Stock Futures Pointed Lower As Tax Bill Concerns Linger
Dow Jones Industrial Average (DJIA) futures are pointedlower this morning, after the index snapped an eight-week winning streak on Friday. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also lower, as concerns continue to linger over a possible delay in corporate tax cuts. However, General Electric (GE) stock is keeping the Dow's pre-market losses in check, after the conglomerate announced plans to halve its quarterly dividend. Elsewhere, earnings season continues to creep along, with JD.com (JD) the first big name to toast an earnings beat this week.
Continue reading for more on today's market, including:
Analyst: This telecom stock could drop another 42%.Options bulls are flocking to Amazon stock ahead of Black Friday.Breaking down a 6-figure options bet on bank stocks.Plus, Qualcomm nixes Broadcom deal; Wal-Mart ups online prices; and Teva gets downgraded. 
5 Things You Need to Know TodayThe Chicago Board Options Exchange (CBOE) saw 904,960 call contracts traded on Friday, compared to 596,367 put contracts. The single-session equity put/call ratio rose to 0.66, and the 21-day moving average rose to 0.65.After making headlines last week for receiving an unsolicited buyout bidfrom Broadcom Ltd (AVGO), QUALCOMM, Inc. (NASDAQ:QCOM) rejected the offer this morning. The QCOM board said the proposal "significantly undervalues QUALCOMM and comes with significant regulatory uncertainty." The news has the chip stock up 0.8% in electronic trading. According to The Wall Street Journal, Wal-Mart Stores Inc (NYSE:WMT) will be increasing its online store prices for products also available in-store, in an effort to boost profits and increase foot traffic. The retail stock is fresh off an all-time high of $91.69 on Friday, and is up 0.1% in electronic trading this morning. WMT stock has tacked on nearly 32% year-to-date, and is historically a good stock to own in November.It's been a rough stretch for Teva Pharmaceutical Industries Ltd (NYSE:TEVA), which was crushed earlier this month after disappointing third-quarter earnings. Now, the drug stock was downgraded to "underweight" from "neutral" at J.P. Morgan Securities, while also receiving a price-target cut to $11 from $20. The news has TEVA stock, which has shed 67% year-to-date, down 2.6% ahead of the bell.
The economic calendar is bare today. Earnings from Tyson Foods (TSN) will be released.
Overseas Trading
Stocks in Tokyo settled sharply lower today, with Japan's Nikkei falling 1.3% to log its fourth consecutive daily decline. Traders took their cues from Wall Street's lackluster Friday finish, with downside exacerbated by a lack of earnings catalysts and relatively soft volume. South Korea's Kospi also fell, giving up 0.5% on weakness in the manufacturing sector. Elsewhere, a robust trading debut for Razer helped propel Hong Kong's Hang Seng to a gain of 0.2%, while rallying bank stocks pushed China's Shanghai Composite up 0.5%.
The bears are in control over in Europe at midday. In addition to widespread anxiety over U.S. tax reform efforts, investors are reacting to reports that conservative members of parliament are circulating a no-confidence letter in U.K. Prime Minister Theresa May. The news has pushed the pound sharply lower, with the currency's slide tempering losses for London's FTSE 100, down 0.2% at last check. Meanwhile, French energy giant EDF is in focus, with the stock down 10.911% in Paris after a 2018 guidance cut. Against this backdrop, France's CAC 40 has slipped 0.9%, while the German DAX is off 0.8%.