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The Market In 5 Minutes: Tax Cuts, Trump, iPhones, Blockchain And Iced Tea

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The Market In 5 Minutes: Tax Cuts, Trump, iPhones, Blockchain And Iced Tea
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IN THE NEWS

Cryptocurrency is a libertarian's delight: Link

Want your stock to rally? Just mention bitcoin or blockchain: Link

Long Island Iced Tea Corp (NASDAQ: LTEA) soared higher by more than 300 percent ahead of Thursday's market open after the maker of non-alcoholic ready-to-drink iced tea, said it will rebrand its business to focus on the "exploration of and investment in opportunities that leverage the benefits of blockchain technology.": Link

FedEx Corporation (NYSE: FDX) hit a new all-time high of $253.24 after the company handily exceeded Wall Street's expectations in its fiscal second quarter earnings report: Link

Congress gave final approval Wednesday to a $1.5 trillion tax cut, delivering a major victory for President Donald Trump and GOP leaders after nearly a year in political control of the capital: Link

Apple Inc. (NASDAQ: AAPL), facing questions from users and tech analysts about reduced performance in older iPhones, acknowledged Wednesday that its latest software curtails the computing power of some models to prevent unexpected shutdowns: Link

Republican leaders in the U.S. House of Representatives are working to build support to temporarily extend the National Security Agency’s expiring internet surveillance program by tucking it into a stop-gap funding measure, lawmakers said: Link

Factories from America’s Rust Belt to Germany’s Ruhr region to Japan’s Aichi prefecture are revving up production lines in a unified acceleration not seen in years: Link

Computers crashing, investors frozen out of markets and a heightened risk of fat finger mistakes. That’s the worst-case scenario when the biggest change to European rules for the investment industry in a decade finally come into effect next month: Link

Wall Street hates it when President Trump gets into trouble. Then it should be happy right now: Link

ECONOMIC DATA

  • US GDP (QoQ) for Q3 3.20% vs 3.30% Est; Prior 3.30%
  • Initial Jobless Claims for Dec 15 245.0K vs 231.0K Est; Prior 225.0K. Continuing Claims for Dec 8 1.92M vs 1.90M Est; Prior 1.89M
  • Philly Fed Prices for Dec 25.40 vs 39.00 Prior; Philly Fed Business Outlook for Dec 53.50 vs 50.10 Prior
  • Chicago Fed National Activity Index for Nov 0.15 vs 0.65 Prior
  • The FHFA House Price Index for October is schedule for release at 9:00 a.m. ET.
  • The index of leading economic indicators for November will be released at 10:00 a.m. ET.
  • The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.
  • Data on money supply for the recent week will be released at 4:30 p.m. ET.

ANALYST RATINGS

  • Buckingham upgraded JPMorgan (NYSE: JPM) from Neutral to Buy
  • Buckingham upgraded Wells Fargo (NYSE: WFC) from Neutral to Buy
  • Wedbush upgraded Regions Financial (NYSE: RF) from Neutral to Outperform
  • Buckhingham downgraded Lazard (NYSE: LAZ) from Buy to Neutral
  • Loop Capital downgraded Twenty-First Century Fox (NASDAQ: FOXA) from Hold to Sell
  • Jefferies downgraded Axovant (NASDAQ: AXON) 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.

Posted-In: Market in 5 minutesNews Global Top Stories Pre-Market Outlook Markets Best of Benzinga

 

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