The Market In 5 Minutes

IN THE NEWS

Benzinga

Morgan Stanley bankers played a vital role in bringing Snap Inc. SNAP public, but the firm's equity research team on Tuesday downgraded the stock Overweight to Equal Weight with a price target slashed from $28 to $16: Link

The competition in the graphic processing unit market is heating up, with players in the segment striving to one up each other with high-performance chips: Link

Uber and Lyft's head-to-head battle pits two of the most valuable startups in the planet against each other. Making the situation more interesting is the fact that the two companies offer nearly identical services and are both betting their future on autonomous driving: Link

Wall Street Journal

Senate Majority Leader Mitch McConnell, ratcheting up the pressure on fellow Republicans, set a vote on the GOP health-care bill for next week and delayed the chamber’s August recess to give the party time to seek other legislative wins, even if the health plan stalls: Link

Federal Reserve Chairwoman Janet Yellen heads to Capitol Hill on Wednesday to address the House Financial Services Committee in her twice-yearly Humphrey Hawkins testimony and to take questions from lawmakers: Link

Reuters

The emails tweeted by Donald Trump Jr. on Tuesday could provide material for Special Counsel Robert Mueller's probe into possible collusion between the Trump campaign and Russia during the 2016 presidential election: Link

More than one-fifth of young adults who stream shows like "Game of Thrones" or "Stranger Things" borrow passwords from people who do not live with them, according to a Reuters/Ipsos poll, a finding that suggests media companies are missing out on significant revenue as digital viewership explodes: Link

Bloomberg

More than half a dozen Republican and Democratic senators have discussed alternatives to the embattled GOP health-care bill, even as Majority Leader Mitch McConnell said he plans a vote next week to muscle the Obamacare repeal measure through the Senate: Link

TV networks including Disney's DIS ESPN are bracing for a drop in advertising revenue for football games in the coming season, which could drag down sales growth for sports broadcasts overall, advertising and television executives say: Link

New York Post

Rent-A-Center RCII shares soared 8.9 percent to $12.09 on Tuesday after it was revealed that the rent-to-own chain had rejected a $15 a share takeover bid from a Florida private equity firm: Link

ECONOMIC DATA

• US MBA mortgage applications down -7.4%
• Federal Reserve Chair Janet Yellen is set to speak in Washington at 8:30 a.m. ET.
• Yellen is set to testify before the House Financial Services Committee at 10:00 a.m. ET.
• 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 Treasury will auction 10-year notes at 1:00 p.m. ET.
• The Federal Open Market Committee will release Beige book report at 2:00 p.m. ET.
• Kansas City Federal Reserve Bank President Esther George is set to speak in Denver at 2:15 p.m. ET.

ANALYST RATINGS

• SunTrust upgraded NVIDIA NVDA from Neutral to Buy
• Cowen upgraded GrubHub GRUB from Market Perform to Outperform
• Jefferies upgraded Williams Partners WPZ from Hold to Buy
• Barclays downgraded Superior Energy Services SPN from Overweight to Equal-Weight
• Raymond James downgraded Kona Grill KONA from Outperform to Market Perform
• Canaccord downgraded Inotek Pharmaceuticals ITEK from Buy to Hold

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.