The Market In 5 Minutes: Snap's Unspectacular Earnings, Twitter 280, Northam Over Gillespie

IN THE NEWS

Benzinga

Coming off one of the most depressing quarters in the company's history, Under Armour Inc UAA is now in the precarious position of trying to resuscitate a onetime Cinderella story in the sportswear world before it becomes a cautionary tale: Link

Through “stateless” subsidiaries and shadow companies, Apple Inc. AAPL amassed $252 billion in offshore cash subject to foreign tax rates far lower than the U.S.’s 35 percent, according to BBC News: Link

Hertz Global Holdings, Inc HTZ stock had been on quite a run since bottoming at $8.52 back in June, but the rally came to a halt on Tuesday when the stock plunged more than 20 percent following disappointing Q3 earnings reports from competitors TrueCar Inc TRUE and Avis Budget Group Inc. CAR: Link

Wall Street Journal

President Donald Trump took direct aim at Kim Jong Un in a speech that both extended a hand to the North Korean leader and delivered a warning of the potential consequences of its nuclear-weapons program: Link

Democrat Ralph Northam captured the Virginia governorship on Tuesday, beating Republican Ed Gillespie in the first major test of how the Donald Trump presidency has affected swing-state politics: Link

Reuters

Snap Inc SNAP is redesigning its disappearing-message app Snapchat in an attempt to reach a broader audience, going back to the drawing board as Wall Street clobbered it for another quarter of slowing user growth: Link

Twitter Inc TWTR, known for its iconic 140-character tweets, said on Tuesday it would roll out 280-character tweets to users across the world: Link

Bloomberg

The House tax-writing committee entered its third day of work Wednesday to hammer out the details of the Republican tax cut plan. Here are the latest developments, updated throughout the day: Link

On the fringes of the ongoing global climate summit in Bonn, U.S. leaders will once again demonstrate their commitment to the issue, with a packed agenda of film screenings, panel discussions and cocktail parties where they will highlight the country’s carbon dioxide cuts: Link

ECONOMIC DATA

• US MBA mortgage applications Nov 3 0.0% vs -2.6% Prev
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.
• The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

ANALYST RATINGS

• Jefferies upgraded Nabors Industries NBR from Hold to Buy
• RBC upgraded Qualcomm QCOM from Sector Perform to Outperform
• KBW upgraded Umpqua Holdings UMPQ from Market Perform to Outperform
• Morgan Stanley downgraded Sally Beauty Holdings SBH from Equal-Weight to Underweight
• Barclays downgraded Mallinckrodt MNK from Overweight to Equal-Weight
• RBC downgraded Snap from Outperform to Sector Perform

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.