The Market In 5 Minutes: Baby We Were Born To Run

Below is a tool used by the Benzinga News Desk each trading day -- it's a look at everything happening in the market, in five minutes. Apply for daily AM access by clicking here or email minutes@benzinga.com.

Macro Focus

Asian stocks closed flat to slightly lower on Friday after data from China's government showed the economy grew 6.7 percent on-year in the first quarter. The government's figure was in-line with expectations, but marking a decrease from the 6.8 percent growth seen in the prior quarter.

Light Sweet Crude oil futures were trading in positive territory during Asian hours but lost more than 1.50 percent and were trading at $40.80 a barrel by 7 a.m. ET Friday. Naturally, this weekend's meeting of OPEC and non-OPEC oil producers to discuss a potential freeze of production levels is keeping commodity investors on edge.

"China posted its slowest economic growth since 2009 but a surge of new debt appears to be fueling a recovery in factory activity, investment and household spending in the world's second largest economy," Reuters said. "That's good news in the near-term, economists say, but many worry it marks a return to the old playbook used during the financial crisis, when Beijing hand-cranked its economy out of a slowdown through massive stimulus, rather than structural reform."

BZ News Desk

Last week, Reuters reported that small-cap biotech Relypsa RLYP is exploring a sale, with the help of investment bank Centerview Partners Holdings LLC, due to interest in its main hyperkalemia drug Veltassa. A source familiar with the matter told Benzinga on Thursday that at this time, Relypsa no longer has Centerview Partners as an advisor.

The source added that due to the expense of such expertise, Centerview's presence in ongoing M&A evaluation at Relypsa can only occur over a limited period. They did not mention the possibility of a sale over the longer-term. Relypsa declined to comment on its current relationship.

Sell-Side Themes

Citi downgraded a couple of 3D printing players: Stratasys SSYS down to Neutral and 3D Systems DDD cut to Sell.

The payment sector was initiated at Compass Point. The firm named American Express AXP a Buy, while Visa V, MasterCard MA and PayPal PYPL were rated Neutral.

Sell-Side's Most Noteworthy Calls

Piper Jaffray maintained an Underweight rating on GoPro GPRO, with a $7 price target. The analyst considers the recent share price movement as overdone.

Wells Fargo WFC was cut to Underweight at Piper Jaffray.

Foot Locker FL was downgraded to Market Perform at Cowen.

Needham initiated coverage on Alibaba BABA with a Buy rating.

Deal Talk

Mitel Networks MITL disclosed that it struck a definite deal with Polycom PLCM to acquire it for cash and stock transaction valued about $1.96 billion. The offer represented a 22 percent premium to April 5 price.

According to a report from Reuters, Dicks Sporting Goods DKS has expressed interest in acquiring the assets of Sports Authority, which are on sale after the company declared bankruptcy.

What's Up In The News?

North Korea attempted and failed to launch what experts believe was an intermediate-range ballistic missile on Friday in defiance of UN sanctions and in an embarrassing setback for leader Kim Jong Un, drawing criticism from major ally China. The failed launch, as the reclusive country celebrates the "Day of the Sun" on the birthday of Kim's grandfather, follows the North's fourth nuclear test in January and a long-range rocket launch in February, which led to new UN sanctions.

"We are in an extraordinary situation," said Otaviano Canuto, the top International Monetary Fund official for Brazil, in an interview with Washington Post. “And it is even more extraordinary because the political dynamic overshadows everything else.”

Blogosphere

Confusing sophistication with substance: Josh Brown lays out why Ritholtz started an institutional division last year because they believe sub-$100 million funds are getting terrible advice, en masse, because of what they think is necessary.

Are we always on the brink of an Apocalypse? Check out Seth Godin's blog.

Trending

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#DemDebate Hillary Clinton and Bernie Sanders traded testy accusations and open scorn over policy differences and personal judgment in a debate that put on full display just how much the once-genteel Democratic presidential contest has turned ugly.

Quote Of The Day

"The highway's jammed with broken heroes on a last chance power drive. Everybody's out on the run tonight, but there's no place left to hide."

"Born To Run" by Bruce Springsteen. The Boss was joined by Bob Seger onstage in Detroit last night. Check out this pic from BZ editor @JasonShubnell.