The Market In 5 Minutes

IN THE NEWS

Benzinga

Traders appear to be taking profits on Best Buy BBY, one of the largest positive surprises in the entire retail sector in 2017: Link

The big news for the week in the biotech space is the huge $12 billion buyout of Kite Pharma Inc KITE by Gilead Sciences, Inc. GILD Gilead, Kite and other biotech investors are eager to know Wall Street’s take on the big deal and what it means for the market: Link

In Episode 3 of the Fidelity Investing Podcast, we discuss how to actually make trades. On this episode, our trading expert explains the types of orders you can use and how to actually place a trade: Link

Wall Street Journal

Apple Inc. AAPL is scrambling to strike deals with Hollywood studios to offer ultrahigh-definition films on its new Apple TV, but discussions have been hampered by disagreements over pricing, according to people with knowledge of the talks: Link

Rupert Murdoch’s 21st Century Fox Inc. FOXA said Tuesday that it stopped broadcasting its Fox News Channel in the U.K., amid the media conglomerate’s $15 billion bid to buy the 61% of British pay-television company Sky PLC that Fox doesn’t already own: Link

Reuters

Uber Technologies Inc said on Tuesday it was cooperating with a preliminary investigation led by the U.S. Department of Justice into possible violations of bribery laws: Link

Goldman Sachs Group Inc GS will detail plans to turn around performance at its core bond-trading unit next month after unusual pressure from large investors frustrated by vague explanations of its troubles, people familiar with the matter told Reuters: Link

Bloomberg

On Tuesday morning, disaster analyst Chuck Watson had pegged $42 billion as a reasonable estimate for the cost of destruction Tropical Storm Harvey would leave in its wake. By the end of the day, he’d added another $10 billion: Link

Warren Buffett’s Berkshire Hathaway Inc. BRK exercised warrants to buy 700 million shares of Bank of America Corp. BAC, locking in an $11.5 billion investment gain in a move that was telegraphed earlier this year: Link

ECONOMIC DATA

• US MBA mortgage applications index -2.3% vs -0.5% prior
• The ADP national employment report for August will be released at 8:15 a.m. ET.
• The Gross Domestic Product report for the second quarter is schedule for release at 8:30 a.m. ET.
• Federal Reserve Governor Jerome Powell is set to speak in Chicago at 9:15 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 p.m. ET.
• Data on farm prices for July will be released at 3:00 p.m. ET.

ANALYST RATINGS

• Citi upgraded Ciena CIEN from Neutral To Buy
• Piper Jaffray upgraded Santander Consumer USA SC from Neutral to Overweight
• Morgan Stanley upgraded Hess Midstream Partners HESM from Equal-Weight to Overweight
• Stifel downgraded Vornado Realty VNO from Buy to Hold
• Berenberg downgraded Coty COTY from Hold to Sell