The Market In 5 Minutes

IN THE NEWS

BENZINGA

Clearly, the market couldn’t care less about J C Penney Company Inc JCP’s Q1 earnings beat. Shares are down another 12 percent on Friday and are now down almost 20 percent in two days, pushing the stock under $5 per share for the first time since 2014: Link

The high-flying Indian IT outsourcing industry has withstood several challenges in the past. However, a recent obstacle has sent the industry into a tailspin, as these firms scurry around to identify strategies to work around the hindrance: Link

The parade of big retailers sharing their latest quarterly results has begun, and so far those reports have confirmed that the woes in the retail sector have continued: Link

The 2017 Benzinga Global Fintech Awards were held last Thursday, recognizing the companies and individuals who have shown the most financial technology innovation in the last year: Link

THE WALL STREET JOURNAL

The cyberattack that spread around the globe over the weekend, hitting businesses, hospitals and government agencies in at least 150 countries, infected more computers as users returned to work early Monday: Link

Ride-hailing startup Lyft Inc. and Waymo LLC, the driverless-car division of Google parent Alphabet Inc. GOOG, said they would work together to develop autonomous-vehicle technology, dealing another potential blow to rival Uber Technologies Inc.’s ambitions: Link

REUTERS

U.S. lawmakers on Sunday called on President Donald Trump to turn over any tapes of conversations with fired FBI chief James Comey, potentially setting up a showdown with the White House as Democrats considered a boycott of the vote on Comey's replacement: Link

China's growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potential damaging hit to the economy: Link

BLOOMBERG

The global campaign against money laundering combined with the Panama Papers made the Caribbean islands of sun, sand and offshore banking a near no-go zone for the world’s biggest banks. So the British Virgin Islands has a solution: a bank to service offshore companies: Link

OPEC is going to have to do much more than simply extend its current production deal when it meets next week if it's serious about addressing surplus inventory. In fact, its own figures show it needs to double the cut it made in January. That means finding another 1.2 million barrels a day to take out of production: Link

NY POST

Fresh off a pact to license music to YouTube, Warner Music boss Steve Cooper is turning his attention to music streamer Spotify — and a deal could be signed by June: Link

ECONOMIC DATA

• USA NY Empire State Manufacturing Index for May -1.00 vs 7.00 consensus estimate. The prior reading was 5.20.
• The housing market index for May will be released at 10:00 a.m. ET.
• The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
• The Treasury International Capital data for March is schedule for release at 4:00 p.m. ET.

ANALYST RATINGS

• Wells Fargo Upgraded FMC Corp FMC from Market Perform to Outperform
• Baird Upgraded Covanta CVA From Neutral to Outperform
• Citi Upgrades WisdomTree Investments WETF From Neutral to Buy
• Raymond James Downgraded Level 3 Communications LVLT from Market Perform to Underperform
• Deutsche Bank Downgraded JC Penney from Buy to Hold
• Morgan Stanely Downgrades Tesla TSLA 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 or email minutes@benzinga.com.