The Market In 5 Minutes: Chipotle CEO Search, Matt Lauer Fired, GDP Grows 3.3%

IN THE NEWS

Bitcoin is trading at nearly $11,000 after surging past the $10,000 mark overnight. An alternative crypto currency, Bitcoin Cash, boasts a $16.8B market cap. This article explores the differences between bitcoin and Bitcoin Cash: Link

Chipotle CMG confirmed it plans to replace its CEO Steve Ells: Link

In a concept not too distant from David Bowie’s 10-year "Bowie Bond," Royalty Flow, launched an initial public offering Monday to let investors cash in on the earnings of their favorite artists. One of the first royalties targeted is Eminem's 1999-2003 music catalog: Link

NBC has fired its leading morning news anchor Matt Lauer over a sexual harassment allegation, the network’s president for news said in a memo to staff on Wednesday: Link

Some experts believe the intercontinental ballistic missile North Korea launched Tuesday is capable of reaching the eastern seaboard of the United States: Link

Despite the controversy surrounding net neutrality in the United States, The Wall Street Journal highlights that Chinese corporations still profit despite government restrictions on internet access: Link

Shortly after his Asia trip, President Trump is targeting Chinese aluminum dumping. "The sums involved - $604 million of Chinese imports in 2016 – are economically negligible. What is important is that this was initiated by the government itself, not American companies.": Link

A measure of average valuation at the highest since 1900, a condition that at some point is going to translate into pain for investors, according to Goldman Sachs: Link

ECONOMIC DATA

• US MBA mortgage applications w.e. 24 Nov -3.1% vs +0.1% prior
• USA GDP (QoQ) for Q3 3.30% vs 3.20% Est; Prior 3.00%
• Federal Reserve Chair Janet Yellen is set to testify before the Congressional Joint Economic Committee in Washington at 10:00 a.m. ET.
• The pending home sales index for October will be released at 10:00 a.m. ET.
• The Energy Information Administration’s weekly report on petroleum inventories in the U.S. is schedule for release at 10:30 a.m. ET.
• San Francisco Federal Reserve Bank President John Williams will speak in Phoenix, Arizona at 1:50 p.m. ET.
• The Federal Open Market Committee will release its Beige Book report at 2:00 p.m. ET.

ANALYST RATINGS

• RBC upgraded Walmart WMT from Underperform to Sector Perform
• Morgan Stanley upgraded Allergan AGN from Equal-Weight to Overweight
• Raymond James downgraded Mid-American Apartment MAA from Outperform to Market 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.