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The Market In 5 Minutes: Swoosh And A Miss

The Market In 5 Minutes: Swoosh And A Miss

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

Macro News

U.S. stock futures traded higher in early pre-market trade. Futures for the Dow Jones Industrial Average jumped 88 points to 17,389.00, while the Standard & Poor’s 500 index futures rose 9.50 points to 2,038.25. Futures for the Nasdaq 100 index climbed 22.75 points to 4,304.75.

Oil prices traded higher as Brent crude futures gained 0.64 percent to trade at $48.90 per barrel, while US WTI crude futures also rose 0.71 percent to trade at $48.18 a barrel. The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.

BZ News Desk

USA Personal Income (MoM) for May 0.20% vs 0.30 consensus estimate. USA Personal Spending (MoM) for May 0.40% vs 0.40% consensus estimate.

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

Nike (NYSE: NKE) Reports Q4 EPS $0.49 vs $0.48 Est., Sales $8.2B vs $8.28B Est.
General Mills (NYSE: GIS) Reports Q4 Adj. EPS $0.66 vs $0.60 Est., Sales $3.9B vs $3.86B Est.
Monsanto (NYSE: MON) Reports Q3 Adj. EPS $2.17 vs $2.40 Est., Sales $4.189B vs $4.49B Est.

Sell-Side Themes

A slew of analysts downgraded Esperion Therapeutics (NASDAQ: ESPR) after the stock fell more than 30 percent Tuesday.

BMO Capital initiated coverage on a ton of pharmaceutical names, including Valeant (NYSE: VRX).

Sell-Side's Most Noteworthy Calls

Goldman Sachs downgraded PBF Energy (NYSE: PBF) to Neutral.
Barclays downgraded Aegon (NYSE: AEG) to Underweight.
JPMorgan upgraded Oracle (NYSE: ORCL) to Neutral.
Citi upgraded Dynegy (NYSE: DYN) to Buy.
Bernstein initiated coverage on Biogen (NASDAQ: BIIB) at Outperform.

Deal Talk

Lionsgate (NYSE: LGF) and Starz (NASDAQ: STRZA) merger is falling apart over financing issues caused by the Brexit vote, according to the New York Post.

Apollo Global (NYSE: APO) is nearing a deal to buy Diamond Resorts (NYSE: DRII) for about $2 billion, Wall Street Journal reported.

Wal-Mart (NYSE: WMT) could increase stake in JD.Com (NYSE: JD) to 10 percent, which would give Wal-Mart "observer status," Dow Jones has reported.

Energy Transfer Equity (NYSE: ETE) announced that it has terminated its merger agreement with Williams Companies (NYSE: WMB).

In The News

The Federal Reserve will release the second part of its annual bank stress tests featuring capital-return plans on Wednesday. Last Thursday, the Fed said all 33 big banks cleared the Stress Test bar for capital requirements. Thirty-three banks collectively had loan losses of $385 billion under a severe economic scenario.

Arizona Cardinals President Michael Bidwill said on PFT Live that he expects an online video distributor like Amazon (NASDAQ: AMZN), Netflix (NASDAQ: NFLX) or YouTube will some day out-bid the traditional television companies to broadcast NFL games.

Hillary Clinton has picked a side as part of her newly unveiled technology platform. The striking thing is how closely her position mirrors comments from Apple (NASDAQ: AAPL) CEO Tim Cook. Clinton’s statement reads in part, "Hillary rejects the false choice between privacy interests and keeping Americans safe." Cook, in an interview with ABC, said "It's not just about privacy but it's also about public safety."


Nassim Nicholas Taleb: What do you think of him?



Selloff is overdone. #GetMyAttentionIn3Words


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