The Market In 5 Minutes: Monday, May 9, 2016

Below 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. Apply for daily AM access by clicking here or email minutes@benzinga.com.

Macro Focus

Chinese stocks were hit hard on Monday after the government's mouthpiece People's Daily published an article titled "Authoritative Person Talking About China's Economy." According to Barrons, the article said a person of high authority in China is expecting the country's economic growth to look like an "L-shape" for "more than one or two years."

Meanwhile, China's government said the country's total exports fell by 1.8 percent in April while imports also fell 10.9 percent. China's Shanghai index lost 2.79 percent.

Oil prices were higher as well Monday morning as an ongoing wildfire in Canada temporarily knocked out over 1 million barrels in daily production capacity. Meanwhile, Saudi Arabia appointed Khalid al-Falih as head of the government's newly created Ministry of Energy, Industry and Mineral Resources.

Crude futures rose nearly $1 per barrel to $45.57, while Brent crude futures rose $0.72 per barrel to trade at $46.02.

BZ News Desk

The retail earnings parade begins this week: Macy's M, JC Penney JCP, Nordstrom JWN and Kohl's KSS are in the spotlight.

Sell-Side Themes

Goldman Sachs analysts took a look into two very different areas: Oil, with the Baker Hughes BHI-Halliburton HAL deal now called off; Casinos, specifically to names with high exposure in Macau like Wynn Resorts WYNN.

Sell-Side's Most Noteworthy Calls

JPMorgan downgrades Occidental Petroleum OXY to Neutral.

Mizuho upgrades Depomed DEPO to Neutral.

Bank of America upgrades PACCAR PCAR to Buy.

Argus upgrades Fiserv FISV to Buy.

Deal Talk

Krispy Kreme Doughnuts KKD agreed to be acquired by a JAB Holding Co. subsidiary in a $1.35 billion deal. The deal will take Krispy Kreme private.

Colony Capital CLNY, Northstar Asset Management NSAM, NorthStar Realty Finance NRF are in talks to form a "tri-party all stock at the market business combination."

Buy Side

Money managers boosted their net long positions to the highest since 2011, when gold prices surged to a record. Wagers on price gains climbed 27 percent in the week ended May 3.

With their "Midas touch gone," Reuters looks into how the hedge fund industry's influence may be waning.

In The News

UPS UPS is backing a startup using drones in Rwanda to transport life-saving blood supplies and vaccines, underlining the wide potential for the unmanned aircraft and helping bring package delivery by drone to U.S. consumers a step closer.

Twitter TWTR cut off U.S. intelligence agencies from access to Dataminr, a service that sifts through the entire output of its social-media postings, the latest example of tension between Silicon Valley and the federal government over terrorism and privacy.

Robert Davis admits he was wrong to embezzle thousands of dollars from the Highland Park School District. But the former school board president and union activist, recently released from federal prison in Alabama, told The Detroit News that a lack of oversight by school districts makes it far too easy to siphon money from public coffers. “It’s easy access,” said Davis, 36, who served 10 months for stealing $200,000 from the financially beleaguered district.

Blogosphere

Buffett took holding company Berkshire Hathaway from less than $8 a share in the 1960s to about $215,000 a share today. What, you ask, is his secret? The Detroit News looks at those who want to "fund it like Buffett."

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