The Market In 5 Minutes: Are You Tempted To Bite The Apple?

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

The Federal Reserve's closely-watched policy-making body - the Federal Open market Committee - meets on Wednesday. Here are three things you need to know, according to economist Mohamed El-Erian.

USA Durable Goods Orders month-over-month for March was 0.80 percent vs. 1.80 percent consensus estimate. The prior reading was -3.00 percent. USA Core Durable Goods Orders month-over-month for March was -0.20 percent vs. 0.50 percent consensus estimate. The prior reading was -1.30 percent.

When Iran took delivery of the first parts of an advanced Russian air defense system this month, it paraded the anti-aircraft missile launchers sent by Moscow to mark Army Day. But the delay in implementation of the deal also points to the limitations of a relationship that is forged from a convergence of interests rather than a shared worldview, with Iran's leadership divided over ideology and Russia showing signs of reluctance to let the alliance develop much more, according to diplomats, officials and analysts interviewed by Reuters.

BZ News Desk Focus

A number of big names already reported earnings this morning, with JetBlue JBLU, Hershey HSY and Coach COH issuing EPS beats. The big one to watch for is Apple AAPL. The world's largest publicly-traded company is set to report Q2 earnings after the closing bell. Here is a quick look at every analyst recommendation and price target.

Sell-Side Themes

Macquarie launched coverage on a slew of enterprise software names, including salesforce CRM, Oracle ORCL and Microsoft MSFT.

Goldman Sachs issued five Buys and three Sells in the oil sector. Find out more here.

Sell-Side's Most Noteworthy Calls

Caterpillar CAT raised to buy vs hold at Argus.
Newmont Mining NEM raised to Outperform at RBC.
Palo Alto Networks PANW upgraded from Hold to Buy at Wunderlich.
Sarepta SRPT cut to Underweight at Piper Jaffray.
U.S. Bancorp USB downgraded to Hold at Deutsche Bank.
Zions Bancorp ZION cut from Buy to Hold at Evercore ISI.
Whiting Petroleum WLL downgraded to Hold at Cantor.
Seagate STX initiated at Buy with a $30 price target at BTIG.

Deal Talk

Office Depot ODP expects U.S. court to deliver Staples SPLS merger decision by May 10.

Eldorado Gold EGO has reached an agreement to sell its 82 percent interest in the company's Jinfeng mine to a wholly-owned subsidiary of China National Gold Group for $300 million in cash.

Autohome ATHM announced its board of directors has formed a special committee consisting of three independent, disinterested directors to consider the previously announced non-binding "going-private" proposal that the Board received on April 16, 2016 from a consortium comprised of Mr. James Zhi Qin, a director and the chief executive officer of the Company, Boyu Capital Advisory, Hillhouse TBC and Sequoia China Investment Management.

In The News

Five states -- Connecticut, Delaware, Pennsylvania, Maryland and Rhode Island -- hold primaries today. Bernie Sanders needs to win big: If he wins 90 percent of the pledged delegates in all contests, he can overtake Clinton's lead in that category. Clinton won't have enough delegates to clinch the nomination tonight, even if she wins 100 percent of the pledged delegates. For the Republican side, the only winner-take-all state is Delaware.

"Tilman Fertitta, the Texas billionaire CEO of Landry’s and Richard Handler, the CEO of investment bank Jefferies Group and its parent Leucadia National, are launching a special purpose acquisition company (SPAC) through their companies," Reuters reported. "The SPAC will be called Landcadia, a combination of the names Landry's and Leucadia, and plans to raise as much as $300 million in an initial public offering (IPO), the people said. SPACs, also known as blank-check acquisition companies, have no assets but use IPO proceeds, together with bank financing, to buy other companies and boost their value through operational improvements."

A federal appeals court ruled in favor of the NFL in the "Deflategate" case, reinstating New England Patriots quarterback Tom Brady's original four-game suspension imposed by NFL Commissioner Roger Goodell.

Blogosphere

Goldman Sachs GS is launching a bank account for ordinary people -- not just the super rich. One reader says it feel like an outlet mall.

Altucher: How to find $2 million in the morning.

Trending

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#JFT96 Police action was ruled the cause of unlawful killings in a 27-year-old case. The Hillsborough disaster was a human crush that caused the deaths of 96 people and injured 766 others, at a football match between Liverpool and Nottingham Forest at Hillsborough Stadium, Sheffield, England, in 1989. The match was the 1988–89 FA Cup semi-final.