The Market In 5 Minutes: Bitcoin Tumbles, Papa John Steps Away, Congress Keeps Government Open (For Now)

IN THE NEWS

Nothing says “blockchain” like “iced tea.": Link

It’s been called fraudulent. It’s been compared to Beanie Babies. But most often, critics of bitcoin slap one label: bubble: Link

Boeing Co.’s (NYSE:BA) pursuit of Embraer SA fits one of the goals Chief Executive Dennis Muilenburg has set for the aerospace giant: creating a level playing field in the commercial jetliner business: Link

Google-parent Alphabet Inc. (NASDAQ:GOOG) said Eric Schmidt will step down from his post as executive chairman in January, an unexpected retreat by the tech giant’s most high-profile ambassador: Link

The U.S. tax overhaul is a boon to Silicon Valley technology companies like Apple Inc (NASDAQ:AAPL) and Alphabet Inc, which will enjoy big tax cuts and the chance to bring back billions of dollars from overseas at a reduced rate: Link

Spanish stocks and the euro fell, while Spanish government bond yields hit their highest levels in over a month after Catalan separatists wanting to break away from Spain won a regional election: Link

The Republican-controlled Congress on Thursday night managed the bare minimum task of keeping the government open, yet made little progress on a medley of divisive fiscal and social issues it will now be forced to confront in January: Link

Papa John’s (NASDAQ:PZZA) just got hit by a costly turnover — of its CEO, that is: Link

ECONOMIC DATA

• USA Core Durable Goods Orders (MoM) for Nov -0.10% vs 0.50% Est; Prior Revised from 0.90% to 1.30%
• USA Core PCE Price Index (MoM) for Nov 0.10 vs 0.10% Est; Prior 0.20%
• New home sales report for November is schedule for release at 10:00 a.m. ET.
• The University of Michigan's consumer sentiment index for December will be released at 10:00 a.m. ET.
• The Kansas City Fed manufacturing index for December is schedule for release at 11:00 a.m. ET.
• The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.

ANALYST RATINGS

• Jefferies upgraded Red Robin Gourmet Burgers (NASDAQ:RRGB) from Hold to Buy
• Jefferies upgraded Dunkin Donuts (NASDAQ:DNKN) from Hold to Buy
• Jefferies upgraded Texas Roadhouse (NASDAQ:TXRH) from Hold to Buy
• Jefferies downgraded Bojangles (NASDAQ:BOJA) from Buy to Hold
• Stifel downgraded Dynagas LNG Partners (NYSE:DLNG) from Buy to Hold
• Jefferies downgraded Shake Shack (NYSE:SHAK) 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.