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Monday's Market In 5 Minutes

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Monday's Market In 5 Minutes
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IN THE NEWS

BENZINGA

A recent Bank of America Corp (NYSE: BAC)/Merrill Lynch report titled "Occupy Silicon Valley" shows that tech firms Apple Inc. (NASDAQ: AAPL) and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) valuations are higher than the GDP of every U.S. city besides Los Angeles and New York, and Apple is quickly gaining on L.A: Link

As its new chief executive steers Ford Motor Company (NYSE: F) into the world of autonomous vehicles, the beaten down stock should race higher, according to the latest Barron's cover story. CEO Jim Hackett seems to be an inspired choice to rev up the 104-year-old company's self-driving car efforts: Link

It's easy for the average American to dismiss the impact of the nation's opioid abuse epidemic. However, heroin and prescription opioid painkiller addiction may be costing Americans much more than they realize: Link

A wealthy slice of Gen Xers and older millennials share surprisingly similar banking practices, a new study showed: Link

While United Continental Holdings Inc (NYSE: UAL)'s "re-accommodation" — the passenger removal disaster — dominated headlines last month, low-cost carrier Spirit Airlines Incorporation (NASDAQ: SAVE) had a disaster of its own: a pilot shortage that ended up in an airport melee at the Fort Lauderdale, Florida, airport.: Link

THE WALL STREET JOURNAL

There's a magic line in banking, and it is $50 billion. That is the boundary that separates the big banks from the small. Firms with assets in excess of that figure face stricter rules on capital, mergers and other business, thanks to the Dodd-Frank Act: Link

Two former Theranos Inc. directors said they didn't follow up on public allegations that the Silicon Valley blood-testing firm was relying on standard technology rather than its much-hyped proprietary device for most tests, according to newly released court documents: Link

Carole Siesser, a retiree in Delray Beach, Fla., started taking a bone-growth drug made by Eli Lilly & Co. (NYSE: LLY) after she fell and fractured her spine. After two years, the medicine helped to heal her back. It also cost her $5,600 of her own money to help cover the roughly $26,000 annual price, even though she has Medicare: Link

The boldest ideas for changing the nation's tax code are either dead or on political life support, as the Republican effort in Congress to reshape the tax system moves much more slowly than lawmakers and their allies in business had hoped: Link

REUTERS

 

As Novartis AG (ADR) (NYSE: NVS) considers asset sales that could raise $50 billion, investors are worried any cash raised may give the Swiss drugmaker firepower for another unsuccessful megadeal: Link

Confusion surrounding the trade policies of U.S. President Donald Trump's administration means U.S. companies no longer know the rules of the game, a board member and former CEO of toymaker Hasbro, Inc. (NASDAQ: HAS) told an international conference on Monday: Link

Oil prices fell on Tuesday, pressured by concerns that production cuts by the world's big exporters may not be enough to drain a global glut that has depressed the market for almost three years: Link

BLOOMBERG

Almost a decade after a crisis that nearly brought down the global financial system, markets still aren't showing much confidence in banks. It's a troubling phenomenon that U.S. and European leaders ignore at their peril: Link

Noble Group Ltd. is seeking a strategic investor to drag the beleaguered commodities trader out of what it calls an "incredibly difficult environment.": Link

Four months into Donald Trump's presidency, the sky has not fallen in on the system of global governance the U.S. did so much to construct since World War II. It is, however, in deep trouble: Link

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

NY POST

Cerberus Capital-controlled Albertsons, America's second-largest grocery chain, had approached Sprouts Farmers Market Inc (NASDAQ: SFM) months ago, but Sprouts is now trading at too high a multiple for a transaction to happen, two sources close to the situation said: Link

ECONOMIC FIGURES

  • 08:30 a.m. Personal Income (MoM)
  • 08:30 a.m. Core PCE Price Index (MoM)
  • 08:30 a.m. Real Personal Consumption (MoM)
  • 08:30 a.m. Core PCE Price Index (YoY)
  • 08:30 a.m. Personal Spending (MoM)
  • 08:55 a.m. Redbook (YoY)
  • 08:55 a.m. Redbook (MoM)
  • 09:00 a.m. Dallas Fed PCE
  • 10:00 a.m. Conference Board Consumer Confidence
  • 10:30 a.m. Dallas Fed Manufacturing Business Index
  • 10:30 a.m. Dallas Fed Manufacturing Business Index
  • 11:30 a.m. 6-Month Bill Auction
  • 11:30 a.m. 3-Month Bill Auction
  • 11:30 a.m. 4-Week Bill Auction
  • 1:00 p.m. FOMC Member Brainard Speaks

Analyst & Shareholder Meetings

  • 8:30 a.m. Novartis Investor Event (NVS)
  • 10:00 a.m. Medidata Solutions Inc (NASDAQ: MDSO)
  • 11:00 a.m. Buckle Inc (NYSE: BKE)
  • 11:00 a.m. AveXis Inc (NASDAQ: AVXS)
  • 1:00 p.m. PG&E Corporation (NYSE: PCG)
  • 5:00 p.m. Illumina, Inc. (NASDAQ: ILMN)

UPGRADES

JP Morgan Upgraded Teck Resources Ltd (USA) (NYSE: TECK) from Neutral to Overweight.

Stifel Upgraded Hub Group Inc (NASDAQ: HUBG) from Hold to Buy.

Barclays Upgraded Symantec Corporation (NASDAQ: SYMC) From Equal-Weight to Overweight.

DOWNGRADES

Wedbush Downgraded Buffalo Wild Wings (NASDAQ: BWLD) from Neutral to Underperform.

Mizuho Downgraded Macerich Co (NYSE: MAC) from Buy to Neutral.

Goldman Sachs Downgraded Whiting Petroleum Corp (NYSE: WLL) From Neutral to Sell.

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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