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The Market In 5 Minutes

IN THE NEWS

Benzinga

Tesla Inc (NASDAQ: TSLA) enthusiasts have finally gotten the affordability, driving range and autonomous technology they wanted in a car with the Model 3. Unfortunately, it appears they will not be able to have their cake and eat it too when it comes to price: Link

Recent IPO ShotSpotter Inc (NASDAQ: SSTI), a company that uses sophisticated tech to find out when and where the bullets have flown in crime-riddled cities, is making its mark on Wall Street. But some cop shops say the system's accuracy is a shot in the dark: Link

Wall Street Journal

President Donald Trump ousted his communications director after only 10 days and introduced his new chief of staff, a former Marine Corps general who has the task of imposing more discipline in the West Wing, following one of the most turbulent weeks of the administration: Link

General Motors Co. (NYSE: GM) is hitting the accelerator on its growth agenda now that it has given up trying to extract a profit from Europe and several tough markets around the globe: Link

Reuters

The S&P 500 will start excluding companies that issue multiple classes of shares, managers of the index said on Monday, a move that effectively bars Snap Inc (NYSE: SNAP) after its decision to offer stock with no voting rights: Link

Bitcoin's underlying software code could be split on Tuesday to create a clone called "Bitcoin Cash," potentially providing a windfall for holders of the digital currency: Link

Bloomberg

Equity bears hunting for excess in the stock market might be better off worrying about bond prices, Alan Greenspan says. That’s where the actual bubble is, and when it pops, it’ll be bad for everyone: Link

Active fund managers, reeling from years of underperformance, are increasingly reaching for quantitative tools to gain an edge as competition from cheap passive products and looming MiFID II regulations lead them to rethink their businesses: Link

New York Post

The seven women and five men who will determine the fate of “pharma bro” Martin Shkreli have gone home for the day–without returning a verdict: Link

ECONOMIC DATA

  • USA Personal Income (MoM) for Jun 0.00% vs 0.40% Est; Personal Spending (MoM) for Jun 0.10% vs 0.10% Est
  • Redbook Reports US Retail Sales Down 1.2% During Jul., Up 2.3% YoY
  • Data on motor vehicle sales for July will be released today.
  • The manufacturing PMI for July will be released at 9:45 a.m. ET.
  • The ISM manufacturing index for July is schedule for release at 10:00 a.m. ET.
  • Data on construction spending for June will be released at 10:00 a.m. ET.
  • The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

ANALYST RATINGS

  • Morgan Stanley upgraded Cabot Oil & Gas (NYSE: COG) from Equal-Weight to Overweight
  • JP Morgan upgraded Spirit Airlines (NASDAQ: SAVE) from Neutral to Overweight
  • Barclays upgraded SCANA (NYSE: SCG) from Equal-Weight to Overweight
  • RBC downgraded Boardwalk Pipeline (NYSE: BWP) from Outperform to Sector Perform
  • Baird downgraded Regeneron (NASDAQ: REGN) from Neutral to Underperform
  • UBS downgraded MGM Resorts (NYSE: MGM) from Buy to Neutral

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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