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The Market In 5 Minutes: The Market Wakes Up To The Trump Tax Plan

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The Market In 5 Minutes: The Market Wakes Up To The Trump Tax Plan

IN THE NEWS

Benzinga

  • Foreign automakers have long been disincentivized to sell in China, where imports see a 25-percent tax and locally produced cars must be sold through 50/50 joint ventures with domestic entities. But the Chinese government, prioritizing a shift from fossil-fuel to electric vehicles, is reportedly considering a loophole: Link
  • Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) shareholders have had an extremely volatile couple of months: Link

Wall Street Journal

  • President Donald Trump and GOP leaders proposed sharply reducing tax rates on businesses and many individuals, kicking off a major legislative push to overhaul the nation’s tax code this year: Link
  • Hugh Hefner, the founder of Playboy magazine who revolutionized publishing and helped usher in the sexual revolution with a vision of beauty, sophistication and the libertine lifestyle that reflected the desires of the postwar generation, died Wednesday at the age of 91: Link

Reuters

  • Executives from Facebook Inc (NASDAQ: FB) , Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google and Twitter Inc (NASDQA:TWTR) have been asked to testify to the U.S. Congress in coming weeks as lawmakers probe Russia’s alleged interference in the 2016 U.S. election, committee sources said: Link
  • Four U.S. senators have asked the Senate Judiciary Committee to launch an investigation into a deal drugmaker Allergan Plc (NYSE: AGN) struck with a Native American tribe to protect some of its patents from generic challenge, according to a letter seen by Reuters: Link

Bloomberg

  • President Donald Trump’s plan to slash the corporate tax rate may not provide the sustained job growth that he and Republican leaders want, some economists say — that’s a point of longstanding and unsettled debate: Link
  • The munchies are driving up fast-food sales in states where marijuana is legal: Link

ECONOMIC DATA

  • Continuing, Initial and 4-Week Avg. Jobless Claims will be released at 8:30 a.m. ET.
  • FOMC Member George is set to speak at 9:45 a.m. ET.
  • FOMC Member Stanley Fischer is set to speak at 10:15 a.m. ET.
  • The Federal Reserve Bank of Kansas City will release Manufacturing and Composite Index figures at 11:00 a.m. ET.
  • The Treasury will auction 7-year notes at 1:00 p.m. ET.

ANALYST RATINGS

  • Longbow upgraded McDonald's (NYSE: MCD) from Neutral to Buy
  • KeyBanc upgraded Aaron's (NYSE: AAN) from Sector Weight to Overweight
  • PiperJaffray upgraded Potbelly (NASDAQ: PBPB) from Neutral to Overweight
  • Raymond James downgraded DexCom (NASDAQ: DXCM) from Outperform to Market Perform
  • Morgan Stanley downgraded Trivago (NASDAQ: TRVG) from Overweight to Equal-Weight
  • Loop Capital downgraded Pier 1 Imports (NYSE: PIR) Buy to Hold

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.

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