The Market In 5 Minutes

IN THE NEWS

Benzinga

Given the way Adidas AG (ADR) ADDYY and Nike Inc NKE are heading in oppposite directions, it was a matter of when, not if, Adidas would overtake the Jordan brand as the No. 2 sports footwear brand in the United States: Link

On Wall Street, it doesn’t get much worse than the F-word. Ubiquiti Networks Inc UBNT shares are down more than 6 percent Monday after high-profile short seller and Citron managing editor Andrew Left called the company a "total fraud.": Link

Wall Street Journal

Toys ‘R’ Us Inc., the rainbow-colored toy emporium that for decades was the go-to spot for birthday and holiday gifts, filed for chapter 11 bankruptcy protection late Monday night, undone by a hefty debt load and the rapid shift to online shopping: Link

Bond markets are bracing for a historic moment: the beginning of the end of easy Fed policy. What comes next is anyone’s guess: Link

Reuters

The U.S. Senate passed its version of a $700 billion defense policy bill on Monday, backing President Donald Trump’s call for a bigger, stronger military but setting the stage for a battle over government spending levels later this year: Link

Apple Inc’s AAPL newest operating system for iPhones and iPads introduces changes to its marketplace for third-party software to satisfy app developers and add new so-called augmented reality apps: Link

Bloomberg

Senate Republicans making one last-ditch effort to repeal Obamacare have the daunting task of assembling 50 votes for an emotionally charged bill with limited details on how it would work, what it would cost and how it would affect health coverage -- all in 12 days: Link

A little-known Wall Street lender with a background financing dump trucks and helicopters is bankrolling a trade case that’s threatening the $29 billion U.S. solar industry: Link

ECONOMIC DATA

  • The Federal Open Market Committee will begin its two-day policy meeting today.
  • USA Housing Starts (MoM) for Aug -0.80% vs 1.70% Est; Prior Revised from -4.80% to -2.20%; USA Building Permits (MoM) for Aug 5.70% vs -0.80% Est; Prior -4.10%
  • US current account balance for Q2 -$123.1B Vs -$116.0B Est
  • Redbook Reports US Retail Sales During First 3 Weeks Of Sept. Up 0.1% MoM, Up 4.1% YoY
  • The Treasury is set to auction 4-week bills at 11:30 a.m. ET.

ANALYST RATINGS

  • Piper Jaffray upgraded Quidel QDEL from Neutral to Overweight
  • Credit Suisse upgraded Gap GPS from Underperform to Neutral
  • Oppenheimer upgraded Michael Kors KORS from Perform to Outperform
  • Piper Jaffray downgraded Kellogg K from Overweight to Neutral
  • Credit Suisse downgraded Time Warner TWX from Outperform to Neutral
  • Wells Fargo downgraded Under Armour UAA from Market Perform to Underperform

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.

Posted In: NewsShort SellersGlobalTop StoriesPre-Market OutlookMarketsAndrew LeftCitron ResearchMarket in 5 minutes
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