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The Market In 5 Minutes: US Added Just 38,000 Jobs Last Month

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The Market In 5 Minutes: US Added Just 38,000 Jobs Last Month

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

Asian stocks were mostly higher ahead of the U.S. government's release of May's nonfarm payrolls. Investors and traders from across the globe will likely be paying closer attention than usual to the data as a strong reading could solidify the Federal Reserve's decision to implement a rate hike in the coming months.

The price of oil also ticked higher Friday morning after a meeting of OPEC representatives failed to agree to an output cap and data from the U.S. showed oil production in the country fell another 32,000 barrels a day week-on-week.

Brent crude rose 0.16 percent to $50.12 a barrel for August deliveries and WTI crude rose 0.08 percent to $49.21 a barrel.

BZ News Desk Focus

USA Nonfarm Payrolls for May 38.0K vs 164.0K consensus estimate. The prior reading was 160.00.

Some of last night's and this morning's most notable earnings:

Five Below (NASDAQ: FIVE) Reports Q1 EPS $0.12 vs $0.10 Est., Sales $192.7M vs $188M Est.
Broadcom (NASDAQ: AVGO) Reports Q2 EPS $2.53 vs. Est. $2.38, Rev. $3.541B vs. Est. $3.55B
Zumiez (NASDAQ: ZUMZ) Reports Q1 EPS $(0.08) vs. Est. $(0.11), Rev. $173M vs. Est. $172M
Ambarella (NASDAQ: AMBA) Reports Q1 Adj. EPS $0.34 vs $0.28 Est., Sales $57.2M vs $57M Est.
Hurco (NASDAQ: HURC) Reports Q2 EPS $0.56 vs $0.60 in Same Qtr. Last Year, Sales $52.029M vs $50.183M YoY

Sell-Side Themes

Cantor Fitzgerald started coverage on a bunch of pharmaceutical stocks, most notably GW Pharma (NASDAQ: GWPH).

Sell-Side's Most Noteworthy Calls

Goldman Sachs upgraded Deere (NYSE: DE) to Buy.

Morgan Stanley upgraded Union Pacific (NYSE: UNP) to Overweight.

Piper Jaffray downgraded Conn's (NYSE: CONN) to Neutral.

Goldman Sachs downgraded Paccar (NASDAQ: PCAR) to Neutral.

Sterne Agee CRT initiated coverage on Tesla (NASDAQ: TSLA) at Buy.

Deal Talk

New York Post's James Covert reported on Twitter's (NYSE: TWTR) meeting with Yahoo (NASDAQ: YHOO) that took place several weeks ago. The meeting was initially to explore merger opportunities between the two companies. However, Twitter was not impressed, as Jack Dorsey's company backed away from the deal.

Talen Energy (NYSE: TLN) struck a deal with private investment firm, Riverstone Holdings LLC's affiliates. The agreement allowed the investment firm to buy the energy firm for $14.00 a share and the transaction's total enterprise was valued about $5.2 billion. The price represented 17.25 percent premium over Thursday's closing price of $19.04.

McKesson (NYSE: MCK) is weighing a separation of its information-technology unit as the health-care giant grapples with pricing pressure in its core drug-distribution business, people familiar with the matter told Wall Street Journal.

In The News

Chinese search-engine giant Baidu (NASDAQ: BIDU) said the company plans to mass produce a driverless car in five years—so that babies born today won’t need a driver’s license.

Reuters reported on how certain promising drugs stoke talk of eventual cancer "cure."

Commodities are nearing bull-market territory after rebounding from the lowest level in at least 25 years as oil prices rallied, complementing advances in recent weeks in soybeans and zinc.

Blogosphere

Tribune Publishing (NYSE: TPUB), now "tronc," issues worst press release in the history of journalism, according to the Washington Post.

New research from the Cambridge Security Initiative shows that although exchange and currency markets are changing, secure, government-printed notes and minted coins remain hugely important. Read why cybercrime isn't the only reason cash remains king.

Timothy O'Brien says "President Trump's would be amazing." Do you agree?

Trending

SPY TWTR NUGT AVGO ADMP AMBA GWPH DUST IMMU SHPG SPXS AVH UUP [StockTwits]

The Golden State Warriors dominated the Cleveland Cavaliers in Game 1 of the NBA Finals. Fortune says this is also a battle of Nike (NYSE: NKE) vs. Under Amour (NYSE: UA).

 

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