The Market In 5 Minutes: Wall Street Not Too Happy With Apple, Chipotle Or The Cubbies

Macro Focus

Futures for the Dow Jones Industrial Average dropped 84 points to 18,013.00, while the Standard & Poor’s 500 index futures declined 8.50 points to 2,129.25. Futures for the Nasdaq 100 index fell 25.75 points to 4,860.25.

Oil prices traded lower as Brent crude futures declined 1.48 percent to trade at $50.04 per barrel, while US WTI crude futures also fell 1.48 percent to trade at $49.22 a barrel.

• A report on U.S. international trade in goods for September will be released at 8:30 a.m. ET.
• The Markit services PMI for October is schedule for release at 9:45 a.m. ET.
• Data on new home sales for September will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.
• The Treasury will also auction 5-year notes at 1:00 p.m. ET.

BZ News Desk Focus

• Apple AAPL Reports Q4 EPS $1.67 vs. Est. $1.65, Rev. $46.85B vs. Est. $46.89B
• Boeing BA Q3 EPS $3.51 vs $2.62 est, Revenue $23.9B vs $23.6B est
• Southwest Airlines LUV Q3 EPS $0.93 vs $0.88 est, Revenue $5.14B vs $5.17B est
• Coca Cola KO Q3 EPS $0.49 vs $0.48 est, Revenue $10.63B vs $10.51B est
• Akamai AKAM Reports Q3 EPS $68 vs $0.61 Est., Sales $584M vs $571.9M Est.
• Pandora P Reports Q3 EPS $(0.07) vs. Est. $(0.06), Rev. $351.9M vs. Est. $366.3M
• Chipotle CMG Reports Q3 GAAP EPS $0.27, Rev. $1B vs. Est. $1.09B
• Juniper Networks JNPR Reports Q3 EPS $0.58 vs $0.52 Est., Sales $1.285B vs $1.25B Est.

Sell-Side Themes

Chipotle received several downgraded following its quarterly miss.

Many analyst raised their price target on Apple Shares, however, Stifel was the only firm to downgrade the stock, moving from Buy to Neutral.

Sell-Side's Most Noteworthy Calls

Bank of America downgraded General Motors GM to Neutral.
Wedbush downgraded Lowe's LOW to Neutral.
Cowen upgraded Baker Hughes BHI to Outperform.
Bank of America upgraded AK Steel AKS and Steel Dynamics STLD to Buy.
Aegis started Cytosorbents CYTO at Buy.

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Deal Talk

Twitter TWTR is trading up following an after-hours rumor suggesting Walt Disney DIS may still be interested in working a deal with the company. The report, however, may be little more than speculation.

Shares of MGM Resorts MGM spiked to a high of $26.36 Tuesday on unconfirmed market chatter of a potential bid from Las Vegas Sands LVS. "Sources" say the offer is $40 per share.

In The News

New Zealand managed to unseat Singapore from the No. 1 position in the ranking of countries allowing businesses to go about their business with ease. The news of a new leader is based on an index called the "Ease of Doing Business Index" compiled by the World Bank and released annually. The bank takes into consideration parameters such as simpler regulations for businesses and strong protection of property rights among other parameters to arrive at the index.

NATO will press allies to contribute to its biggest military build-up on Russia's borders since the Cold War as the alliance prepares for a protracted quarrel with Moscow. With Russia's aircraft carrier heading to Syria in a show of force along Europe's shores, alliance defense ministers aim to make good on a July promise by NATO leaders to send forces to the Baltic states and eastern Poland from early next year.

Blogosphere

"If you’re a millennial holding 70% of your investable assets in cash – and you’re not on the verge of buying a home or paying off the entirety of your student debt – you are squandering the most precious resource known to investorkind: Time."

Trending

TWTR CMG UGAZ P SPY BA AKS BIIB KO CMCSA EXAS LUV

Corey Kluber dominated into the seventh inning and the Indians beat the Cubs 6-0 in Tuesday night's opener of a highly anticipated matchup between the teams with baseball's longest championship droughts. #WorldSeries

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. Apply for daily AM access by clicking here or email minutes@benzinga.com.