Friday's Early Headlines

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May Jobs Report Due at 8:30 a.m. EDT.

- According to the latest tally, economists expect today's nonfarm payrolls report to show the U.S. economy shed about 520,000 jobs last month, a small improvement after a 539,000 slide in April. Since the recession began in Dec. 2007, 5.7 million jobs have been lost, according to government figures from April. Meanwhile, the unemployment rate should rise to 9.2% from 8.9% in April.

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SEC Charges Countrywide's Mozilo.

- Former

Countrywide Financial

CEO Angelo Mozilo was charged with insider trading, the

Securities and Exchange Commission

announced Thursday. Mozilo is also facing civil fraud charges, along with two other former executives of the company.

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FDIC Pushes for Change at Citigroup.

- The Federal Deposit Insurance Corp. is pushing for a shake-up of

Citigroup's

(C) - Get Report

top management, including CEO Vikrim Pandit, according to

The Wall Street Journal

. Federal officials have reached out to Jerry Grundhofer, the former

U.S. Bancorp

(USB) - Get Report

CEO who recently joined Citigroup's board, to seek his interest in the top job, according to the report.

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GM to Sell Saturn Brand to Penske.

-

General Motors

(GM) - Get Report

will announce Friday it has reached a preliminary deal to sell its Saturn division to auto dealer Roger Penske of

Penske Automotive

(PAG) - Get Report

, according to

The Wall Street Journal

.

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GM to Help Finance Delphi Buyout.

- In other GM news, the troubled automaker will help finance Platinum Equity's buyout of bankrupt auto-parts company

Delphi

, according to

The Wall Street Journal

. GM will provide more than $2.5 billion of the $3.6 billion necessary for the private-equity firm to gain control of Delphi, according to a person familiar with the matter.

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Rio Tinto Scraps $19.5 Billion Chinalco Deal.

-

Rio Tinto

(RTP)

has scrapped its $19.5 billion deal with

Chinalco

. Instead, the miner will raise $15.2 billion in a share sale and will set up a joint production venture with rival

BHP Billiton

(BHP) - Get Report

.

¿

Steve Jobs Ready to Return to Apple.

-

Apple

(AAPL) - Get Report

CEO Steve Jobs will return to the company this month after an extended medical leave, according to

The Wall Street Journal

. The report speculates that Jobs could reappear at Apple's annual software developers' conference next week in San Francisco, possibly to unveil new iPhone hardware.

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White House Set to Name a Pay Czar.

- The Obama administration is expected to name Kenneth Feinberg as "Special Master for Compensation," a position being created to ensure that companies receiving federal bailout funds are abiding by executive-pay guidelines, according to a report in

The Wall Street Journal

that cites people familiar with the matter. Feinberg oversaw the federal government's compensation fund for victims of the Sept. 11, 2001, terrorist attacks.

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Fed Members on Panel Discussion

- Friday afternoon,

Federal Reserve

Vice Chairman Donald Kohn will moderate a panel that will also feature San Francisco Fed President Janet Yellen and Boston Fed President Eric Rosengren. The discussion is part of a banking conference on financial markets and monetary policy in Washington, D.C.

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Wal-Mart to Host Annual Shareholder Conference

-

Wal-Mart

(WMT) - Get Report

will hold its annual shareholder meeting as well as its executive update for analysts.