The Market In 5 Minutes: GE, Tariffs, Summit, Jobless Claims And More

IN THE NEWS

General Electric Company GE stock traded lower by more than 7 percent Wednesday after CEO John Flannery said he is not expecting any profit growth from GE’s power unit in 2018: Link

The ETFMG Alternative Harvest ETF MJ, the only U.S.-listed exchange-traded fund that's a pure play on marijuana-related equities, is enjoying a solid rebound effort in May with a gain of about 7 percent this month: Link

Celgene Corporation CELG is down about 35 percent year-over-year, and as management resists challenges to critical Revlimid patents, analysts are at odds about where the stock could head from here: Link

U.S. trading partners expressed alarm on Wednesday about threatened American tariffs on imported cars, which could hit allies hard and disrupt the industry around the world: Link $

North Korea’s senior envoy for U.S. affairs renewed a threat to call off a planned summit with President Donald Trump and warned that Pyongyang could “make the U.S. taste an appalling tragedy it has neither experienced nor even imagined”: Link $

Study after study shows that money stress can be as bad for workplace productivity as back pain: Link

Shari Redstone is one “disloyal” media heiress, according to CBS CBS: Link

ECONOMIC DATA

• US Initial Jobless Claims for May 18 234.0K vs 220.0K Est; Prior 222.0K. US Continuing Claims for May 11 1.74M vs 1.75M Est; Prior 1.71M
• Existing home sales report for April will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
• Atlanta Fed President Raphael Bostic will speak at 10:35 a.m. ET.
• The Treasury is set to auction 7-year notes at 1:00 p.m. ET.
• The Kansas City Fed manufacturing index for May will be released at 11:00 a.m. ET.
• Philadelphia Federal Reserve Bank President Patrick Harker is set to speak at 2:00 p.m. ET.
• Data on money supply for the latest week will be released at 4:30 p.m. ET.

ANALYST RATINGS

• UBS upgrades Deere DE from Neutral to Buy
• Wells Fargo upgrades Oceaneering OII from Market Perform to Outperform
• Canaccord downgrades Vermillion VRML from Buy to Hold
• Wedbush downgrades Karyopharm Therapeutics KPTI 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.