The Market In 5 Minutes: Tesla, Starbucks, Sony, Philip Roth And More

IN THE NEWS

"Shark Tank" star Kevin O'Leary visited Benzinga HQ yesterday. He loves his Tesla TSLA car, but hates the stock: Link

Analyst Ivan Feinseth of Tigress Financial doubts customers will be dissuaded from visiting Starbucks SBUX after announcing a new “Third Place Policy” allowing anyone to use their cafes regardless of intent to make a purchase: Link

Sony SNE wants to spend three more years readying its next video game move, the head of the PlayStation business said Wednesday. That would mark a slight slowdown in the six-to-seven-year update cycle for the console since the first one in 1994: Link $

Philip Roth, whose raucous, playful, elegant and often outrageous novels about Jewish life, sex, death and betrayal made him one of the country’s greatest novelists, has died at age 85: Link $

While Wall Street banks lobbied hard for a range of provisions that would have weakened the 2010 Dodd-Frank reform law and boosted their profits, they got trumped by their smaller rivals, according to lobbyists, Congressional staff, bankers and disclosure records: Link

The Parkland, Florida school massacre has had little lasting impact on U.S. views on gun control three months after the shooting deaths of 17 people propelled a national movement by some student survivors, a Reuters/Ipsos poll showed on Wednesday: Link

Divisions among Federal Reserve officials over the yield curve and inflation will be under scrutiny on Wednesday when the U.S. central bank releases minutes of its policy meeting at the start of the month: Link

Dan Loeb is looking to play in the emerging financial technology space. The hedge fund manager behind Third Point is looking to raise $400 million for Far Point Acquisition Corp., a so-called “blank check” acquisition company, he revealed in a regulatory filing: Link

ECONOMIC DATA

• The flash Composite Purchasing Managers' Index for May will be released at 9:45 a.m. ET.
• New home sales report for April is schedule for release at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
• The Treasury is set to auction 5-year notes at 1:00 p.m. ET.
• The Federal Open Market Committee will issue minutes of its meeting at 2:00 p.m. ET.
• Minneapolis Federal Reserve President Neel Kashkari is set to speak at 2:15 p.m. ET.

ANALYST RATINGS

• Deutsche Bank upgrades Nordstrom JWN to Buy from Hold; Raises Price Target to $55 from $52
• Bernstein upgrades Celgene CELG to Outperform
• Longbow Research downgrades Shake Shack SHAK to Neutral
• Stifel downgrades Red Robin Gourmet Burgers RRGB to Hold, Lowers Price Target to $55

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.