The Market In 5 Minutes

IN THE NEWS

BENZINGA

Not yet a year into his presidency, Brazilian President Michel Temer is facing a major bribery scandal that has sent Brazilian stocks tumbling: Link

Corium International CORI shares have been white hot over the past 10 days, rising more than 30 percent since the company reported positive preliminary results in the clinical study of its Corplex Donepezil Alzheimer's Disease (AD) product candidate: Link

Robert Mueller’s bulletproof reputation as a relentless, by-the-book investigator virtually guarantees a rigorous and wide-ranging investigation of President Donald Trump’s ties to the Kremlin, the former FBI director’s supporters say: Link

THE WALL STREET JOURNAL

President Donald Trump said Thursday that an investigation of his campaign’s possible ties to Russia is a “witch hunt” and should be quickly brought to a close, but the appointment of a special counsel and recent grand jury subpoenas suggest a federal criminal probe is expanding to include other suspicious activity and countries: Link

U.S. financial authorities are looking into the Russian government’s growing leverage over Citgo Petroleum Corp. amid heightened concern that the Kremlin is seeking to use energy as a political weapon against the U.S., according to U.S. and congressional officials: Link

REUTERS

U.S. Treasury Secretary Steven Mnuchin told lawmakers on Thursday that he has some doubts that what are known as alternate scoring models will give enough credit to the potential for economic growth when assessing the impact of the Trump administration's tax plan: Link

Uber has threatened to fire an engineer accused by Alphabet's self-driving Waymo unit of stealing confidential documents in a high profile trade secrets case between the two companies, according to a court filing: Link

BLOOMBERG

Legendary short seller Jim Chanos lambasted a "dysfunctional" Trump administration, saying the markets hope that Vice President Michael Pence becomes president: Link

Rep. Jason Chaffetz announced Thursday he will resign from Congress next month, saying a "mid-life crisis" had compelled him to step away from his chairmanship of the House Oversight Committee just as it is poised to investigate President Donald Trump's firing of the FBI director: Link

NY POST

JCPenney JCP is aiming to give “hot sheets” new meaning. The mall anchor is getting into the hotel business, selling bedsheets, towels, curtains and even mattresses to the lodging industry, the retailer said on Tuesday: Link

ECONOMIC DATA

• St. Louis Federal Reserve Bank President James Bullard is set to speak in St. Louis at 9:15 a.m. ET.
• The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
• San Francisco Federal Reserve Bank President John Williams will speak in San Francisco at 1:40 p.m. ET.

ANALYST RATINGS

• Jefferies Upgraded Palo Alto Networks PANW from Hold to Buy
• Oppenheimer Upgraded Lumber Liquidators LL from Perform to Outperform
• BMO Upgrades Wal-Mart WMT From Underperform to Market Perform
• RBC Downgraded Symantec SYMC from Outperform to Sector Perform
• Deutsche Bank Downgraded Buckle BKE from Hold to Sell
• Macquarie Downgrades Pandora P From Outperform 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.