The Market In 5 Minutes

IN THE NEWS

BENZINGA

Amazon Web Services, run by Amazon.com, Inc. AMZN, experienced one of the longest outages in recent memory Tuesday: Link

The much-awaited IPO of Snap Inc (SNAP) — the parent of ephemeral photo and video sharing platform Snapchat — is in the works, and the company revealed a longer lock-up period than is the norm, in an apparent reflection of faith in the offering: Link

Fannie Mae FNMA and Freddie Mac FMCC short sellers may have pocketed more than $100 million in profits off the news of an appeals court decision on a shareholder lawsuit: Link

THE WALL STREET JOURNAL

President Donald Trump, after reaching the White House with fiery rhetorical attacks and a combative message, pitched his agenda to voters and Congress with language that was much more presidential and traditional in tone: Link

Uber CEO Travis Kalanick said he would seek leadership advice after a run of troubling news involving the company, capped Tuesday by an online video of him berating one of the ride-hailing service’s drivers: Link

Target Corp.’s TGT chief vowed to invest billions of dollars to lower prices and remodel hundreds of stores, an admission that the retailer’s focus on trendy merchandise wasn’t enough to attract shoppers: Link

REUTERS

Best Buy Co Inc BBY, the No. 1 U.S. electronics retailer, reported an unexpected decline in holiday-quarter same-store sales on Wednesday, hurt by weak demand for tablets, gaming consoles, wearable devices and mobile phones: Link

A handful of Federal Reserve policymakers on Tuesday jolted markets into higher expectations for a March U.S. interest rate increase, with comments that suggested rate-setters are worried about waiting too long in the face of pending economic stimulus from Washington: Link

Toshiba Corp has asked a Japanese law firm to help estimate the potential financial impact if it decides its U.S. nuclear unit Westinghouse should file for Chapter 11 protection from creditors, sources with knowledge of the matter said: Link

BLOOMBERG

President Donald Trump offered no new details of his plan to overhaul corporate and individual taxes — renewing questions about whether he supports a controversial proposal to tax U.S. companies’ imports while excluding their exports: Link

The U.S. will pursue “tougher enforcement” of existing trade rules with China and other nations, Commerce Secretary Wilbur Ross said ahead of President Donald Trump’s speech to Congress on Tuesday night: Link

NEW YORK POST

YouTube, which started out as a place to watch cute pet videos but long ago became the place to watch music videos and clips from your favorite TV show, will add live television streaming later this year, the company said Tuesday: Link

ECONOMIC DATA

• Data on motor vehicle sales for February will be released today.
• The Markit PMI manufacturing data for February is schedule for release at 9:45 a.m. ET.
• The ISM manufacturing index for February will be released at 10:00 a.m. ET.
• Data on construction spending for January 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.
• Dallas Federal Reserve Bank President Robert Kaplan is set to speak in Dallas, Texas at 12:30 p.m. ET.
• The Federal Open Market Committee will release its Beige book report at 2:00 p.m. ET.
• Federal Reserve Gov. Lael Brainard will speak at the Kennedy School at Harvard University at 6:00 p.m. ET.

ANALYST RATINGS

• Dougherty upgraded Ambarella AMBA from Neutral to Buy
• Goldman Sachs upgraded Marvell Technology Group MRVL from Sell to Neutral
• Bernstien downgraded Intel INTC from Market Perform to Underperform
• JP Morgan downgraded Palo Alto Networks PANW from Overweight to Neutral
• Telsey Advisory Group downgraded Target from Outperform to Market Perform

NOTABLE OPTION ALERTS

• ESRX Express Scripts Mar 68.0 Puts Sweep: 650 @ ASK $0.51: 650 traded vs 40 OI: Earnings 4/24 After Close (est) $70.71 Ref
• TER Teradyne Jul 31.0 Calls Sweep: 3574 @ ASK $1.05: 3574 traded vs 5456 OI: Earnings 4/26 After Close (est) $28.42 Ref
• CX Cemex Mar 9.0 Calls Sweep: 669 @ ASK $0.16: 26k traded vs 5650 OI: Earnings 4/26 Before Open (est) $8.48 Ref
• GOOG Google Apr 860 Calls: 1050 @ ASK $5.70: 1283 traded vs 203 OI: Earnings 4/20 After Close (est) $820.99 Ref
• THC Tenet Health Care Apr 20.0 Calls Sweep: 530 @ ASK $1.329: 555 traded vs 49 OI: $19.46 R
• FITB Fifth Third Bank Apr 27.0 Calls Sweep: 692 @ ASK $1.28: 777 traded vs 21 OI: Earnings 4/20 Before Open (est) $27.44 Ref
• GME GameStop Mar $23.5 Put; 2000 @bid @$0.89
• RH RH Mar 3rd 30.5 Puts Sweep: 1988 @ ASK $0.55: 2008 traded vs 36 OI: Earnings 6/7 After Close (est) $30.98 Ref
• SIG Signet Jewelers Apr 65.0 Puts Sweep: 2108 @ ASK $4.50: 2610 traded vs 133 OI: Earnings 3/9 Before Open $65.00 Ref
• UAL United Continental Mar 73.5 Calls: 1500 @ ASK $2.23: 1500 traded vs 1 OI: Earnings 4/20 After Close (est) $73.72 Ref
• P Pandora Jun 16.0 Calls: 1500 @ ASK $0.33: 2340 traded vs 52k OI: Earnings 4/27 After Close (est) $12.59 Ref
• MXWL Maxwell Tech Sep $5 Put; 2578 @ Bid @ $0.55
• HPQ HP Mar 17.0 Puts Sweep: 500 @ ASK $0.20: 2001 traded vs 665 OI: Earnings 5/25 After Close (est) $17.46 Ref
• NMBL Nimble Storage Mar 10.0 Calls Sweep: 1635 @ ASK $0.35: 1946 traded vs 524 OI: Earnings 3/7 After Close $8.94 Ref