The Market In 5 Minutes

IN THE NEWS

BENZINGA

Gene Munster, former Apple analyst and managing partner at Loup Ventures, wasn’t surprised by Apple Inc. AAPL’s "disappointing" 24.4-percent sales miss in its second-quarter report released Tuesday evening: Link

TheStreet's biotech reporter Adam Feuerstein raised alarm that an unknown source paid to convert Seeking Alpha posts about Neurotrope Inc NTRP into unofficial promotional pieces for bryostatin, the company's lead drug candidate: Link

Facebook FB reported Q1 EPS of $1.04, missing estimates by $0.08. Daily Active Users were 1.28 billion, up 18% YoY, while Q1 monthly active users of 1.94 billion were up 17 percent YoY. Link

Today on PreMarket Prep: Axiom's Gordon Johnson will explain his turnaround on First Solar FSLR, and Cate Long of Puerto Rico Clearinghouse will talk ramifications from Puerto Rico's bankruptcy: Link

THE WALL STREET JOURNAL

House Republican leaders said the chamber would vote Thursday on their bill to replace most of the Affordable Care Act, in a show of confidence that they can lock down enough Republican support for a bill that sparked a nationwide debate: Link

Snap Inc. SNAP’s ambitious effort to create television-like content has old and new media companies alike clamoring to learn how to produce shows for Snapchat’s lucrative young audience: Link

REUTERS

Apple's next iPhone will be key to its future in China. Sales in what was once the company's biggest growth market have now fallen for five straight quarters. Stiff competition with local handset makers and a weaker yuan have both hurt. While app-store sales are promising, a real turnaround hinges on the success of its much-anticipated, 10th-anniversary smartphone: Link

Alphabet Inc GOOGL warned its users to beware of emails from known contacts asking them to click on a link to Google Docs after a large number of people turned to social media to complain that their accounts had been hacked: Link

BLOOMBERG

Despite President Donald Trump’s repeated assertions that he might support breaking up big banks, Wall Street isn’t worried. Yet: Link

An unlikely naysayer has emerged as Tesla Inc. TSLA prepares to market the all-important Model 3 sedan to consumers: Elon Musk himself: Link

NY POST

Time Warner TWX's comedy shows are reaping a bundle on the Trump presidency: Link

ECONOMIC DATA

• The Challenger job-cut report for April is schedule for release at 7:30 a.m. ET.
• Data on international trade for March will be released at 8:30 a.m. ET.
• Data on initial jobless claims for the latest week will be released at 8:30 a.m. ET.
• Data on nonfarm productivity and unit labor costs for the first quarter will be released at 8:30 a.m. ET.
• Data on factory orders for March will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on natural gas stocks is schedule for release at 10:30 a.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

• Sysco Upgraded Sysco SYY from Outperform to Perform
• Canaccord Upgraded Fogo De Chao FOGO From Hold To Buy
• JPMorgan Upgrades Bunge BG From Underweight to Neutral
• JPMorgan downgraded Garmin GRMN from Neutral to Underweight
• KBW downgraded Banc of California BANC from Outperform to Market Perform
• Oppenheimer downgraded Tractor Supply TSCO from Outperform to Perform

This 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. To get the full version of this note every morning, click here or email minutes@benzinga.com.