The Market In 5 Minutes: Sprint And T-Mobile, Musk And Tesla, IPOs On The Radar

IN THE NEWS

The dynamics within the U.S. telecom industry may change after the on-again, off-again merger talks between Sprint Corp S and T-Mobile Us Inc TMUS finally resulted in a merger agreement: Link

As the biotech sector struggles to make a headway, here's a list of key catalytic events for the upcoming week: Link

IPO outlook for the week of April 30: Link

Foreign investors’ appetite this year for U.S. debt hasn’t grown at the same pace as the government’s borrowing needs, which some analysts worry could push bond yields higher and eventually threaten to slow economic growth: Link $

China’s Baidu Inc BIDU said it will sell a majority stake in its financial services business for about $1.9 billion to a consortium led by TPG Capital Management LP and Carlyle Group LP, as it seeks funding to take on established fintech firms in China: Link

A European Commission plan to tax the digital turnover of large companies drew skepticism on Saturday from the global rule-setting body on tax matters and some EU states, which called instead for an international solution: Link

The Federal Reserve is closing in on its elusive 2 percent inflation target but that doesn’t mean policy makers are ready to pronounce mission accomplished: Link

The company that Elon Musk built to usher in the electric-car future might not have enough cash to make it through the calendar year: Link

ECONOMIC DATA

• USA Core PCE Price Index (MoM) for Mar 0.20% vs 0.20% Est; Prior 0.20%. Core PCE Price Index (YoY) for Mar 1.90% vs 1.90% Est; Prior 1.60%
• The Chicago PMI for April is schedule for release at 9:45 a.m. ET.
• The pending home sales index for March will bed released at 10:00 a.m. ET.
• The Dallas Fed manufacturing index for April is schedule for release at 10:30 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET

ANALYST RATINGS

• RBC upgraded Altria MO from Sector Perform to Outperform
• KBW upgraded WisdomTree WETF from Market Perform to Outperform
• Morgan Stanley downgraded CommScope COMM from Overweight to Equal-Weight
• Stifel downgraded Dominion Energy DM 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.