The Market In 5 Minutes

IN THE NEWS

BENZINGA

Owners and lessees of more than 705,000 Duramax diesel trucks sued General Motors Company GM last week for installing devices to cheat U.S. emissions inspections. But how does this compare to Volkswagen's scandal in September 2015?: Link

The jury is still out on whether bitcoin is just one giant bubble waiting to burst: Link

Leon Cooperman is a very rich hedge fund manager, but by his own admission, he should be even richer. Here are 19 stocks that fit his value-oriented strategy: Link

THE WALL STREET JOURNAL

Paint giant PPG Industries, Inc. PPG dropped its $27.6 billion takeover pursuit of Akzo Nobel NV Thursday, ending an unusually bitter trans-Atlantic standoff between two of the world’s oldest industrial companies: Link

On May 2, J. Mario Molina walked into the boardroom of Molina Healthcare, Inc. MOH, the company founded by his father, which he had run for more than two decades, ready for a routine meeting. The first shock came quickly: Link

REUTERS

China said on Thursday it will stick to the Paris climate deal as the world awaited an announcement by U.S. President Donald Trump on whether to keep the United States in the global pact to fight climate change: Link

T-Mobile US Inc TMUS has built a reputation as a scrappy underdog by offering cell service with no contracts and cheap prices. Now it's aiming to be America's No. 1 wireless carrier: Link

BLOOMBERG

Caterpillar Inc. CAT faces a $2 billion IRS bill and possible criminal charges, while the accountant who tipped off the feds stands to make a windfall: Link

Mayors and state lawmakers from both parties are blasting President Donald Trump’s proposed transportation budget and $1 trillion infrastructure initiative, saying his plans would cut federal funding for critical projects and leave them holding the bill: Link

NY POST

Wall Street is gripping for a double-digit drop in second-quarter trading revenue as one of its biggest businesses, bond trading, suffers from tranquil markets and the Federal Reserve’s easy-money policies: Link

ECONOMIC DATA

• The Markit Manufacturing PMI for May is scheduled for release at 9:45 a.m. ET.
• Data on month-over-month Construction Spending is scheduled for release at 10:00 a.m. ET.
• The ISM Manufacturing PMI and sales data for May is schedule for release at 10:00 a.m. ET.
• Data on natural gas storage is scheduled for release at 10:30 p.m. ET.
• Data on gasoline inventories and production is scheduled for release 11:00 a.m. ET.
• Data on crude oil imports and inventories is scheduled for release at 11:00 a.m. ET.
• Data on domestic and total truck sales for May is scheduled for release at 3:30 p.m. ET.
• Data on domestic and total car sales for May is scheduled for release at 4:00 p.m. ET.
• Data on total vehicle sales for the month of May is scheduled for release at 4:00 p.m. ET.

ANALYST RATINGS

• DA Davidson Upgraded Fluor Corporation (NEW) FLR from Neutral to Buy
• JP Morgan Upgraded Plantronics Inc PLT from Neutral to Overweight
• Piper Jaffray Upgrades Supernus Pharmaceuticals Inc SUPN From Neutral to Overweight
• Vertical Research Downgraded Rayonier Inc RYAM from Buy to Hold
• CL King Downgraded Fox Factory Holding Corp FOXF from Buy 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.