Market Overview

The Market In 5 Minutes: Float Like A Butterfly, Sting Like A Bee

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The Market In 5 Minutes: Float Like A Butterfly, Sting Like A Bee

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 lower in reaction to Friday's U.S. data, which showed a weaker-than-expected jobs growth. The figures may prove to be the catalyst forcing the Federal Reserve to postpone a planned interest rate hike that was set to occur in the near-term.

Fed Chairwoman Janet Yellen is scheduled to speak at the World Affairs Council of Philadelphia on Monday at 12:30 p.m. ET.

Oil prices traded higher as Brent crude futures gained $0.58 to trade above the $50 per barrel mark yet again at $50.22. US WTI crude futures also gained $0.56 to trade at $49.18 a barrel.

BZ News Desk Focus

Three specialty retailers are expected to share their latest quarterly results this week: Michaels (NASDAQ: MIK), Lululemon (NASDAQ: LULU) and Restoration Hardware (NYSE: RH). Consensus forecasts from Wall Street analysts call for top-line growth from all three of them.

Find out what's going on in today's market and bring any questions you have to Benzinga's PreMarket Prep.

Related Link: What's The Single Best $10,000 Investment To Hold For The Next 25 Years?

Sell-Side Themes

Goldman Sachs initiated Neutral coverage on specialty pharmaceuticals, highlighting a "confluence of concerns."

A slew of analysts initiated coverage on SiteOne Landscape Supply (NYSE: SITE), a stock that could benefit from a recovering housing market.

Sell-Side's Most Noteworthy Calls

Cowen downgrades AbbVie (NYSE: ABBV) to Market Perform.
Goldman Sachs downgrades Harley Davidson (NYSE: HOG) to Neutral.
BB&T downgrades Sturm Ruger (NYSE: RGR) to Hold.
Jefferies upgrades Wal-Mart (NYSE: WMT) to Buy.
JPMorgan upgrades Visa (NYSE: V) to Overweight.
Cowen initiated Seres Therapeutics (NASDAQ: MCRB) at Outperform.

Deal Talk

Holly Energy Partners (NYSE: HEP) disclosed the acquisition of a 50 percent stake in Cheyenne Pipeline LLC, owner of the Cheyenne Pipeline, in exchange for a contribution of $42.5 million in cash to Cheyenne Pipeline LLC.

AstraZeneca (NYSE: AZN) is said to be among potential bidders for Acadia Pharmaceuticals, according to a report from the Daily Mail.

NextEra Energy (NYSE: NEE) and Hawaiian Electric (NYSE: HE) announced neither party has terminated their merger agreement.

In The News

Hours before the Federal Reserve Bank of New York approved four fraudulent requests to send $81 million from a Bangladesh Bank account to cyber thieves, the Fed branch blocked those same requests because they lacked information required to transfer money, two people with direct knowledge of the matter told Reuters.

A decade after he got shunted aside at Facebook (NASDAQ: FB), Eduardo Saverin's found another scrappy internet startup he’s proud to put his name behind.

Actor and former GOP speechwriter Ben Stein told The Guardian, "I don't think Trump knows a goddamn thing about economics."

Blogosphere

Apple (NASDAQ: AAPL) is a hit in China, and not just with consumers: The nation's CFOs have joined the fan club. Read more on Gadfly.

Public universities in the U.S. recorded 5.1 reports of alleged cheating for every 100 international students, versus one report per 100 domestic students, according to a Wall Street Journal analysis.

Trending

ARIA ADMP DNAI EXEL ABBV USO VXX OCUL UWTI JUNO KITE ACAD TLT OLED BAC [StockTwits]

The Golden State Warriors dominated the Cleveland Cavaliers by 33 points in Game 2 of the NBA Finals.

"I hated every minute of training, but I said, 'Don't quit. Suffer now and live the rest of your life as a champion.'" - Muhammad Ali, 1942-2016.

 

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