Jason Shubnell

Benzinga News Desk

Market in 5 Minutes 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. Apply for daily AM access by clicking here or email minutes@benzinga.com.

Macro Focus

Futures for the Dow Jones Industrial Average dropped 67 points to 17,485.00, while the Standard & Poor's 500 index futures fell 9.25 points to 2,054.50. Futures for the Nasdaq 100 index declined 21.75 points to 4,384.00.

Oil prices traded lower as Brent crude futures dropped 1.43 percent to trade at $48.27 per barrel, while US WTI crude futures also declined 1.46 percent to trade at $47.31 a barrel. The EIA's weekly report on natural gas stocks is scheduled for release at 10:30 a.m. ET.

The Federal Open Market Committee on Wednesday left interest rates at 0.5 percent. After trimming its growth outlook for 2016 and 2017, the Committee suggested it still has plans for two rate hikes this year, citing expectations of a recuperation in the U.S. jobs market.

BZ News Desk Focus

Three economists react to the Fed's decision: Like a child trying to ride a bike? Read what they had to tell Benzinga.

Some of last night's and this morning's notable earnings:

JabilJBL Reports Q3 Core EPS $0.17 vs. $0.16 Est., Sales $4.3B vs. $4.18B Est.

KrogerKR Reports Q1 EPS $0.70 vs. Est. $0.69, Rev. $34.6B vs. Est. $34.88B

Rite AidRAD Reports Q1 EPS $0.01 vs. Est. $0.05, Rev. $8.2B vs. Est. $8.26B

USA Initial Jobless Claims for May 10 277.0K vs. 270.0K consensus estimate. USA Philadelphia Fed Manufacturing Index for Jun 4.70 vs. 1.10 consensus estimate.

Sell-Side Themes

Goldman Sachs took a deep dive into prime-time television. Check back soon on Benzinga to read more.

Sell-Side Most Noteworthy Calls

Deutsche Bank downgraded Check Point SoftwareCHKP to Hold.

JPMorgan downgraded DominionD to Neutral.

BTIG upgraded SymantecSYMC to Buy.

Canaccord upgraded Advanced Micro DevicesAMD to Buy.

Morgan Stanley initiated coverage on Shell MidstreamSHLX at Equal-Weight.

Deal Talk

Cavium CAVM and QLogicQLGC have entered into an agreement for Cavium to acquire QLogic common stock for approximately $15.50 per share, including $11 per share in cash and 0.098 of a share of Cavium common stock for each share of QLogic common stock. The transaction values QLogic at approximately $1.36 billion in equity value.

Sagent PharmaceuticalsSGNT acquired product portfolio from Teva PharmaceuticalTEVA for $40 million.

Bloomberg reported FireEyeFEYE enlisted the help of Morgan Stanley to field takeover bids. FireEye turned down offers from two suitors, seeing them as too far below their expected $30 per share, which represents an 87 percent premium to its closing price Wednesday.

In The News

A sad update from Florida: The 2-year-old boy pulled by an alligator into a lagoon near a Walt Disney World hotel has been found dead, authorities said. The body was found in 6 feet of murky water 10 to 15 yards from where the boy was attacked.

The rise of e-commerce could very well result in the death of the malls. According to Bloomberg, the looming death of the shopping malls could come sooner, rather than later. The publication, citing data from Bank of America Merrill Lynch, stated that around $47.5 billion worth of loans backed by retail properties are set to mature over the next 18 months.

Donald Trump really likes to control his image and how the media portrays that image. According to a new Vanity Fair report, the Republican presidential candidate is considering starting his own cable empire.

Blogosphere

"Imagine if you wanted to transfer vast amounts of money from wealthy, cashed-up individuals to hard-working middle- and low-income workers," Gadfly's Tim Culpan and David Fickling write. "You could raise taxes, found a charity or hand out food stamps.Or, you could start a ride-sharing company."

Trending

GLD RAD DB ZIOP AAL CAVM EVHC JBL SPY NUGT AMSG RUSS CTRP ABX MRK GDX [StockTwits]

Senate Democrats ended a nearly 15-hour filibuster after Republican Party leaders reportedly agreed to allow votes on two proposed gun control measures.



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