The Market In 5 Minutes

IN THE NEWS

BENZINGA

Walt Disney Co DIS's investors were cautioned in early March that there might be big layoffs coming to ESPN. Sports Illustrated's Richard Deitsch reported at that time that ESPN was looking to slash its payroll by tens of millions of dollars, and the sports unit's most recognizable personalities aren't immune from being laid off: Link

With a partial government shutdown on the line, Congress and the White House aim to work out kinks in the spending bill before the resolution expires April 29: Link

After hitting a high north of $505 per share, Chipotle Mexican Grill, Inc. CMG fell after-hours Tuesday on news the company recently detected a hack that potentially jeopardized card information between mid-March and mid-April: Link

Twitter Inc TWTR reported its daily active users grew by 14 percent on a year-over-year basis — more than exceeding the high-single-digit figure some were expecting. In fact, Twitter's growth rate is the highest it has been since at least the first quarter of 2016. Link

THE WALL STREET JOURNAL

President Donald Trump on Wednesday is planning to unveil a proposal to cut corporate taxes on U.S. companies’ foreign profits and to slash the top tax rate on so-called pass-through businesses, including many owner-operated companies, to 15% from 39.6%, said White House officials familiar with the planning: Link

The fact that Google GOOG is free to use belies the fact that there is a substantial cost to driving all those clicks. Clicks, of course, are how Google generates advertising revenue that now totals nearly $80 billion a year: Link

REUTERS

World stocks hit a record high on Wednesday after strong earnings and the prospect of tax cuts for corporate America pushed U.S. shares to stratospheric levels and the euro held on to recent gains as political concerns in France ebbed: Link

Tyson Foods Inc TSN, the biggest U.S. chicken company, said on Wednesday it may raise wages again for workers at all of its poultry plants, a sign of an intensifying battle for employees in a tightening labor market: Link

BLOOMBERG

Marine Le Pen’s narrow chances of becoming president of France hinge on swathes of the electorate not showing up at the polls on May 7.That’s the conclusion of analysts sifting through the numbers after she won 21 percent of the vote in the first round on April 23, trailing front-runner Emmanuel Macron by about 3 percentage points: Link

Wind and solar are about to become unstoppable, natural gas and oil production are approaching their peak, and electric cars and batteries for the grid are waiting to take over. This is the world Donald Trump inherited as president. And yet his energy plan is to cut regulations to resuscitate the one sector that’s never coming back, coal: Link

NY POST

Vivendi’s Universal Music Group, the world’s biggest music label, is worth a stunning $22 billion, the French owner of the label said Tuesday: Link

ECONOMIC DATA

• The MBA’s index of mortgage application activity for the latest week is schedule for release at 7:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.
• The Treasury is set to auction 5-year notes at 1:00 p.m. ET.

ANALYST RATINGS

• JPMorgan upgraded Apptio APTI from Neutral to Overweight
• Raymond James upgraded Big Lots BIG from Market Perform to Strong Buy
• KeyBanc upgrades Westinghouse Air Brake WAB from Sector Weight to Overweight
• RBC downgraded Chipotle from Outperform to Sector Perform
• JPM downgraded Cree CREE from Overweight to Neutral
• JPM downgraded Arconic ARNC from Overweight to Neutral

This 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. To get the full version of this note every morning, click here or email minutes@benzinga.com.