The Market In 5 Minutes

IN THE NEWS

Benzinga

Did a mid-day analyst note help send technology stocks tumbling during Thursday’s market session? Numerous sources are suggesting JPMorgan JPM analyst Marko Kolanovic’s note that suggested potential risks ahead in the market as a reason behind the sell-off: Link

In another sign that universities mine vast fortunes from their research, a federal judge has ordered Apple Inc. AAPL to pay the University of Wisconsin $506 million for infringing on a patent related to iPhone tech: Link

Overstock.com, Inc. OSTK CEO Patrick Byrne sees one aspect of securities trading as key to the financial system’s collapse a decade ago—the stock location process that supports short selling: Link

Wall Street Journal

The Republican effort to dismantle the Affordable Care Act collapsed early Friday when a slimmed-down Senate measure to pare back selected pieces of the 2010 health-care law failed, undermining the GOP leaders’ efforts to deliver on a longtime campaign promise: Link

Amazon.com Inc. AMZN said quarterly profit fell 77% even as sales jumped, a sign of the high cost of its increasing dominance of retail: Link

Reuters

The surge in far-flung and destructive cyber attacks is not good for national security, but for an increasing number of hackers and researchers, it is great for job security: Link

Technology companies looking to raise money by issuing digital coins are moving forward with their plans despite a U.S. regulator's decision that their offerings may be subject to tough securities laws: Link

Bloomberg

Shareholders of Fannie Mae FNMA and Freddie Mac FMCC say a trove of documents they have obtained bolsters their case that the government lied when it decided to take all of the mortgage companies’ profits: Link

Tesla Inc. TSLA’s Model 3 handover party Friday is a long-awaited moment for thousands of consumers who’ve coveted its cars but couldn’t afford one: Link

ECONOMIC DATA

• USA GDP (QoQ) for Q2 2.60% vs 2.60% consensus estimate. The prior reading was 1.40%.
• Q2 US employment cost index +0.5% vs +0.6% expected
• The University of Michigan's consumer sentiment index for July will be released at 10:00 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.
• Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Oakdale, Minnesota at 1:20 p.m. ET.

ANALYST RATINGS

• KeyBanc upgraded Teradyne TER from Sector Weight to Overweight
• Jefferies upgraded JM Smucker SJM from Hold to Buy
• Kepler Cheuvreux upgraded Fiat Chrysler FCAU from Hold to Buy
• JP Morgan downgraded QEP Resources QEP from Overweight to Neutral
• Imperial Capital downgraded Spirit Airlines SAVE from Outperform to In-Line
• Canaccord downgraded Zimmer Biomet ZBH from Buy to Hold

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.