The Market In 5 Minutes: Apple, iPhones, And Trump's Twitter

IN THE NEWS

Benzinga

President Donald Trump has made up his mind that the next chair of the Federal Reserve will be former investment banker Jerome "Jay" Powell. He will succeed current Fed Chair Janet Yellen early next year: Link

Apple's AAPL giant's market cap is nearing $900 billion after delivering fourth-quarter EPS of $2.07, beating estimates by 20 cents. Sales came in at $52.6 billion, topping estimates by $1.81 billion: Link

House Republicans finally released their highly anticipated proposed tax plan Thursday. Here’s a rundown of everything you need to know: Link

Wall Street Journal

Long lines outside of Apple stores around the world showed strong initial demand for the new iPhone X, but analysts said the real test would be the company’s ability to sustain that level of interest over the coming months as it works through supply bottlenecks: Link

Waning stock volatility is pressuring the equity derivatives business, suppressing revenue and driving traders out of what was once a key Wall Street moneymaker: Link

Reuters

U.S. President Donald Trump’s @realdonaldtrump Twitter account was deactivated by a Twitter Inc TWTR employee who was leaving the company on Thursday and was down for 11 minutes before it was restored, the social media company said: Link

Qualcomm Inc QCOM has sued Apple, alleging that it violated a software license contract to benefit rival chipmaker Intel Corp INTC for making broadband modems, the latest salvo in the longstanding dispute between Qualcomm and Apple: Link

Bloomberg

President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state oil company makes one more payment, blaming U.S. sanctions for making it impossible to find new financing: Link

Is bitcoin a legitimate asset, or a super-bubble waiting to implode? As prices for the cryptocurrency skyrocket, investors and pundits are increasingly taking sides: Link

ECONOMIC DATA

• Nonfarm Payrolls for Oct 261.0K vs 310.0K Est; Private Payrolls for Oct 252.0K vs 303.0K Est
• Unemployment Rate for Oct 4.10% vs 4.20% Est
• US Services Purchasing Managers' Index for October will be released at 9:45 a.m. ET.
• Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Washington at 12:15 p.m. ET.
• The ISM non-manufacturing index for October is schedule for release at 10:00 a.m. ET.
• Data on factory orders for September will be released at 10:00 a.m. ET.
• The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

ANALYST RATINGS

• Canaccord upgraded Insulet PODD from Hold to Buy
• DA Davidson upgraded Arista Networks ANET from Neutral to Buy
• Baird upgraded Regeneron REGN from Underperform to Neutral
• Barclays downgraded Blue Apron APRN from Equal-Weight to Underweight
• JP Morgan downgraded Bruker BRKR from Neutral to Underweight
• Stifel downgraded Green Plains Partners GPP from 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.