Market Overview

The Market In 5 Minutes

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The Market In 5 Minutes

IN THE NEWS

BENZINGA

Puerto Rico’s restructuring of $73 billion in debt — a bankruptcy four times the size of Detroit’s — has been a long time coming, analyst Cate Long said on Benzinga’s PreMarket Prep morning show Thursday: Link

After months of compromise and setbacks, the U.S. House of Representatives secured just enough votes Thursday to pass the American Health Care Act, pushing the Republican bill one step closer to supplanting the Affordable Care Act: Link

Having secured original content deals with the likes of Comcast Corporation (NASDAQ: CMCSA)’s NBCUniversal, Discovery Communications Inc. (NASDAQ: DISCA), and Walt Disney Co (NYSE: DIS)’s ABC and ESPN, Snap Inc (NYSE: SNAP) is surrendering to the course of media: Link

THE WALL STREET JOURNAL

High-frequency trading firms are often cast as villains. Virtu Financial Inc. Chief Executive Douglas Cifu is determined to be seen as one of the good guys: Link

Federal prosecutors have begun a criminal investigation into Uber Technologies Inc.’s use of software as part of a company program known as “Greyball” that helped drivers avoid local regulators, according to a person familiar with the investigation: Link

REUTERS

Centrist French presidential candidate Emmanuel Macron extended his lead in the polls over his far-right rival Marine Le Pen on Friday, the final day of a tumultuous election campaign that has turned the country's politics upside down: Link

Facebook Inc (NASDAQ: FB)'s virtual reality content production unit, Oculus' Story Studio, is shuttering its doors to shift focus on supporting external content makers, the company said on Thursday, two years after the in-house studio launched: Link

BLOOMBERG

Being a Chinese airline can seem pretty sweet. The country's major carriers have what's soon to be the world's biggest aviation market to themselves: Link

The big question in the oil market is whether OPEC and chums will extend their supply cuts when they meet later this month. Except, it's actually a foregone conclusion that they will: Link

NY POST

Herbalife (NYSE: HLF) CEO calls critics 'fake news' after strong Q1: Link

ECONOMIC DATA

  • Nonfarm Payrolls for Apr 211.0K vs 185.0K est; Private Payrolls for Apr 194.0K vs 185.0K est; Unemployment Rate for Apr 4.40% vs 4.60% est
  • Vice Chairman Stanley Fischer is set to speak in Stanford, California at 11:30 a.m. ET.
  • San Francisco Federal Reserve Bank President John Williams will speak in New York at 12:45 p.m. ET.
  • The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
  • Federal Reserve Chair Janet Yellen is set to speak in Providence, Rhode Island at 1:30 p.m. ET.
  • Chicago Federal Reserve Bank President Charles Evans, St. Louis Federal Reserve Bank President James Bullard, and Boston Federal Reserve Bank President Eric Rosengren will speak in Stanford, California at 1:30 p.m. ET.
  • Data on consumer credit for the recent week will be released at 3:00 p.m. ET.

ANALYST RATINGS

  • Wells Fargo upgraded MTGE Investment (NASDAQ: MTGE) from Market Perform to Outperform
  • Barclays upgraded Lumentum (NASDAQ: LITE) From Underweight To Equal-Weight
  • B. Riley upgrades Ducommun (NYSE: DCO) From Neutral to Buy
  • Jefferies downgraded Maximus (NYSE: MMS) from Buy to Hold
  • Baird downgraded Akamai Technologies (NASDAQ: AKAM) from Outperform to Neutral
  • B. Riley downgraded Brightcove (NASDAQ: BCOV) from Buy to Neutral

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.

Posted-In: Market in 5 minutesNews Global Top Stories Pre-Market Outlook Markets Best of Benzinga

 

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