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The Market In 5 Minutes

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The Market In 5 Minutes

IN THE NEWS

Benzinga

Did a mid-day analyst note help send technology stocks tumbling during Thursday’s market session? Numerous sources are suggesting JPMorgan (NYSE: JPM) analyst Marko Kolanovic’s note that suggested potential risks ahead in the market as a reason behind the sell-off: Link

In another sign that universities mine vast fortunes from their research, a federal judge has ordered Apple Inc. (NASDAQ: AAPL) to pay the University of Wisconsin $506 million for infringing on a patent related to iPhone tech: Link

Overstock.com, Inc. (NASDAQ: OSTK) CEO Patrick Byrne sees one aspect of securities trading as key to the financial system’s collapse a decade ago—the stock location process that supports short selling: Link

Wall Street Journal

The Republican effort to dismantle the Affordable Care Act collapsed early Friday when a slimmed-down Senate measure to pare back selected pieces of the 2010 health-care law failed, undermining the GOP leaders’ efforts to deliver on a longtime campaign promise: Link

Amazon.com Inc. (NASDAQ: AMZN) said quarterly profit fell 77% even as sales jumped, a sign of the high cost of its increasing dominance of retail: Link

Reuters

The surge in far-flung and destructive cyber attacks is not good for national security, but for an increasing number of hackers and researchers, it is great for job security: Link

Technology companies looking to raise money by issuing digital coins are moving forward with their plans despite a U.S. regulator's decision that their offerings may be subject to tough securities laws: Link

Bloomberg

Shareholders of Fannie Mae (OTC: FNMA) and Freddie Mac (OTC: FMCC) say a trove of documents they have obtained bolsters their case that the government lied when it decided to take all of the mortgage companies’ profits: Link

Tesla Inc. (NASDAQ: TSLA)’s Model 3 handover party Friday is a long-awaited moment for thousands of consumers who’ve coveted its cars but couldn’t afford one: Link

ECONOMIC DATA

  • USA GDP (QoQ) for Q2 2.60% vs 2.60% consensus estimate. The prior reading was 1.40%.
  • Q2 US employment cost index +0.5% vs +0.6% expected
  • The University of Michigan's consumer sentiment index for July will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
  • Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Oakdale, Minnesota at 1:20 p.m. ET.

ANALYST RATINGS

  • KeyBanc upgraded Teradyne (NYSE: TER) from Sector Weight to Overweight
  • Jefferies upgraded JM Smucker (NYSE: SJM) from Hold to Buy
  • Kepler Cheuvreux upgraded Fiat Chrysler (NYSE: FCAU) from Hold to Buy
  • JP Morgan downgraded QEP Resources (NYSE: QEP) from Overweight to Neutral
  • Imperial Capital downgraded Spirit Airlines (NASDAQ: SAVE) from Outperform to In-Line
  • Canaccord downgraded Zimmer Biomet (NYSE: ZBH) from Buy to Hold

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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