The Market In 5 Minutes: Apple Downgrade, Bitcoin Extends Fall, A Cannabis Genome

IN THE NEWS

Regulations might be restricting targeted automakers, but the steel industry considers itself a beneficiary of heightened expectations: Link

Since acquiring MoviePass last year, Helios and Matheson Analytics Inc HMNY has taken a lot of heat from critics. The MoviePass subscriber count continues to climb, however, and shareholders are hoping the numbers will eventually speak for themselves: Link

BlackBerry Ltd BB introduced Jarvis, a cloud-based code analysis solution, at the North American International Auto Show Monday: Link

General Electric Co. GE is considering breaking itself apart, a dramatic move that would mark the end of one of the oldest and largest U.S. conglomerates: Link $

A group of 21 U.S. state attorneys general filed suit to challenge the Federal Communications Commission’s decision to do away with net neutrality on Tuesday while Democrats said they needed just one more vote in the Senate to repeal the FCC ruling: Link

Bitcoin extended its sharp tumble of the past 24 hours, skidding more than seven percent on Wednesday in a rapid downturn in fortunes as investors were spooked by fears regulators might clamp down on an asset whose value has skyrocketed in the past year: Link

For years, the likes of Apple Inc. AAPL and Microsoft Corp. MSFT have stashed billions of dollars offshore to slash their U.S. tax bills. Now, the tax-code rewrite could throw that into reverse: Link

The fledgling cannabis industry is full of wide-eyed claims about what pot can do. Outperform your favorite energy drink? Maybe. Cure cancer? Worth a try. The biggest believers and entrepreneurs make the plant sound almost magical. Now one startup has the key to keep the science from the hype: the first-ever full map of the cannabis genome: Link

Walmart WMT is helping customers get rid of leftover opioids by giving them packets that turn the addictive painkillers into a useless gel: Link

ECONOMIC DATA

  • US MBA mortgage applications w-e 12 Jan +4.1% vs +8.3% prev
  • Redbook Reports US Retail Sales During First 2 Weeks Of Jan. Down 0.3% MoM, Up 3% YoY
  • Data on industrial production for December will be released at 9:15 a.m. ET.
  • The housing market index for January is schedule for release at 10:00 a.m. ET.
  • The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.
  • Chicago Federal Reserve Bank President Charles Evans is set to speak in Palm Beach, Florida at 3:00 p.m. ET.
  • Dallas Federal Reserve Bank President Robert Kaplan will speak in Palm Beach, Florida at 3:15 p.m. ET.
  • The Treasury International Capital report for November is schedule for release at 4:00 p.m. ET.
  • Cleveland Federal Reserve Bank President Loretta Mester is set to speak in New Brunswick, New Jersey at 4:30 p.m. ET.

ANALYST RATINGS

  • Barclays upgraded IBM IBM from Underweight to Overweight
  • Morgan Stanley upgraded Dean Foods DF from Underweight to Equal-Weight
  • Longbow downgraded Apple AAPL from Buy to Neutral
  • Morgan Stanley downgraded Dish DISH from Overweight to Equal-Weight
  • Barclays downgraded Valero Energy Partners VLP from Overweight to Equal-Weight

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.

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