

J.C. Penney Co. Inc.’s (NYSE: JCP) $2.25 billion loan, backed by real estate, will show how much leverage such assets hold. (WSJ)

The new Microsoft Corp. (NASDAQ: MSFT) Xbox will face rising competition from online games. (NYT)

The Bank of Japan decides not to increase its monetary easing plans. (FT)

Japan’s trade deficit rises as high-priced imports offset the effects of a weaker yen. (FT)

Rumors surface that Sony may spin out its entertainment unit. (Bloomberg)

Back on April 12 along with earnings, the bank’s press release said, “As previously announced, the Board of Directors intends to increase the second-quarter common stock dividend to $0.38 per share from the current $0.30 per share, returning the dividend to its highest level. The Board has also authorized the Firm to repurchase $6 billion of common equity commencing with the second quarter of this year through the end of the first quarter of 2014. During the first quarter of 2013, the Firm repurchased $2.6 billion of common equity. The Federal Reserve asked the Firm to submit by the end of the third quarter an additional capital plan addressing the weaknesses it identified in the Firm’s capital planning processes. The Firm is dramatically increasing the resources deployed and intends to fully address their requirements. Following their review, the Federal Reserve may require the Firm to modify its capital distributions.”

Shares of J.P. Morgan Chase have hit a new post-recession high today. The higher dividend is payable on July 31, 2013 to stockholders of record at the close of business on July 5, 2013. At $53.43, the old dividend yield would be about 2.25%. The new dividend yield will be closer to 2.85%. As we pointed out that the old dividend was in place, most of the online financial website stock ticker screens already reflect the higher declared payout.

The bank’s press release confirmed that it will be officially keeping Jamie Dimon as both Chairman and as Chief Executive Officer. The annual shareholder meeting showed that the vote to split the roles of Chairman and CEO received only 32% of the votes.

While a vote of 32% of voting to split the roles might seem high, this is actually more supportive than it was in 2012 when shareholders voted some 40% of the votes to split the CEO and Chairman roles. It appears that Jamie Dimon won about 98% of shareholder support to remain as a director. All of the company’s directors were reelected as well.

Shares of J.P. Morgan hit a new post-recession high and the new 52-week trading range is $30.83 to $53.67.

Bloomberg TV reported the news and the New York Times ran something showing that Dimon was expected to hold on to both the CEO and chairman roles around 9:30 a.m. EST. The report is according to two people who have reportedly seen the preliminary vote tallies.

Investors have reason to cheer. Dimon had hinted that he might leave the bank if he was stripped of either title, and one report showed a $20 billion risk in shareholder value. That is roughly 10% of the market cap.

What investors need to focus on ahead is that there is no clear succession plan at J.P. Morgan. There have been many departures of late, some voluntary and some mandatory, in the aftermath of the London Whale trading loss scandal and under more regulatory scrutiny.

Apparently the message is out that Dimon is still the best banking CEO, because J.P. Morgan holders have now seen shares hit a post-recession high of $53.48 on Tuesday, and shares are currently up 1.9% at $53.28.

Be advised that a formal vote outcome may not be known until later today.

A successful vote to split the chairman and CEO jobs at J.P. Morgan Chase & Co. (NYSE: JPM) could still prompt Jamie Dimon’s departure. (Reuters)

Congress presses Apple Inc. (NASDAQ: AAPL) on how little it pays in taxes. (Reuters)

Dish Network Corp. (NASDAQ: DISH) may buy the spectrum of LightSquared. (Reuters)

The U.S. government says Amazon.com Inc. (NASDAQ: AMZN) has been given a security clearance that will allow it to do business with federal agencies. (Reuters)

Goldman Sachs Group Inc. (NYSE: GS) sells all of its shares in China’s ICBC. (Reuters)

Mutual funds become more aggressive about high director pay. (WSJ)

J.P. Morgan likely will change the number of its board members no matter how many are reelected. (WSJ)

Stringent work rules may make it hard for U.S. companies to get the layoffs they need to complete turnarounds. (WSJ)

A Chinese firm that makes large investments overseas sets up a U.S. office to focus on private equity and real estate. (WSJ)

More reports about Apple supplier Foxconn indicate that workers continue to commit suicide. (NYT)

Softbank approves the ability for Sprint Nextel Corp. (NYSE: S) to share data with possible buyer Dish Network. (FT)

A huge corn planting may undermine prices. (FT)

Jamie Dimon has floated the idea that he may consider leaving if his role is split. We noted that one analyst recently signaled a $20 billion or 10% risk that could come out of the stock if Dimon decided to leave the firm if his role is split. We have also warned of a coming activist investor bubble that seems to be forming as activist investors are attacking billions and billions worth of companies if you count the market caps.

Dimon has maintained that the issues behind the London Whale have been resolved. Unfortunately, many top lieutenants have left the firm in recent months. While this may be a sign that things were not as good as some analysts hope, this also has created a bit of a management vacuum and that leaves no heir apparent if Dimon chooses to just leave J.P. Morgan.

Warren Buffett of Berkshire Hathaway Inc. (NYSE: BRK-A) has taken sides, saying Jamie Dimon is one of the greatest bank CEOs that exists. Ken Langone, a founder of Home Depot Inc. (NYSE: HD), also has been in full support and said that he would sell J.P. Morgan shares if Dimon leaves. Citigroup Inc. (NYSE: C) recently talked up its own split role position. The bank said that the split of a chairman and CEO role have worked well for it during the restructuring.

J.P. Morgan remains one of our top banks as one of the seven safest banks in America for 2013. Unfortunately, the London Whale issue and the loss of Jamie Dimon’s ability to speak against regulation and legislation has taken the bank’s leadership role away.

So, tell us what you think in our anonymous poll below.

The New York Times reported on the lack of shareholder access:

Now, in the midst of one of the most closely watched investor votes in years — over whether to separate the roles of chairman and chief executive at JPMorgan Chase — that protocol has changed. The firm that is providing tabulations of the JPMorgan vote stopped giving voting snapshots to the proposal’s sponsors last week. The change followed a request from Wall Street’s main lobby group, the firm says.

The pension fund shareholders that are promoting a split at the top of the bank are crying foul. Knowing the current tally is critical for both sides in shaping their campaigns, they say — cutting off access to them gives JPMorgan, which is getting frequent updates, an upper hand.

“They have changed the rules in the middle of the game and it has created an unfair advantage,” said Michael Garland, assistant comptroller who heads corporate governance for the New York City comptroller John Liu. “It’s like playing a game where only the home team gets to know the score.”

The Japanese economic miracle, which died more than two decades ago, may be in the early stages of resurrection. First-quarter gross domestic product (GDP) rose 3.5%, a number that was not matched in the same period by any of the EU economies or the United States. Japan’s new central bank bond-buying plan and the government’s stimulus may allow the recovery trend to rush into the current quarter and beyond. Bloomberg said of Japan’s GDP jump:

Private consumption, making up 60 percent of GDP, contributed 2.3 percentage points to the jump. Nominal GDP, which is unadjusted for changes in prices, rose 1.5 percent, also the most in a year.

Today’s report shows while consumers — aided by a stock-market surge — are responding to the reflation campaign mounted by Prime Minister Shinzo Abe and Bank of Japan chief Haruhiko Kuroda, companies remain cautious. That may change as the yen’s 20 percent slide against the dollar in the past six months spurs profits and Abe’s administration embarks on reducing regulations.

“Japan is clearly back from stagnation last year,” said Naoki Iizuka, an economist at Citigroup Inc. in Tokyo. “The key from here is whether Abe can unveil a strong growth strategy. If he succeeds, that will boost business investment to support growth.”

J.P. Morgan Keeps Secrets

J.P. Morgan Chase & Co. (NYSE: JPM) investors feel cheated. The bank has stopped issuing updates on voting results from the bank’s proxy. This will leave investors in the dark as they watch whether CEO Jamie Dimon might lose his job as chairman. The New York Times reported on the lack of shareholder access:

Now, in the midst of one of the most closely watched investor votes in years — over whether to separate the roles of chairman and chief executive at JPMorgan Chase — that protocol has changed. The firm that is providing tabulations of the JPMorgan vote stopped giving voting snapshots to the proposal’s sponsors last week. The change followed a request from Wall Street’s main lobby group, the firm says.

The pension fund shareholders that are promoting a split at the top of the bank are crying foul. Knowing the current tally is critical for both sides in shaping their campaigns, they say — cutting off access to them gives JPMorgan, which is getting frequent updates, an upper hand.

“They have changed the rules in the middle of the game and it has created an unfair advantage,” said Michael Garland, assistant comptroller who heads corporate governance for the New York City comptroller John Liu. “It’s like playing a game where only the home team gets to know the score.”

SUVs Fail Safety Test

Small SUVs have enjoyed raging sales because of their versatility and gas mileage. The sales of some brands in the sector may plunge. New data from the Insurance Institute for Highway Safety (IIHS) has raised concerns about the safety of several 2013 models. USAToday said of SUVs tested by IIHS:

Five small crossovers flunk the new small overlap crash test, but not the 2014 Subaru Forester.

The Forester was the only one of 13 small crossover SUVs to earn an overall rating of good in the test, the Insurance Institute for Highway Safety says. The 2013 Mitsubishi Outlander Sport got an acceptable rating.

Rated marginal were the Nissan Rogue, Mazda CX-5, Honda CR-V, Jeep Wrangler and Volkswagen Tiguan.

Five small crossovers were rated poor included the Ford Escape, Jeep Patriot, Buick Encore, Kia Sportage and Hyundai Tucson.

To keep things even for U.S. investors, we screened out the ADRs held by Buffett and Berkshire Hathaway Inc. (NYSE: BRK-B) even though one is mentioned at the end of the screen to keep them on the list. Of the dozens of stocks held by the conglomerate, these are the eight highest dividends in the Buffett portfolio. We have put the stocks in order of the highest yields first and added in color on each if applicable. As you will see, most of the Buffett top dividend yields still offer upside to their consensus price targets for value investors looking for growth.

ConocoPhillips (NYSE: COP) leads the list with a common stock dividend yield of 4.2%. The company has pledged to keep its dividend strong, and this puts it higher than other oil giants. This stock is now within about 1% of new 52-week highs and the $62.42 share price compares to an analyst consensus price target of about $63.98.

Gannett Co. Inc. (NYSE: GCI) has a surprising yield of 3.6% for its common stock holders. This remains a small holding of Warren Buffett but investors might be surprised that the newspaper and media stock has risen to the point that it is up almost 100% from its 52-week low. At $21.62 as of now, the stock trades right at the $21.61 consensus analyst price target, and the 52-week trading range is $12.17 to $22.21.

General Electric Co. (NYSE: GE) offers a 3.3% yield, partly because shares have pulled back since earnings. The earnings report was not stellar by any means, but we think GE shares were sold off too hard after earnings when you consider the state of the bull market. Shares are at $23.24, and GE’s 52-week high is $23.90. Analysts have a consensus target price of $25.33. GE is likely to have a dividend hike yet again later this year.

Wells Fargo & Co. (NYSE: WFC) is a top bank and Buffett keeps buying more and more of this stock each and every quarter. The 3.2% common stock yield is rather impressive, and this remains at the top of the seven safest banks in America. This bank is challenging the highs from before the recession again, if you back out the dividend payments. At $39.30, its stock hit that multiyear high on May 15, and analysts have a consensus price target of $40.76.

Procter & Gamble Co. (NYSE: PG) has lifted its dividend and is yielding 3.1% after a dividend hike in April. Buffett has trimmed the stake here over time, but activist investors have been on management’s back and pressing it to run the company better. If P&G keeps up its efforts, it could be worth even more. The market cap of $221 billion already makes it one of the largest public companies out there. With shares at $80.68, the consensus analyst target price is $82.78.

J.P. Morgan Chase & Co. (NYSE: JPM) is a personal holding of Warren Buffett rather than Berkshire Hathaway. The bank pays a 3.1% dividend, despite not getting to be as aggressive on its capital plans. Jamie Dimon has been under fire here to split the CEO and chairman roles, but Buffett recently has praised Dimon as a great CEO who also deserves his chairman role. We would caution that one analyst showed that some $20 billion (10% of the share price) could come out of the stock if Dimon leaves the bank because there is a management replacement vacuum right now with no heir apparent. With shares at $51.09, the consensus analyst target is $56.21.

Johnson & Johnson (NYSE: JNJ) recently raised its dividend. The drug and consumer products giant has been a habitual dividend-raising machine, and its product quality controls appear to be over. The 3.1% payout is impressive when you consider that this stock just hit an all-time high on May 15. Note that the consensus analyst price target of $86.50 is actually less than the current price of $87.64.

United Parcel Service Inc. (NYSE: UPS) ranked as number eight with a dividend yield of 2.8%. This comes as the stock is challenging all-time highs, and the shipping giant has raised its dividend payment consistently. With shares at $88.60, analysts have a consensus price target of $93.09 on the stock.

GlaxoSmithKline PLC (NYSE: GSK) is the ADR of the group, and it was only included because it screens out as having such a high yield at 4.3%. That would have put it at the top of the list. As this is an ADR and subject to currency changes altering the payouts each time in dollars for ADR holders, we are only representing the Yahoo! screen for the nominal payout rather than adding color here.

Jon C. Ogg

*The full Buffett and Berkshire Hathaway portfolio can be seen here.

Google Inc. (NASDAQ: GOOG) releases a streaming music service. (Reuters)

JANA Partners take large stakes in Groupon Inc. (NASDAQ: GRPN) and Zynga Inc. (NASDAQ: ZNGA). (Reuters)

The European recession is the longest since World War II. (WSJ)

The Department of Homeland Security says Bitcoin is part of an unlicensed money business. (WSJ)

Japan’s gross domestic product rises 3.5% in the first quarter. (WSJ)

J.P. Morgan asks Bloomberg for data obtained by the news service from the trading terminal firm. (WSJ)

Gold plunges below $1,400. (WSJ)

Banks successfully fight regulators on whether they can trade certain types of derivatives. (NYT)

Google’s market cap rises above $300 billion. (FT)

Cisco System Inc.’s (NASDAQ: CSCO) forecast helps fuel confidence in an IT recovery. (FT)

George Soros sells much of his gold holdings before the price drop. (Bloomberg)

China is still the largest holder of U.S. debt, though its reserves of American paper fell 0.1% in March to $1.25 trillion, or 11% of the total.

The new Buffett holdings are below.

American Express Co. (NYSE: AXP) was roughly 151.6 million shares, SAME AS last quarter.

Bank of New York Mellon Corp. (NYSE: BK) was almost 19 million shares, which appears to be slightly lower but it had been raised before. What matters here is that it remains a substantial holding still.

Chicago Bridge & Iron Co. (NYSE: CBI) was a NEW POSITION at just over 6.5 million shares worth over $400 million.

Coca-Cola Co. (NYSE: KO) was more than 400 million shares due to the stock split of 2012, but this is virtually the SAME AS BEFORE.

ConocoPhillips (NYSE: COP) is the SAME POSITION at 24.1 million shares, but this is lower than in prior quarters.

Costco Wholesale Corp. (NASDAQ: COST) was the SAME POSITION at 4,333,363 shares.

DaVita Inc. (NYSE: DVA) was a LARGER POSITION and already more than a 10% stake and we recently saw that Berkshire Hathaway had entered into a standstill agreement not to buy more than 25% of the company after already having increased its stake recently. This was listed as 14.97 million shares as of March 31 versus 13.6 million shares before.

Deere & Co. (NYSE: DE) was the SAME POSITION at roughly 4 million shares.

DirecTV (NASDAQ: DTV) was HIGHER YET AGAIN at 37.275 million shares versus almost 34 million shares and that was also higher than before.

Gannett Co. (NYSE: GCI) was the SAME POSITION of 1.74 million shares.

General Electric Corp. (NYSE: GE) is listed as the SAME POSITION at 588,900 shares, but this is still way down from prior reports.

General Motors Co. (NYSE: GM) is the SAME POSITION at 25 million shares, but this was previously up from smaller positions.

GlaxoSmithKline (NYSE: GSK) is the SAME POSITION at 1.51 million shares.