Here are five things you must know for Monday, Nov. 13:
1. -- U.S. stock futures were pointing to declines for Wall Street on Monday, Nov. 13, after the Dow Jones Industrial Average and S&P 500 logged weekly losses for the first time in about two months.
The Dow posted its first weekly decline after eight straight weeks of gains after the index fell 0.17% on Friday, Nov. 10. The S&P 500 last week declined for the first time in nine weeks.
Stocks were pressured as the chances of a seamless path to U.S. tax reform looked more difficult. The tax plans from Republicans in the House and Senate showed differences in their approaches to certain key components.
European and Asian stocks traded mixed on Monday.
The economic calendar in the U.S. on Monday is empty.
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"We understand the importance of this decision to our shareowners and we have not made it lightly. We are focused on driving total shareholder return and
believe this is the right decision to align our dividend payout to cash flow generation," said John Flannery, Chairman and CEO of GE, in a statement.
Flannery is expected on Monday to unveil a plan for the conglomerate that includes a focus on three of its biggest business lines, but stops short of a breakup or more radical restructuring of company, The Wall Street Journal reported.
Flannery, who took over as CEO on Aug. 1, is expected to focus on GE's aviation, power and health-care divisions, one person familiar with the matter told the Journal. Flannery will look to exit most of the rest of GE's operations.
General Electric also plans to eventually shed its majority stake in Baker Hughes (BHGE) - Get Report , which became a separate public company in July after merging with GE's oil and gas operations, the person told the Journal.
"We don't have a comment until the presentation is released at 8:30 a.m. ET," a GE spokeswoman said in an email when contacted by Reuters.
Qualcomm's board is poised to rebuff Broadcom's bid as insufficient as early as Monday, although it may decide to spend a few more days this week to prepare its full response to Broadcom, the sources told Reuters.
Qualcomm CEO Steven Mollenkopf has spent the past few days soliciting feedback from Qualcomm shareholders, and feels that Broadcom's bid of $70 a share undervalues the chipmaker and doesn't price in the uncertainty associated with getting the deal approved by regulators, the sources said.
Qualcomm shares closed Friday, Nov. 10, at $64.57, down 0.05%.
- Qualcomm Could Rally Another 15% Despite Record Broadcom Buyout Offer
- Broadcom's Bid for Qualcomm May Be Biggest Chip Deal Ever, but Won't Be the Last
4. -- Mattel Inc. (MAT) - Get Report was up almost 26% in premarket trading to $18.40 on Monday following a report that said Hasbro Inc. (HAS) - Get Report made a takeover offer for the rival toymaker.
Hasbro's approach to Mattel was made recently, a person familiar with the matter told The Wall Street Journal. The terms of a potential deal couldn't be learned, and as always, there may not be one, the Journal noted.
Mattel's market value stands at about $5 billion, or less than half as much as Hasbro's, which is currently more than $11 billion.
Mattel is the maker of Barbie dolls, American Girl dolls, Fisher-Price and Hot Wheels toys. Hasbro's brands include Nerf, Transformers and My Little Pony.
5. -- Uber Technologies Inc. agreed to allow a group of investors led by Japan's Softbank Group Corp. (SFTBY) to invest up to $10 billion in what could be a pivotal fundraising for the the ride-sharing startup as it struggles to maintain licenses in key markets and stabilize its leadership following the departure of its founder and CEO earlier this year.
"We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment," Uber said in a statement. "We believe this agreement is a strong vote of confidence in Uber's long-term potential."
The deal will allow Softbank, as well as Dragoneer Investment Group, to pump between $1 billion and $1.5 billion in new cash into Uber and purchase as much as 17% of the company's outstanding shares on the private market. With an estimated value of around $68 billion, the agreement corresponds to about $10 billion in new investment for Uber.
This story has been updated from 6 a.m. ET.
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