The Market In 5 Minutes: Alibaba's Expansion, Uber's Warning

IN THE NEWS

Benzinga

NVIDIA Corporation NVDA stirred the markets Tuesday with news of its groundbreaking supercomputer capable of supporting fully autonomous vehicles. The announcement drove Nvidia shares to the $190 level: Link

Rumors that Amazon.com, Inc. AMZN may soon be jumping into the pharmacy business have weighed on drug retailers Walgreens Boots Alliance Inc and CVS Health Corp. However, pharmacy benefit managers, which serve as middlemen between insurers and pharmaceutical companies, may be hit the hardest by new competition from Amazon: Link

Wall Street Journal

The Trump administration has honed its strategy for remaking the North American Free Trade Agreement in advance of the next round of talks starting Wednesday—by proposing a number of specific ways to water down the pact and reduce its influence on companies: Link

Driver’s license data for around 10.9 million Americans were compromised during the breach of Equifax Inc. EFX's systems, according to people familiar with the matter: Link

Reuters

China’s top e-commerce firm, Alibaba Group Holding Ltd BABA, is launching a $15 billion drive to build overseas research hubs as the deep-pocketed firm looks to compete with global leaders in e-commerce, logistics and cloud technology: Link

Nelson Peltz put his activist hedge fund credentials on the line to win a board seat at Procter & Gamble Co PG, only to be narrowly defeated, according to a preliminary shareholder vote count. Yet he stands to lose more face than he does money: Link

Bloomberg

Shortly after taking over Uber Technologies Inc. in September, Dara Khosrowshahi told employees to brace for a painful six months: Link

Nobel Prize-winning economist Paul Krugman didn’t mince words when asked about former Federal Reserve Governor Kevin Warsh’s candidacy to run the institution: “He’s been wrong about everything,” from inflation to fiscal policy, Krugman told Bloomberg Television in an interview Tuesday: Link

ECONOMIC DATA

• MBA Market Index for the Oct 6th Week Down 2.1%
• Chicago Federal Reserve Bank President Charles Evans is set to speak in Zurich, Switzerland at 7:15 a.m. ET.
• The Labor Department's JOLTS report for August will be released at 10:00 a.m. ET.
• The Treasury is set to auction 3-year notes at 11:30 a.m. ET.
• The Treasury will auction 10-year notes at 1:00 p.m. ET.
• The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.
• San Francisco Federal Reserve Bank President John Williams will speak in Salt Lake City at 2:40 p.m. ET.

ANALYST RATINGS

• Jefferies upgraded Johnson & Johnson JNJ from Hold to Buy
• Cowen upgraded Abbvie ABBV from Market Perform to Outperform
• Morgan Stanley upgraded PayPal PYPL from Equal-Weight to Overweight
• Citi downgraded TravelCenters TA from Buy to Sell
• Goldman Sachs downgraded Exelon EXC from Neutral to Sell
• BMO downgraded Schlumberger SLB from Outperform to Market Perform

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.