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The Market In 5 Minutes: GE Spin-Offs, Instagram's Worth, The Permian Basin And More

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The Market In 5 Minutes: GE Spin-Offs, Instagram's Worth, The Permian Basin And More

IN THE NEWS

Tech shares dragged the entire market down Monday as traders readied for continued blows between the U.S. and Chinese governments: Link

The U.S. Food and Drug Administration on Monday approved GW Pharmaceuticals PLC-ADR (NASDAQ: GWPH)'s Epidiolex for the treatment of epilepsy, specifically for people who suffer with Lennox-Gastaut and Dravet syndromes: Link

General Electric Co (NYSE: GE) on Tuesday said it plans to spin off its healthcare business and separate its oil services company Baker Hughes, as it looks to streamline operations and focus on aviation, power and renewable energy units: Link

A picture is worth a thousand words, and Facebook's (NASDAQ: FB) Instagram is now worth $100 billion: Link

Oil is booming again in the Permian Basin, and so are the fortunes of this sun-bleached town: Link

ECONOMIC DATA

  • Redbook Reports US Retail Sales During First 3 Weeks Of Jun. Down 0.5% vs May, Up 4% On Year-Over-Year Basis
  • USA S&P/CS HPI Composite - 20 s.a. (MoM) for Apr 0.20% vs 0.40% Est; Prior 0.50%
  • The Conference Board’s consumer confidence index for June is schedule for release at 10:00 a.m. ET.
  • The Richmond Fed's manufacturing index 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.
  • Atlanta Federal Reserve Bank President Raphael Bostic is set to speak in Birmingham at 1:00 p.m. ET.
  • Dallas Federal Reserve Bank President Robert Kaplan will speak in Houston, Texas at 1:45 p.m. ET.
  • The Treasury will auction 2-year notes at 1:00 p.m. ET.

ANALYST RATINGS

  • Jefferies upgrades CenturyLink (NYSE: CTL) from Hold to Buy
  • KeyBanc upgrades MercadoLibre (NASDAQ: MELI) from Sector Weight to Overweight
  • Barclays downgrades Sirius XM (NASDAQ: SIRI) from Equal-Weight to Underweight
  • Stephens downgrades Square (NYSE: SQ) 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.

 

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