Today in business: 5 things you need to know

1. MARC RICH DIES AT 78

Marc Rich, commodity trader and founder of Glencore, died at a hospital in Switzerland from a brain stroke. After building his career in the oil market, Rich was indicted in 1983 for tax evasion, false statements, racketeering, and illegal trading with Iran. Following the trial, Rich fled to Switzerland, where he started a successful commodities trading company that would later become Glencore, one of the most profitable companies in the world. In January 2001, Bill Clinton pardoned Rich on his last day in office. [CNN]

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2. CARNIVAL CRUISE CEO TO STEP DOWN

After three decades at the head of the world's largest cruise ship line, Carnival Cruise CEO Micky Arison is stepping down following a few highly publicized disasters. The ship that wrecked off the coast of Italy last year, killing 32 people, was owned by Carnival, and a fire in the engine room of a Carnival Triumph this year left 4,000 people without air conditioning or functioning toilets for several days. Arison, the 63-year-old son of Carnival's founder, will remain on the board. Arnold Donald, who has been on Carnival's board for 12 years, will replace Arison as CEO. [The Wall Street Journal]

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3. BARNES & NOBLE PRESENTS DISMAL QUARTERLY REPORT

Barnes & Noble's quarterly report is in, and it's not pretty: Losses more than doubled compared with a year ago, while sales of Nooks and e-books plunged 34 percent, leading to a 7.4 percent decrease in revenue. To try to cut losses in the Nook department, the company plans to start co-branding the product and producing it with a third-party manufacturer. Last month, reports surfaced that Microsoft, which already owns 17 percent of Nook Media, was planning to buy the division outright. [BBC]

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4. GUN SALES SHOOT UP

Gun maker Smith & Wesson Holdings saw profits nearly double this year to a record $588 million in sales. A rash of high-profile public shootings have sparked a new round of gun control debate, causing gun enthusiasts to worry that restrictions on buying guns may tighten. In April, Congress rejected a bill to tighten background checks. [Businessweek]

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5. U.S. FIRST QUARTER GROWTH DIPS TO 1.8 PERCENT

Following Ben Bernanke's positive outlook for the economy last week, the Commerce Department reported Wednesday that the GDP expanded 1.8 percent in the first quarter, less than the 2.4 percent growth expected by analysts. Growth was held back by the slow pace of consumer spending, weak business investment, and declining exports. The report posted downward revisions in all categories except home construction and government. [FOX]