The Market In 5 Minutes: Quiet Friday Ahead Of Father's Day

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 30 points to 17,614.00, while the Standard & Poor's 500 index futures fell 4.75 points to 2,065.50. Futures for the Nasdaq 100 index declined 6.50 points to 4,409.75.

Oil prices traded higher as Brent crude futures gained 2.16 percent to trade at $48.21 per barrel, while US WTI crude futures also gained 1.54 percent to trade at $46.95 a barrel.

USA Housing Starts for May 1.16M vs 1.15M consensus estimate. USA Housing Starts (MoM) for May -0.30% vs 6.60% prior reading.

USA Building Permits for May 1.14M vs 1.15M consensus estimate. USA Building Permits (MoM) for May 0.70% vs 4.90% prior reading.

BZ News Desk

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

Oracle ORCL Reports Q4 EPS $0.81 vs. Est. $0.82, Rev. $10.6M vs. Est. $10.47B
Finisar FNSR EPS $0.29 vs $0.25 Est, Sales $318.79M vs $317M Est
Smith & Wesson SWHC Q4 EPS $0.66 vs $0.54 Est, Sales $221.1M vs $214.6M Est
Sky Solar SKYS Reports Q1 Earnings $(0.017)/ADS vs $0.05/ADS in Same Qtr. Last Year, Sales $11.734M

Sell-Side's Most Noteworthy Calls

Morgan Stanley downgraded Phillips 66 PSX to Equal-Weight.
Argus downgraded ONEOK OKE to Hold.
JPMorgan upgraded Philip Morris PM to Overweight.
Macquarie upgraded Starz STRZA to Outperform.
Oppenheimer initiated coverage on PayPal PYPL at Outperform.
Argus started coverage of D.R. Horton DHI at Buy.

Deal Talk

Revlon REV agreed to acquire Elizabeth Arden RDEN for $14.00 per share in cash, for an enterprise value of around $870 million.

TravelCenters of America TA confirmed it received a non-binding letter from a private equity firm in December 2015, requesting confidential discussions about a potential acquisition of TravelCenters.

In The News

Whether Britain should vote to leave the European Union remained suspended for a second day Friday as Britons mourned murdered politician Jo Cox. In the West Yorkshire town of Birstall, England, where Cox, 41, was stabbed and shot Thursday hundreds of people attended vigils and tributes and condolences poured in from around the world. Cox was the first female member of Parliament to be assassinated.

Disney's DIS "Finding Dory" comes out this weekend. The highly-anticipated sequel to the 2003 smash hit "Finding Nemo" should give the summer box office a much-needed boost.

Sumner Redstone has moved to replace five board members of Viacom VIAB, including chairman and CEO Philippe Dauman whom he has considered a surrogate son. A statement from Redstone's National Amusements – Viacom's parent company – said the five were "removed" and replaced with five others who have "deep experience in corporate governance of public companies."

Blogosphere

Is Ericsson ERIC on borrowed time? Leila Abboud looks into the struggling telecommunications company.

Keep an eye on Pioneer Natural Resources PXD, as Jim Cramer says history could repeat itself.

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