Market Overview

The Market In 5 Minutes

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The Market In 5 Minutes

IN THE NEWS

BENZINGA

Ousted FBI director James B. Comey, over the course of nine awkward private conversations, said President Donald Trump threatened his job, demanded his loyalty, and asked him to drop the probe into the Trump team’s dealings with Russia before ultimately firing him: Link

Apple Inc. (NASDAQ: AAPL) is teaming up with Amazon.com, Inc. (NASDAQ: AMZN) to offer Prime Instant Video through Apple TV, a move Gene Munster considers "more of a negative for Netflix (NASDAQ: NFLX) than a positive for Apple or Amazon.": Link

THE WALL STREET JOURNAL

Wells Fargo (NYSE: WFC) has spent roughly nine months working to reform the sales culture that led to a $185 million fine, public humiliation and the departure of its chief executive. Now, the bank is confronting a new challenge: growing again: Link

The House is poised to pass sweeping legislation Thursday that would rewrite the rules governing Wall Street, an opening Republican bid to encourage economic growth by loosening regulation of the financial sector: Link

REUTERS

Britons began voting on Thursday in an election called by Prime Minister Theresa May to strengthen her hand in looming Brexit talks, with her personal authority at stake after a campaign that saw her lead in opinion polls contract: Link

A magistrate judge has ruled that Uber Technologies Inc must hand over a key document that could shed light on what its executives knew about alleged theft of trade secrets from Alphabet Inc's (NASDAQ: GOOGL) Waymo self-driving car unit: Link

BLOOMBERG

Bitcoin is gold for millennials. Or maybe it’s that generation’s fine wine and collectible art. Or just a bubble waiting to burst: Link

Alibaba Group Holding Ltd. (NYSE: BABA) forecast sales growth that topped every analyst’s estimate, defying expectations that growth must slow by dint of a decelerating economy and its own sheer scale: Link

NY POST

The Verizon (NYSE: VZ) buyouts of AOL and Yahoo (NASDAQ: YHOO) could result in the loss of 1,000 jobs across the companies, according to a report: Link

ECONOMIC DATA

  • Initial Jobless Claims for Jun 2 245.0K vs 240.0K estimate; Continuing Claims for May 26 1.92M vs 1.92M estimate.
  • 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

  • Stifel upgraded Enduro Royalty Trust (NYSE: NDRO) from Hold to Buy
  • DA Davidson upgraded Vista Outdoor (NYSE: VSTO) from Neutral to Buy
  • BMO upgraded Dover (NYSE: DOV) from Market Perform to Outperform
  • Morgan Stanley downgraded Lear (NYSE: LEA) from Equal-Weight to Underweight
  • Buckingham downgraded Deckers Outdoor (NYSE: DECK) from Buy to Neutral
  • Barclays downgraded Sempra Energy (NYSE: SRE) from Overweight to Equal-Weight

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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