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The Market In 5 Minutes: Government Shutdown, IBM's Sales Beat, Tobacco Stock Upgrades

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The Market In 5 Minutes: Government Shutdown, IBM's Sales Beat, Tobacco Stock Upgrades
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IN THE NEWS

The U.S. stock market has been on such a red-hot run in recent months that even market bulls are starting to say a healthy pull-back could be imminent. On Thursday, Piper Jaffray analyst Craig Johnson said key technical indicators suggest the market has become overbought in the short-term: Link

The dramatic rise of cryptocurrency is leading to the creation of crypto hedge funds: Link

In the year since President Donald Trump took office, his approval rating has dropped and Americans have turned less hopeful, but he is getting credit for economic improvements and the surging stock market, a new Wall Street Journal/NBC News poll has found: Link $

Apple Inc. (NASDAQ: AAPL) announced a $38 billion tax windfall for the U.S. government this week, but the biggest beneficiary of the company’s response to tax-system changes will likely be its shareholders, analysts say: Link $

Legislation to stave off an imminent federal government shutdown encountered obstacles in the U.S. Senate late on Thursday, despite the passage of a month-long funding bill by the House of Representatives hours earlier: Link

International Business Machines Corp’s (NYSE: IBM) revenue rose for the first time in 23 quarters, beating analysts’ estimates, but the company warned that a higher tax rate this year would eat into its profit: Link

Redbox is pushing back at Disney’s (NYSE: DIS) attempt to stop it from renting multi-packs of movies individually: Link

ECONOMIC DATA

  • The University of Michigan's consumer sentiment index for January is schedule for release at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week will be released at 1:00 p.m. ET.
  • Federal Reserve Vice Chairman for Supervision Randal Quarles is set to speak in Washington at 1:00 p.m. ET.

ANALYST RATINGS

  • Longbow upgraded Avnet (NYSE: AVT) from Neutral to Buy
  • Jefferies upgraded Altria (NYSE: MO) from Hold to Buy
  • Jefferies upgraded Phillip Morris (NYSE: PM) from Hold to Buy
  • JPMorgan downgraded PPG (NYSE: PPG) from Overweight to Neutral
  • JPMorgan downgraded Bank of New York Melon (NYSE: BK) from Neutral to Underweight
  • Morgan Stanley downgraded Inphi (NYSE: IPHI) 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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