Market Overview

The Market In 5 Minutes

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The Market In 5 Minutes

IN THE NEWS

BENZINGA

Bank investors hoping financial deregulation will open the door for a new golden era of banking in the near future will likely have to be patient and keep expectations in check: Link

Mattel, Inc. (NASDAQ: MAT) has lost nearly 30 percent over the past year and has become a hotly-debated stock among analysts and investors: Link

Abercrombie & Fitch Co. (NYSE: ANF) soared more than 12 percent Wednesday afternoon on a Dow Jones report that Cerberus Capital Management and American Eagle Outfitters (NYSE: AEO) were collaborating on a joint acquisition and intend to close a deal within a month: Link

THE WALL STREET JOURNAL

OPEC began meeting on Thursday morning with expectations that the 13-nation oil cartel and over a dozen other countries will decide to extend their pledges to cut crude output through March 2018: Link

President Donald Trump is holding his first meetings with French President Emmanuel Macron and senior European Union leaders on Thursday, visiting the capital of a bloc whose future he has questioned and whose opponents he has feted: Link

REUTERS

James Hackett spent the last year plotting Ford Motor Co (NYSE: F)'s long-term self-driving car strategy. In his first week as chief executive, he has more immediate concerns: stopping a skid in North American sales and fending off a market share grab by resurgent archrival General Motors (NYSE: GM): Link

Fiat Chrysler Automobiles NV (NYSE: FCAU) believes a software update can address U.S. regulators' contention that its diesel vehicles are producing excess emissions, a lawyer for the company said at a court hearing on Wednesday: Link

BLOOMBERG

The most common reaction to the austere budget released by the Trump administration on May 23 is that it can’t possibly get past Congress. President Donald Trump himself may be fine with that. In its current form, his budget looks more like a sop to the far-right wing of the Republican Party—cheap currency to buy the goodwill of a crucial part of his base: Link

A cannabis-based drug halved the frequency of convulsive seizures in sufferers of a rare, catastrophic form of epilepsy in a late-stage study funded by GW Pharmaceuticals Plc (NASDAQ: GWPH): Link

NY POST

Companies targeted by activist hedge funds will be going into their shareholder meetings next week with fewer allies than expected: Link

ECONOMIC DATA

  • USA Initial Jobless Claims for May 19 234.0K vs 238.0K consensus estimate; Continuing Claims for May 12 1.92M vs 1.93M consensus estimate.
  • Federal Reserve Governor Lael Brainard is set to speak in Washington 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.
  • The Treasury is set to auction 7-year notes at 1:00 p.m. ET.
  • The Kansas City's Fed manufacturing index for May is schedule for release at 11:00 a.m. ET.
  • Data on money supply for the recent week will be released at 4:30 p.m. ET.
  • St. Louis Federal Reserve Bank President James Bullard will speak in Tokyo at 10:00 p.m. ET.

ANALYST RATINGS

  • JP Morgan Upgraded PVH (NYSE: PVH) from Neutral to Overweight
  • Credit Suisse Upgraded NetApp (NASDAQ: NTAP) from Underperform to Neutral
  • Morgan Stanley Upgrades Alexion (NASDAQ: ALXN) From Equal-Weight to Overweight
  • Stifel Downgraded PayPal (NASDAQ: PYPL) from Buy to Hold
  • Barclays Downgraded Amerren (NYSE: AEE) from Overweight to Equal-weight
  • Standpoint Research Downgrades Micron (NASDAQ: MU) From Buy to Reduce

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.

 

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