The Market In 5 Minutes

IN THE NEWS

Benzinga

After meeting with Steven Madden, Ltd. (NASDAQ:SHOO) management, Canaccord analyst Camilo Lyon believes the shoe company is creating a private-label brand for Amazon.com, Inc. (NASDAQ:AMZN), a deal that will compound revenue generated through wholesale and Amazon Marketplace distribution: Link

The latest round of 13-F filings from institutional investors is out, revealing to the world the stocks that some of the richest and most successful investors have been buying and selling. Here’s a rundown of how the smart money was playing some of the most popular stocks last quarter: Link

Wall Street Journal

Apple Inc. (NASDAQ:AAPL) has set a budget of roughly $1 billion to procure and produce original content over the next year, according to people familiar with the matter—a sign of how serious the iPhone maker is about making a splash in Hollywood: Link

The acrimony among Uber Technologies Inc.’s investors spilled further into view with a new letter from one shareholder alleging underhand tactics by board member Benchmark Capital: Link

Reuters

The United States and Canada have failed to settle a festering trade dispute on softwood lumber ahead of talks to modernize the North American Free Trade Agreement (NAFTA), but will keep the lumber negotiations on a separate, parallel track, officials from both countries said: Link

Fiat Chrysler (NYSE:FCAU) will join an alliance led by BMW to develop self-driving cars, intensifying a race by carmakers and technology companies to develop "robotaxis" which can be called up via smartphone and paid for by the minute: Link

Bloomberg

Donald Trump is facing growing condemnation inside his own party for his explosive remarks equating neo-Nazis to counter-protesters, as the president once again created an unwelcome distraction from his legislative agenda that caught his own aides off-guard: Link

Federal Reserve watchers may get a better feel Wednesday for how many policy makers remain resolved to raise interest rates again this year, and how many are wavering amid a five-month stretch of soft inflation reports: Link

ECONOMIC DATA

• US MBA mortgage applications WoW +0.1% 11 Aug vs 3.0% Previous
• USA Building Permits (MoM) for Jul -4.10% vs -2.00% Est; Building Permits for Jul 1.22M vs 1.25M Est
• USA Housing Starts (MoM) for Jul -4.80% vs 0.50% Est; Prior Revised from 8.30% to 7.40%; Housing Starts for Jul 1.16M vs 1.22M Est
• 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 Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

ANALYST RATINGS

• Morgan Stanley upgraded Paychex (NASDAQ:PAYX) from Underweight to Equal-Weight
• Bank of America upgraded Spirit Realty (NYSE:SRC) from Underperform to Buy
• Jefferies downgraded Chicago Bridge & Iron (NYSE:CBI) from Buy to Hold
• Susquehanna downgraded Dick's Sporting Goods (NYSE:DKS) from Positive to Neutral

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.