The Market In 5 Minutes

IN THE NEWS

BENZINGA

Amazon.com, Inc. AMZN and DISH Network Corp DISH could potentially be taking their ever-deepening relationship one step further: Link

The Department of Labor is moving forward with the first stage of the new fiduciary rule, a federal regulation requiring financial advisors to act in the best interest of their clients: Link

A plethora of diversified emerging markets exchange-traded funds are soaring this year, including some smart beta strategies: Link

THE WALL STREET JOURNAL

Former FBI Director James Comey told senators Thursday that he felt President Donald Trump had directed him to drop an investigation into a former adviser, and that after his firing he leaked accounts of his conversations with the president in hopes of sparking the appointment of a special counsel: Link

Matthew Zames, the chief operating officer at JP Morgan Chase & Co. JPM once thought to be a possible successor to Chief Executive James Dimon, is leaving the firm, the bank said Thursday: Link

REUTERS

British voters dealt Prime Minister Theresa May a devastating blow in a snap election she had called to strengthen her hand in Brexit talks, wiping out her parliamentary majority and throwing the country into political turmoil: Link

For the last U.S.-based manufacturer of the red and white striped candy cane that is a ubiquitous North American holiday season treat, the sugar supply deal struck between Mexico and Washington is anything but sweet: Link

BLOOMBERG

Deutsche Bank AG DB won’t comply with a request to hand over information relating its relationship with Donald Trump and trades from the bank’s Moscow operation as political opponents seek to probe the U.S. president’s links with Russia: Link

The value-factor strategy of buying stocks with the lowest valuations and selling those with the highest, pioneered by Eugene Fama and Kenneth French and espoused by none other than Warren Buffett, isn’t working: Link

NY POST

Anthony Scaramucci’s White House ambitions may end up taking the former hedgie to Paris: Link

ECONOMIC DATA

• Data on wholesale trade inventories for April will be released at 10:00 a.m. ET.
• The Baker Hughes North American rig count for the latest week is schedule for release at 1:00 p.m. ET.

ANALYST RATINGS

• Morgan Stanley upgraded Zynga ZNGA from Equal-Weight to Overweight
• FBR upgraded Comerica CMA from Market Perform to Outperform
• UBS upgraded Citigroup C from Sell to Neutral
• Longbow downgraded Domino's DPZ from Buy to Neutral
• Leerink downgraded Patheon N.V. PTHN from Outperform to Market Perform
• FBR downgraded Atlantic Coast Financial ACFC from Outperform to Market Perform

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.