The Market In 5 Minutes

IN THE NEWS

Benzinga

Hurricanes Harvey and Irma body slammed two of the biggest export-import hubs in the world, and the impact on prices and shipping costs will be felt for months in places far removed from the scenes of destruction: Link

What does a $4,944 bottle of Hennessy cognac have in common with a $7.49 bottle of Mogen David “Mad Dog 20/20” red, rotgut wine? Both can be delivered to your doorstep these days, and it’s dooming the local liquor store: Link

Wall Street Journal

President Donald Trump said Wednesday the emerging Republican tax proposal won’t cut taxes for the wealthy, and they may go up, an assurance that appeared to contradict the plan that his administration and GOP leaders are drafting: Link

Unemployment and inflation are near their lowest levels in decades. Who wouldn’t love that? Link

Reuters

Tesla Inc TSLA Chief Executive Elon Musk said the electric carmaker is tentatively scheduled to unveil its planned semi-truck in late October, about a month later than the billionaire had earlier estimated: Link

U.S. President Donald Trump blocked a Chinese-backed private equity firm from buying a U.S.-based chipmaker on Wednesday, sending a clear signal to Beijing that Washington will oppose takeover deals that involve technologies with potential military applications: Link

Bloomberg

A reckoning is coming for Facebook Inc FB: Link

AstraZeneca Plc AZN, Bristol-Myers Squibb Co. BMY and other drugmakers are switching gears on standard drug development in an effort to quickly test powerful new therapies in earlier stages of cancer: Link

ECONOMIC DATA

• USA Core CPI (MoM) for Aug 0.20% vs 0.20% Est; Core CPI (YoY) for Aug 1.70% vs 1.60% Est; Prior 1.70%
• USA Initial Jobless Claims for Sep 8 284.0K vs 300.0K Est; Prior 298.0K
• The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
• Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

• Bernstein upgraded KeyCorp KEY from Market Perform to Outperform
• Wedbush upgraded Ultragenyx Pharmaceutical RARE from Neutral to Outperform
• JP Morgan upgraded Century Communities CCS from Neutral to Overweight
• JP Morgan downgraded Toll Brothers TOL from Overweight to Neutral
• Morgan Stanley downgraded AmerisourceBergen ABC from Overweight to Equal-Weight