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The Market In 5 Minutes

AMZN, OCLCF, TXRH, AMD, ANF, BA, CNK, KMX, BABA

IN THE NEWS

BENZINGA

The most important factor in business is trust, Alibaba Group Holding Ltd (NYSE: BABA) Executive Chairman Jack Ma said in a conversation with journalist Charlie Rose: Link

The market reacted very positively to Advanced Micro Devices, Inc. (NASDAQ: AMD)’s EPYC launch event on Tuesday, sending AMD shares higher by 7.5 percent. But not everyone sees EPYC making a meaningful impact for AMD in the near term: Link

Alibaba chose the right city in which to engage American small business, Martha Stewart said at the Gateway '17 conference: Link

THE WALL STREET JOURNAL

The Federal Reserve is releasing the results of its annual stress tests of big banks in two parts, on Thursday, June 22, and Wednesday, June 28. Here is what you need to know about the exams: Link

China’s banking regulator has ordered the country’s commercial banks to investigate loans made to a group of companies that have aggressively invested overseas in recent years, according to people with knowledge of the matter: Link

Giant bond firms increasingly are taking on a price-setting role in global debt markets, elbowing aside big banks facing tighter postcrisis regulation and generating concerns about the toll paid by smaller investors: Link

REUTERS

As Amazon.com Inc (NASDAQ: AMZN) looks to swallow U.S. grocery chain Whole Foods, China's tech giants are already digesting hefty bricks-and-mortar deals, taking the lead in the battle to transform supermarket shopping with big data and better supply chains: Link

Airbus conceded defeat to rival Boeing (NYSE: BA) in the race for new business at the Paris Airshow on Thursday, as a late haul of almost 100 aircraft failed to close a gap opened up by the launch of the American firm's new 737 model: Link

BLOOMBERG

As Travis Kalanick was in Chicago interviewing a candidate to be his deputy at Uber Technologies Inc., two investors were on a plane to deliver the news that they wanted the chief executive officer gone: Link

Republicans who wrote a health care bill behind closed doors call it a repeal of Obamacare. But the legislation could fundamentally transform another federal health program that provides coverage to far more Americans than the insurance exchanges created by the Affordable Care Act: Link

NY POST

Bruised hedge fund tycoon Bill Ackman might be finally catching a break on one of his investments: Link

ECONOMIC DATA

  • USA Initial Jobless Claims for Jun 16 241.0K vs 240.0K consensus estimate; Continuing Claims for Jun 9 1.94M vs 1.93M consensus estimate.
  • FHFA April US housing price index +0.7% vs +0.5% expected
  • Federal Reserve Board Gov. Jerome Powell is set to speak in Washington at 10:00 a.m. ET.
  • The index of leading economic indicators for May will be released at 10:00 a.m. ET.
  • The Energy Information Administration’s weekly report on natural gas stocks is schedule for release at 10:30 a.m. ET.
  • The Kansas City Fed manufacturing index for June will be released at 11:00 a.m. ET.
  • Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

  • BMO upgraded Texas Roadhouse (NASDAQ: TXRH) from Market Perform to Outperform
  • Wunderlich upgraded Abercrombie & Fitch (NYSE: ANF) from Sell to Hold
  • Wedbush upgraded Oracle (NYSE: ORCL) from Neutral to Outperform
  • KeyBanc downgraded Dupont Fabros (NYSE: DFT) from Overweight to Sector Weight
  • Credit Suisse downgraded Cinemark Holdings (NYSE: CNK) from Neutral to Underperform
  • Susquehanna downgraded CarMax (NYSE: KMX) from Positive 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.