The Market In 5 Minutes: Snap's Unspectacular Earnings, Twitter 280, Northam Over Gillespie

IN THE NEWS

Benzinga

Coming off one of the most depressing quarters in the company's history, Under Armour Inc (NYSE:UAA) is now in the precarious position of trying to resuscitate a onetime Cinderella story in the sportswear world before it becomes a cautionary tale: Link

Through “stateless” subsidiaries and shadow companies, Apple Inc. (NASDAQ:AAPL) amassed $252 billion in offshore cash subject to foreign tax rates far lower than the U.S.’s 35 percent, according to BBC News: Link

Hertz Global Holdings, Inc (NYSE:HTZ) stock had been on quite a run since bottoming at $8.52 back in June, but the rally came to a halt on Tuesday when the stock plunged more than 20 percent following disappointing Q3 earnings reports from competitors TrueCar Inc (NASDAQ:TRUE) and Avis Budget Group Inc. (NASDAQ:CAR): Link

Wall Street Journal

President Donald Trump took direct aim at Kim Jong Un in a speech that both extended a hand to the North Korean leader and delivered a warning of the potential consequences of its nuclear-weapons program: Link

Democrat Ralph Northam captured the Virginia governorship on Tuesday, beating Republican Ed Gillespie in the first major test of how the Donald Trump presidency has affected swing-state politics: Link

Reuters

Snap Inc (NYSE:SNAP) is redesigning its disappearing-message app Snapchat in an attempt to reach a broader audience, going back to the drawing board as Wall Street clobbered it for another quarter of slowing user growth: Link

Twitter Inc (NYSE:TWTR), known for its iconic 140-character tweets, said on Tuesday it would roll out 280-character tweets to users across the world: Link

Bloomberg

The House tax-writing committee entered its third day of work Wednesday to hammer out the details of the Republican tax cut plan. Here are the latest developments, updated throughout the day: Link

On the fringes of the ongoing global climate summit in Bonn, U.S. leaders will once again demonstrate their commitment to the issue, with a packed agenda of film screenings, panel discussions and cocktail parties where they will highlight the country’s carbon dioxide cuts: Link

ECONOMIC DATA

• US MBA mortgage applications Nov 3 0.0% vs -2.6% Prev
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
• The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

ANALYST RATINGS

• Jefferies upgraded Nabors Industries (NYSE:NBR) from Hold to Buy
• RBC upgraded Qualcomm (NASDAQ:QCOM) from Sector Perform to Outperform
• KBW upgraded Umpqua Holdings (NASDAQ:UMPQ) from Market Perform to Outperform
• Morgan Stanley downgraded Sally Beauty Holdings (NYSE:SBH) from Equal-Weight to Underweight
• Barclays downgraded Mallinckrodt (NYSE:MNK) from Overweight to Equal-Weight
• RBC downgraded Snap from Outperform to Sector Perform

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