The Market In 5 Minutes: Amazon And Google Continue To Dominate

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

U.S. stock futures slipped on Friday, as investors erred on the side of caution with Q2 U.S. economic growth data and another raft on earnings coming out ahead of the opening bell. Disappointment over Bank of Japan’s latest easing action also weighed on sentiment.

The Bank of Japan announced a small expansion of its deflation-fighting stimulus policies, with changes that ranked at the most cautious end of what analysts and investors had been expecting.

Oil prices traded lower as Brent crude futures fell 1.31 percent to trade at $42.14 per barrel, while US WTI crude futures also fell 0.78 percent to trade at $40.82 a barrel.

BZ News Desk

Amazon AMZN Reports Q2 EPS $1.78 Vs Est $1.11, Revs $30.4B Vs Est $29.54B
Google GOOGLGOOG Reports Q2 EPS $8.42 vs. Est. $8.04, Rev. $17.52B
CBS CBS Reports Q2 EPS $0.93 s $0.67 in Same Qtr. Last Year, Sales $3.287B vs $3.219B YoY
ExxonMobil XOM Reports Q2 EPS $0.41, Q2 Sales $57.694B vs $60B Est.

Wynn Resorts WYNN Q2 Adj EPS $1.07 vs $0.91 Est, Sales $1.06B vs $1.02B Est
AbbVie ABBV Reports Q2 EPS $1.26 vs. Est. $1.20, Rev. $6.45B vs. Est. $6.2B

Western Digital WDC Reports Q4 Adj. EPS $0.79 vs $0.71 Est., Sales $3.5B vs $3.45B Est.
Baidu BIDU Reports Q2 Adj. Earnings $1.22/Share vs $0.98 Est., Sales $2.748B vs $2.73B Est.
Phillips 66 PSX Reports Q2 Adj. EPS $0.94 vs $0.93 Est.
Bloomin' Brands BLMN Reports $0.30 vs. Est. $0.30, Rev. $1.078B vs. Est. $1.09B

Sell-Side Themes

Amid Oracle's ORCL purchase of NetSuite N, several analysts were playing catch-up, with Goldman even taking the stock off of its Conviction Sell list.

Sell-Side's Most Noteworthy Calls

Goldman Sachs downgraded Ford F to Neutral.
Argus downgraded Gilead Sciences GILD to Hold.
Citi upgraded Molson Coors TAP to Buy.
Stifel upgraded Pinnacle Foods PF to Buy.
Credit Suisse started Quorom Health QHC at Neutral.

Deal Talk

SABMiller SBMRY shareholders are likely to vote in favor of AB InBev's BUD $103.98 billion purchase of its rival brewing company.

NextEra Energy NEE reported a deal to purchase Energy Future Holdings' interest in Onco Electric Delivery for an enterprise value of ~$18.4 billion.

In The News

Hillary Clinton, the first woman to lead a major American political party's presidential ticket, accepted the Democratic nomination Thursday night with an appeal for a more collaborative and unified nation in the face of domestic divisiveness and global uncertainty.

Hedge funds are playing a far bigger role in 2016 than in past elections—and Hillary Clinton has been the single biggest beneficiary. Owners and employees of hedge funds have made $122.7 million in campaign contributions this election cycle. Donald Trump has received $20,000.

Blogosphere

Vanderbilt study debunks "phantom liquidity" problem caused by high-frequency traders.

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