Market Overview

The Market In 5 Minutes

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The Market In 5 Minutes

IN THE NEWS

BENZINGA

David Einhorn needs a new vision for General Motors Company (NYSE: GM). The Greenlight Capital founder suffered defeat at Tuesday’s annual meeting as shareholders rejected his Board nominees and proposal to establish two stock classes: Link

Muddy Waters' Carson Block is one of the most notable short-seller investors and appears to be building a case against Snap Inc (NYSE: SNAP): Link

The American Society of Clinical Oncology’s annual meeting ended Tuesday. The event was filled with updates on clinical trials and research: Link

THE WALL STREET JOURNAL

Top national security officials are set to testify before a Senate committee on Wednesday morning in a session likely to touch on a range of high-profile topics, from the continuing investigations into Russia’s alleged meddling in the 2016 election to President Donald Trump’s abrupt firing of FBI Director James Comey: Link

Stocks, bonds, gold and bitcoin—assets that rarely move in unison—have all been surging this spring, an everything rally that leaves investors confounded about how to play the plodding U.S. expansion and vulnerable to sharp reversals in fortune: Link

China has become a big part of Tesla (NASDAQ: TSLA), even if Elon Musk hasn’t said much about it: Link

REUTERS

Oil prices dipped on Wednesday on renewed concerns about the efficacy of OPEC-led production cuts due to rising tensions within the export group over Qatar and growing U.S. output: Link

U.S. savers who routinely scour personal finance sites for the best deposit rates are soon going to see an unusual bank at the top of the list: Goldman Sachs Group Inc. (NYSE: GS): Link
Uber Technologies Inc said on Tuesday it fired 20 employees and was improving management training following an investigation by a law firm into sexual harassment allegations and other claims at the ride-hailing company: Link

BLOOMBERG

Banco Santander SA (NYSE: SAN) agreed to take over Banco Popular Espanol SA after European regulators determined that the troubled lender was likely to fail and ordered it to be sold: Link

The number of electric vehicles on the road rocketed to 2 million in 2016 after being virtually non-existent just five years ago, according to the International Energy Agency: Link

NY POST

Pandora (NYSE: P) shares took a dive on Tuesday as investors seemed to view hopes that a deal with SiriusXM (NASDAQ: SIRI) was diminishing by the hour. Pandora shares tumbled 7.7 percent to $8.75: Link

ECONOMIC DATA

  • The MBA's index of mortgage application activity for the latest week is schedule for release at 7:00 a.m. ET.
  • The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
  • Data on consumer credit for April will be released at 3:00 p.m. ET.

ANALYST RATINGS

  • BMO upgraded Dr Pepper Snapple (NYSE: DPS) from Market Perform to Outperform
  • Citi upgraded Consolidated Comms (NASDAQ: CNSL) from Sell to Neutral
  • Leerink upgraded Tenet Healthcare (NYSE: THC) from Market Perform to Outperform
  • BMO downgraded Coca-Cola (NYSE: KO) from Outperform to Market Perform
  • Deutsche Bank downgraded Iron Mountain (NYSE: IRM) from Hold to Sell
  • Baird downgraded HD Supply Holdings (NASDAQ: HDS) from 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.

 

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