Today's Headlines

Bloomberg:

• French Economy Sustains Momentum, Has Best Year Since 2011. The French economy expanded for a fifth straight quarter, delivering its best full-year since 2011 as the election of President Emmanuel Macron combined with a global upturn to bolster confidence and investment. Gross domestic product rose 0.6 percent in the three months through December, in line with the median forecast of economists. Capital investment rose 1.1 percent, household spending increased 0.3 percent and net trade added to growth.

• PetroChina Says Profit May Triple Amid Cost Cuts, Higher Oil. 

• Five Things You Need to Know to Start Your Day. (video)

• Start of 5% Pullback? VIX Curve Signals Stocks May Recover Soon.

Wall Street Journal:

• SEC Moves to Stop $600 Million Digital Coin Offering. Regulator obtains court order to seize cryptocurrencies held by AriseBank.

• Apple(AAPL) to Cut iPhone X Production in the Face of Weak Demand. Company will offer its first report on iPhone X sales when it reports earnings Thursday.

• Wynn Resorts(WYNN) Board Faces Scrutiny Following Allegations Against Steve Wynn. Executive compensation a major source of criticism in recent years; $330 million severance agreement. 

• ‘Do It for Amazon(AMZN),’ Say Atlanta Politicians When They Want Something Done. Prospect of online giant moving second headquarters to Atlanta colors fights over religion, immigration; ‘Amazon has really upped the ante’. 

• Value Meals Drive McDonald’s(MCD) Sales. Same-store sales rose 5.5% globally, 4.5% in the U.S.

• Hundreds of Russia’s Elite Put on a U.S. List, Irking Moscow. The 200 names include officials and businessmen, Treasury Department denies report is a sanctions list.

MarketWatch.com:

• Homeownership rate reaches three-year high as rebound from crisis gathers pace.

• How the stock market has reacted to State of the Union speeches.

Fox News:

• Surveillance memo vote triggers war of words on Capitol Hill. (video)

• North Korea increasing executions of top political officers amid sanctions strain, US general says. (video)

CNBC:

• Trump advisor Cohn: President to focus on $1.5 trillion infrastructure plan in State of the Union. (video)

• Clouds hang over 2018 Super Bowl bonanza.

• Treasury Secretary Mnuchin wants to keep cryptocurrencies away from 'bad guys'. Consumer confidence jumps as Americans expect 2017 momentum to continue. Consumer optimism pushed higher than anticipated in January, after a surprise decline the previous month. The Conference Board's measure of consumer confidence rose to 125.4 in January, higher than the 123.1 anticipated by economists polled by Reuters. The measure had declined to 122.1 in December.The key index rose to 129.5 in November, the highest mark since the index hit 132.6 in November 2000.'

• Exxon Mobil(XOM) will triple production in the Permian basin, the hottest US shale oil field, by 2025.

• Facebook(FB) is banning all ads promoting cryptocurrencies — including bitcoin and ICOs.

Zero Hedge:

• FBI Director Wray "Shocked To His Core" By FISA Memo, McCabe 'Removed' Next Day, More Heads To Roll: Report.

• Immigration, Russia, And Health-Care: Here's What To Expect From Tonight's State Of The Union.

• US Launches Probe Into Apple(AAPL) Slowing Older iPhones.

• Bitcoin Battered Below $10k After Bitfinex, Tether Subpoena'd. (graph)

• European Credit Markets Plunge To 6-Month Lows; Stocks Tank. (graph)

• US Home Prices Surge Most Since 2014. (graph)

• "This Isn't A Drill" Mortgage Rates Hit Highest Level Since May 2014. (graph)

•  Dan Och Stepping Down As Och-Ziff CEO, Replaced By Robert Shafir.

• Amazon(AMZN), Berkshire(BRK/A) And JPMorgan(JPM) To Form Healthcare Company "Free From Profit-Making Incentives".

AppleInsider:

• Kantar calls iPhone X pricing 'vindicated' as Apple(AAPL) sees marketshare grow across Europe, China, Australia & Japan.

TheStreet.com:

• Buy Apple(AAPL) Stock as It Nears Dreaded 10% Correction.