The Market In 5 Minutes

IN THE NEWS

Benzinga

Sen. Mitch McConnell, R-Kentucky, on Tuesday delayed a vote on a bill to repeal the Affordable Care Act after defections and opposition from moderates and conservatives appeared to doom the Republican majority leader’s plan: Link

Loup Ventures co-founder Gene Munster has high expectations for Apple Inc. AAPL, none of which involve the booming ride-hailing business: Link

With Advanced Micro Devices, Inc. AMD recently releasing its new EPYC server processor chips and market leader Intel Corporation INTC expected to respond with its own product launch within weeks, there is clearly a lot on the line in the semiconductor market at the moment: Link

Deckers Outdoor Corp DECK stock saw great volatility Tuesday afternoon on news that Marcato Capital Management threatened dramatic changes to the board if the company failed to pursue a sale. The activist investor owns 6 percent of Deckers shares: Link

Wall Street Journal

President Donald Trump’s former campaign chairman Paul Manafort registered Tuesday as an agent of a foreign government, acknowledging for the first time that a small part of his lobbying work for Ukraine’s former president was aimed at influencing U.S. policy makers and journalists: Link

Warren Buffett’s firm may soon become the biggest shareholder in Bank of America Corp. BAC: Link

Reuters

A major global cyber attack disrupted computers at Russia's biggest oil company, Ukrainian banks and multinational firms with a virus similar to the ransomware that infected more than 300,000 computers last month: Link

U.S. pipeline operators are selling their underused space at steep discounts to keep crude flowing - angering shippers and distorting an already opaque market for oil trading: Link

Bloomberg

Alibaba Group Holding Ltd. BABA will invest another $1 billion to raise its stake in online mall Lazada Group SA to 83 percent, securing control of a fast-growing startup at the vanguard of its Southeast Asian expansion: Link

Two groups of offshore funds that invested in Bernard Madoff’s fraudulent securities firm agreed to pay a combined $370 million to resolve lawsuits by the court-appointed trustee raising cash for victims: Link

New York Post

The race to offer consumers a “quad play” — phone, TV, broadband and wireless — is making for M&A mayhem: Link

ECONOMIC DATA

• MBA Mortgage Applications for the June 23rd Week -6.2%
• USA Wholesale Inventories (MoM) for May 0.30% vs 0.20% consensus estimate. The prior reading was -0.50%.
• The pending home sales index for May is schedule for release at 10:00 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.
• The Treasury is set to auction 7-year bills at 1:00 p.m. ET.

ANALYST RATINGS

• Barclays upgraded Cypress Semiconductor CY from Equal-Weight to Overweight
• Loop Capital upgraded Dollar Tree DLTR from Hold to Buy
• BMO upgraded Blackhawk Network HAWK from Market Perform to Outperform
• Morgan Stanley downgraded First Data FDC 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.