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 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. 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 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 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 RRGB from Hold to Buy
• Jefferies upgraded Dunkin Donuts DNKN from Hold to Buy
• Jefferies upgraded Texas Roadhouse TXRH from Hold to Buy
• Jefferies downgraded Bojangles BOJA from Buy to Hold
• Stifel downgraded Dynagas LNG Partners DLNG from Buy to Hold
• Jefferies downgraded Shake Shack 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.