The Market In 5 Minutes: Gotta Get Down On Friday

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

U.S. stock futures traded lower in early pre-market trade. Futures for the Dow Jones Industrial Average dropped 85 points to 17,796.00, while the Standard & Poor's 500 index futures fell 11.75 points to 2,093.75. Futures for the Nasdaq 100 index declined 30.25 points to 4,473.75.

Oil prices traded lower as Brent crude futures dropped 1.23 percent to trade at $51.31 per barrel, while US WTI crude futures also declined 1.42 percent to trade at $49.84 a barrel.

The University of Michigan consumer sentiment index for June is scheduled for release at 10:00 a.m. ET, while the Federal Budget report for May will be released at 2:00 p.m. ET.

BZ News Desk Focus

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

Organovo ONVO Reports Q4 EPS $(0.09) vs. Est. $(0.11), Rev. $500K vs. Est. $300K
Mattress Firm MFRM Reports Q1 EPS $(0.10) vs $(0.04) Est., Sales $839.4M vs $867M Est.
H&R Block HRB Reports Q4 EPS $3.16 Vs Est $3.15, Sales $3.38B Vs Est $2.28B

Sell-Side's Most Noteworthy Calls

Citi downgraded Zoetis ZTS to Neutral.
BMO downgrades AbbVie ABBV to Market Perform.
FBR upgraded Joy Global JOY to Outperform.
Macquarie upgraded Cliffs Natural Resources CLF to Outperform.
William Blair initiated coverage on Amazon AMZN at outperform.
Goldman Sachs started Allegion ALLE at Buy.

Deal Talk

Hershey HSY surged higher Thursday on unconfirmed chatter of an approach from Nestle NSRGF. Sources said Nestle could bid $125 per share for the candy company. Hershey declined comment, telling Benzinga via email "we do not comment on market speculation related to mergers and acquisitions."

ON Semiconductor ON reported an extension of its tender offer to buy Fairchild Semiconductor FCS to June 23, 2016.

AstraZeneca AZN announced it has entered into a commercialization agreement with Aspen Global for rights to its global anesthetics portfolio outside the US for $520 million upfront payment.

In The News

President Barack Obama officially endorsed Hillary Clinton on Thursday: "I know how hard this job can be. That's why I know Hillary will be so good at it. In fact, I don't think there's ever been someone so qualified to hold this office." Let the Twitter war games being.

Tesla TSLA is being investigated by the U.S. National Highway Traffic Safety Administration over a potential suspension issue on the Model S sedan. In a blog post titled "A Grain of Salt," Tesla said it has a few things that "need to be cleared up."

Blogosphere

One humorous Reddit poster summarized a typical Janet Yellen speech using zebras as an analogy.

Is there something we're all missing about George Soros getting back into the trading game?

Trending

SPY FCX LABD GBT HRB EMES MYL QQQ INSM MRFM LABU ATVI UNG TSLA [StockTwits]

#TrumpSecretServiceCodeName is bringing in some juvenile, but funny entries.

Posted In: the market in 5 minutesNewsGlobalTop StoriesMarketsAnalyst Ratings

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