The Market In 5 Minutes: Twitter Beats Estimates, WSJ Goes After Morningstar's Rating System

IN THE NEWS

Benzinga

Shares of Twitter Inc TWTR gained more than 8 percent after the company's third-quarter earnings report impressed investors. Twitter earned 10 cents per share in the quarter on revenue of $590 million. Wall Street analysts were expecting the company to earn 7 cents per share on revenue of $568 million: Link

The market will knock out two FAANG stocks in Thursday’s earnings rush, and Loup Ventures managing partner Gene Munster anticipates positive news: Link

Advanced Micro Devices, Inc. AMD stock tanked more than 12 percent on Wednesday after the company reported third-quarter earnings that clearly disappointed the market. A number of Wall Street analysts weighed in on AMD following the report: Link

Here's what the sell side had to say about Chipotle's CMG earnings: Link

Wall Street Journal

Republicans disagreed with the White House over tax treatment of 401(k) plans and sought to resolve differences over state and local taxes on the eve of a House vote that is crucial to their tax-cutting ambitions: Link

Investors everywhere think a 5-star rating from Morningstar MORN means a mutual fund will be a top performer...it doesn't: Link

Reuters

The seats on Tesla Inc’s TSLA new Model X SUV were a mess. An outside contractor was having trouble executing the complicated design, spurring frustration and finger-pointing between Tesla and its supplier: Link

Nvidia Corp NVDA chief executive Jensen Huang said on Thursday artificial intelligence would enable fully automated cars within 4 years, but sought to tamp down expectations for a surge in demand for its chips from cryptocurrency miners: Link

Bloomberg

Federal Reserve Chair Janet Yellen has begun to openly acknowledge the possibility that the credibility of the central bank’s 2 percent inflation goal may have weakened somewhat -- a surprising admission in what could be the final months of her tenure: Link

Saudi Arabian Crown Prince Mohammed bin Salman backed the extension of OPEC production cuts beyond March 2018, making it all but certain the cartel and its allies will roll over the curbs at a meeting next month: Link

ECONOMIC DATA

• USA Initial Jobless Claims for Oct 20 233.0K vs 235.0K Est; Continuing Claims for Oct 13 1.89M vs 1.89M Est
• The pending home sales index for September is schedule for release at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
• Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Minneapolis 10:30 a.m. ET.
• The Kansas City Fed manufacturing index for October will be released at 11:00 a.m. ET.
• The Treasury is set to auction 7-year notes at 1:00 p.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

• RBC upgraded Lear LEA from Sector Perform to Outperform
• Barclays upgraded Popular BPOP from Equal-Weight to Overweight
• Stifel upgraded Western Gas Partners LP WES from Hold to Buy
• DA Davidson downgraded Banner BANR from Buy to Neutral
• Oppenheimer downgraded Woodward WWD from Outperform to Perform
• Janney downgraded Pacira Pharmaceuticals PCRX from Neutral to Sell

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.