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  • U.S. stocks were lower in morning trading on Monday as uncertainty over a U.S. tax reform deal and GE’s dismal outlook hit investor sentiment.
  • GE fell 3.5 percent after the industrial conglomerate cut its 2018 profit forecast, slashed dividend and unveiled a restructuring plan.
  • Qualcomm rose 1.3 percent after the chipmaker rejected rival Broadcom’s $103-billion takeover bid, saying the offer “dramatically” undervalued the company.
  • rose nearly 6 percent as China’s second largest e-commerce firm reported revenue that beat estimates, as the firm attracted more shoppers.


General Electric Cuts Dividend by Half and Slashes Profit Goals

  • GE slashed its 2018 profit forecast and said it was cutting its dividend by half, as the 125-year-old industrial conglomerate seeks to preserve cash for a restructuring under new Chief Executive.
  • The company set new financial targets for 2018 that were well below its previously held goals.
  • It now expects adjusted earnings per share of $1 to $1.07 per share.
  • For years, GE had promised investors it would deliver $2 a share in 2018 earnings.
  • The new quarterly dividend will be 12 cents a share, down from 24 cents a share.
  • The change will be effective the next time a dividend is declared, which is expected to be in December.
  • GE would reduce the payment from $8.4 billion to $4.2 billion, or a dividend yield of about 2.3%.

Qualcomm Rejects Broadcom’s Takeover Bid

  • Qualcomm’s board says Broadcom’s $105 billion offer dramatically undervalues them.

Tyson Foods tops profit estimates as low-cost feed provides boost

  • Demand for chicken boosted the company’s results, with sales of the lean meat rising 8 percent.
  • Net income rose almost 1 percent to $394 million in the fourth quarter.
  • The Springdale, Arkansas-based company’s net revenue rose 10.8 percent to $10.15 billion.

Uber Board Settles Feud, Clearing Way for SoftBank Deal

  • The deal, confirmed Sunday by Uber, took shape after former Chief Executive Travis Kalanick and a major investor, Benchmark, reached an agreement over control of board seats, including putting on hold a lawsuit against the former chief.
  • Once completed, the deal would add six directors and introduce voting changes that would effectively limit Mr. Kalanick’s power on the board.
  • An investment by SoftBank represents an early win for new CEO Dara Khosrowshahi.

Brookfield Property Confirms $14.8 Billion Offer To Buy Remainder of GGP

  • Brookfield Property, which is part of Brookfield Asset Management, owns or operates office properties, retail centers and multifamily housing units. GGP owns around 125 high-end retail centers around the U.S.

UAE agrees $1.6 billion deal with Lockheed Martin to upgrade F-16 fighters

  • The United Arab Emirates will pay Lockheed Martin 6 billion dirhams ($1.63 billion) to upgrade 80 F-16 jet fighters.
  • The ministry also announced other deals, including 66 million dirhams to U.S.-based OTNA INC for Blu-109 ammunition and a 35-million-dirham agreement with Thales Communications and Security SAS to secure defense communications.

Used-Car Prices Prove Resilient, Confounding Expectations

  • Used-car prices have held up this year, defying predictions. That is bad news for shoppers, but the trend is helping buoy the outlook for auto makers, dealers and rental-car companies.
  • The number of lease returns is expected to reach 11.3 million in the three years ending in 2019, 49% more than the same three-year period that ended in 2016.

Boeing takes head start in Dubai with Emirates Dreamliner order

  • Emirates unveiled a preliminary order worth $15 billion for 40 Boeing jets on Sunday, but kept Europe’s Airbus waiting for a lifeline order for A380 superjumbos as the Dubai Airshow opened amid worries over tensions in the Middle East. Deliveries will start in 2022.
  • Dubai’s Emirates may place an order for 36-38 Airbus A380 superjumbo jets, worth some $16 billion at list prices

Boeing studying business case for new mid-sized jet

  • Boeing is furthering its study of a proposed new mid-market aircraft as it prepares to decide whether to bring the project to market, a senior executive said on Saturday.
  • Referring to the cost of building the possible new jet, which is expected to carry some 220-270 passengers, he said, “We know the box we have got to get into and we are working towards it.” He gave no indication when a decision might be made.

Airbus will test its Vahana electric ‘flying car’ by the end of 2017

  • The electric-powered vertical take-off and landing aircraft is colloquially (and incorrectly) known as a “flying car.”
  • Airbus posted a series of photos today from its Vahana project, showing its team working on a pair of single-seat, tilt-rotor vehicles.
  • The European aerospace giant has said it wants to build a fleet of electric, autonomous, multirotor VTOL aircraft that can be used to fly from rooftop to rooftop in dense cities where traffic is often at a standstill.

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Trump nominates former drug company executive Alex Azar as next Health and Human Services secretary

  • President Donald Trump said he will nominate Alex Azar as his secretary of Health and Human Services.
  • Azar is a former chief of Eli Lilly’s U.S. division, and a former general counsel of HHS.
  • Trump’s first HHS secretary, Tom Price, quit in September after disclosures he had taken mutiple pricey private jet flights in his short tenure.

Trump calls for major last-minute changes to GOP tax plans

  • President Donald Trump calls for major changes to the tax plans currently working their way through Congress.
  • The president urges lawmakers to repeal the Obamacare individual mandate to further cut taxes on high-income Americans.
  • House Republicans want to pass their tax plan this week.
  • He tweeted: I am proud of the Rep. House & Senate for working so hard on cutting taxes {& reform.} We’re getting close! Now, how about ending the unfair & highly unpopular Indiv Mandate in OCare & reducing taxes even further? Cut top rate to 35% w/all of the rest going to middle income cuts?

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Powerful earthquake on Iran-Iraq border kills over 400

  • A powerful 7.3 magnitude earthquake near the Iraq-Iran border killed over 400 people across both countries, authorities say.
  • Iran’s western Kermanshah province bore the brunt of the temblor Sunday night, with authorities saying the quake killed 407 people in the country and injured 6,700.
  • In Iraq, the earthquake killed at least seven people and injured 535.

Global Trade Booms, but Headwinds Blow

  • A synchronous upturn across major economies is reviving hopes that a multiyear lull in global trade is finally reversing and will lift emerging markets that built their economies around exports.
  • In Asia, the world’s factory floor, exports are up sharply, including gains of 18.5% from a year ago in South Korea, 11% in Singapore and 20% in Vietnam. Chinese exports are up 5.5%, a rebound from the past two years, when exports contracted.

China shopping festival smashes record with $25 billion haul

  • Alibaba the Chinese e-commerce giant, said on Saturday its Singles’ Day sales extravaganza hit $25.4 billion.
  • At just past the halfway mark, the headline gross merchandise volume swept past last year’s dollar total just shy of $18 billion.
  • Alibaba also said it had turned 100,000 physical shops around China into “smart stores” for this year’s event.

China’s sees stock jump after swing to third-quarter profit

  • JD posted a net profit of 1 billion yuan ($151 million).
  • Revenue for the quarter was 8 billion yuan, just above analysts’ mean estimate of 83.6 billion according to Thomson Reuters.
  • JD is expanding rapidly into offline stores and overseas markets, as rival Alibaba continues to invest heavily in logistics and retail alongside its marketplace business, edging further into JD’s territory.

Aramco plans to spend $300 billion over 10 years in upstream oil and gas: CEO

  • Saudi Aramco plans to spend close to $300 billion over 10 years in upstream oil and gas projects, Chief Executive Amin Nasser said.
  • He also said a decision would hopefully be made soon on the location for the listing of shares in the oil giant.

Volkswagen’s truck brand MAN spends $2.8 billion to upgrade plants

  • Parent Volkswagen has been building a global trucks business to challenge rivals Daimler and Volvo by integrating its MAN and Scania divisions and getting them to share development of engines, transmissions, axles and emissions-treatment systems.
  • MAN Truck & Bus has production sites in three European countries as well as in Russia, South Africa, India and Turkey.

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  • The world’s first long, mechanically ventilated underwater tunnel, the Holland Tunnel, opened between New York and New Jersey. (1927)
  • Walt Disney’s Fantasia (1940)
  • The minimum draft age was lowered from 21 to 18. (1942)
  • The Supreme Court struck down laws calling for racial segregation on buses. (1956)
  • The Vietnam War Memorial, designed by Maya Lin, was dedicated in Washington, DC. (1982)

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