Market Overview

The Market In 5 Minutes

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The Market In 5 Minutes

IN THE NEWS

BENZINGA

The Life And Death of The American Comic Book Shop: How A Distributor Monopoly Is Killing It: Link

In response to a call for heightened drug competition by FDA Commissioner Scott Gottlieb, Imprimis Pharmaceuticals Inc (NASDAQ: IMMY) has committed to introducing cheaper alternatives to some of the industry’s priciest products: Link

At first glance, Fitbit Inc (NYSE: FIT) new partnership with the NBA's Minnesota Timberwolves sounds like a positive development that could help the struggling stock that has already lost 30 percent since the start of the year: Link

THE WALL STREET JOURNAL

Uber Technologies Inc.'s co-founder and chief executive, Travis Kalanick, has resigned after a group of investors pressured him to step down following a bruising six months of scandal and setbacks, marking a stunning turnabout for one of Silicon Valley’s highest-flying startups: Link

Republicans held on to a hotly contested U.S. House seat in Georgia on Tuesday, beating back an aggressive challenge that showed the Democrats’ inability to turn opposition to Donald Trump’s presidency into electoral gains: Link

REUTERS

U.S. Senate Republicans plan to unveil the text of their draft healthcare bill on Thursday as senators struggle over issues such as the future of the Medicaid program for the poor and bringing down insurance costs: Link

Major U.S. corporations such as Wal-Mart Stores Inc (NYSE: WMT) and General Motors Co (NYSE: GM) have become some of America’s biggest buyers of renewable energy, driving growth in an industry seen as key to helping the United States cut carbon emissions: Link

BLOOMBERG

A combative billionaire commodity trader and a nation at the center of a political storm in the Middle East are about to join the board of Russia’s largest oil producer. They’ll feel right at home: Link

Vice Chief Executive Officer Shane Smith, who has long touted himself as the antithesis of a traditional media tycoon, now has at least one thing in common with Rupert Murdoch and Sumner Redstone: He’s a billionaire: Link

NY POST

Chinese billionaire entrepreneur Jack Ma has spent the past several days in Detroit hosting a conference aimed at helping mom-and-pop US companies sell more American-made products into the giant Asian economy: Link

ECONOMIC DATA

  • MBA Mortgage Index +0.6%
  • Data on existing home sales for May will be released at 10:00 a.m. ET.
  • The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.

ANALYST RATINGS

  • Morgan Stanley upgraded Marathon Oil (NYSE: MRO) from Underweight to Equal-Weight
  • Stifel upgraded VMware (NYSE: VMW) from Hold to Buy
  • Pacific Crest upgraded PayPal (NASDAQ: PYPL) from Sector Weight to Overweight
  • Macquarie downgraded Chevron (NYSE: CVX) from Outperform to Neutral
  • Barclays downgraded Schlumberger (NYSE: SLB) from Overweight to Equal-Weight
  • Evercore ISI downgraded Lennar (NYSE: LEN) from Outperform to In-Line

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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