The Market In 5 Minutes: Bold Moves

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 mostly higher on Wednesday after U.S. equities posted strong gains on Tuesday.

"Asian markets have had limited news flow to deal with today," Chris Weston, chief market strategist at spreadbetter IG told CNBC. "The bold moves [today] are a reflection of the belief that the global economy is actually not so shabby."

Greece struck a deal with eurozone finance ministers and the International Monetary Fund in which the country will receive 10.3 billion euros in new loans, beginning with a 7.5-billion-euro installment as soon as the bottom half of June.

Oil prices jumped higher as well Wednesday morning after the U.S. government's data pointed to a sharp fall in oil inventories. Brent crude futures and U.S. WTI crude futures each gained more than $0.50 to trade at $49.19 and $49.18 a barrel, respectively.

BZ News Desk Focus

Some of last night's and this morning's notable earnings:

HP Enterprise HPE Reports Q2 Adj. EPS $0.42, Sales $12.7B
Tiffany TIF Reports Q1 EPS $0.69 vs $0.68 Est., Sales $891M vs $915M Est.
Express EXPR Reports Q1 Adj. EPS $0.25 vs $0.27 Est., Sales $502.9M vs $521M Est.

Sell-Side's Most Noteworthy Calls

A slew of analysts downgraded Best Buy BBY following its latest earnings report.
Citi upgraded Applied Materials AMAT to Buy.
Jefferies upgraded Monsanto MON to Buy.

Deal Talk

Medivation MDVN urged stockholders to reject Sanofi's SNY attempt to replace Medivation Board of Directors.

Dr. Reddy's Labs RDY acquired six OTC brands from Ducere Pharma.

In The News

House Speaker Paul Ryan has begun telling confidants that he wants to end his standoff with Donald Trump in part because he’s worried the split has sharpened divisions in the Republican Party, two people close to the lawmaker told Bloomberg.

The House overwhelmingly approved new chemical safety rules designed to overhaul federal regulation covering thousands of chemicals in daily use.

Russia is denying reports that ISIS struck and destroyed a significant amount of its military equipment at an important military base in Syria. A media outlet affiliated with the terror group claimed on May 15 that ISIS hit the strategic T4 base in central Syria between the cities of Homs and Palmyra.

Blogosphere

"Some of the best investors of all time have made a fortune adding to temporarily losing positions," The Irrelevant Investor says. "And while this is true, it is equally true that the worst investments and the worst investors have added to losing positions, not knowing when to call it quits."

Gadfly took a look at Hewlett-Packard's "slow, sad breakup."

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