The Market In 5 Minutes: AT&T-Time Warner Ruling, Fed Meeting, Weight Watchers And More

IN THE NEWS

U.S. District Judge Richard Leon ruled against the Justice Department to confirm that AT&T Inc. T's $85 billion purchase of Time Warner Inc TWX does not violate antitrust laws: Link

The Street became decidedly more bullish on Weight Watchers International, Inc. WTW Tuesday: Link

Tesla Inc TSLA CEO Elon Musk confirmed Tuesday that the company will terminate 9 percent of employees as part of a “difficult but necessary” reorganization: Link

Federal Reserve Chairman Jerome Powell has repeatedly played down the central bank’s “dot plot” as a guide to future interest rates, but Wall Street just won’t take the hint: Link $

Investors wiped about $3 billion off embattled Chinese telecommunications giant ZTE Corp’s market value as it resumed trade on Wednesday after agreeing to pay up to $1.4 billion in penalties to the U.S. government: Link

Paul Marciano, the co-founder and executive chairman of the 37-year-old apparel brand Guess GES, is stepping down, the company said Tuesday — four months after model Kate Upton and others accused him of sexual harassment: Link

ECONOMIC DATA

US PPI (MoM) for May 0.50% vs 0.30% Est; US Core PPI (MoM) for May 0.30% vs 0.20% Est
The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET..
The Fed Chairman Jerome Powell will hold a press conference at 2:30 p.m. ET.

ANALYST RATINGS

Raymond James upgrades Sprint S from Market Perform to Outperform
Morgan Stanley upgrades Telefonica Brasil VIV from Equal-Weight to Overweight
Keybanc downgrades KMG Chemicals KMG from Overweight to Sector Weight
Credit Suisse downgrades Hershey HSY from Neutral to Underperform

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.