Nov. 24 Premarket Briefing: 10 Things You Should Know

Here are 10 things you should know for Tuesday, Nov. 24:

1. -- U.S. stock futures fell Tuesday after the downing of a Russian jet by the Turkish military triggered new global geopolitical jitters.

Turkey shot down the Russian warplane that it said had violated Turkish airspace and ignored repeated warnings, the Associated Press reported. Russia denied the plane crossed Syria's border into Turkey. Russia's defense ministry said the pilots parachuted but there has been no contact with them.

European stocks declined while Asian shares finished the session mixed.

2. -- The economic calendar in the U.S. on Tuesday includes the second estimate of third-quarter Gross Domestic Product at 8:30 a.m. EST, the Case-Shiller 20-city Index for September at 9 a.m., and Consumer Confidence for November at 10 a.m.

3. -- U.S. stocks on Monday declined as worries over crude prices re-emerged, pressuring commodities and equities as the S&P 500 slipped following its best week of the year. 

The Dow Jones Industrial Average fell 0.17% on Friday, the S&P 500 slid 0.12%, and the Nasdaq was down 0.05%.

4. -- Xerox (XRX) disclosed that billionaire investor Carl Icahn bought a 7.1% stake in the company.

Icahn believes Xerox shares are undervalued and intends to discuss with the company's board means of improving the company's performance, including strategic alternatives such as a change in the board, according to a filing with the Securities and Exchange Commission.

Xerox, the printer and copier maker, said last month it would launch a review of its business after it posted its first quarterly loss since 2010.

The stock has fallen 21% over the past 12 months. It rose more than 7% in after-hours trading on Monday and jumped more than 3% in premarket trading on Tuesday.

5. -- Bill Ackman's Pershing Square Capital Management raised its stake in Valeant Pharmaceuticals (VRX) to 9.9% from 5.7%, according to a regulatory filing.

Valeant has found itself at the center of a national debate about runaway drug prices. Federal prosecutors have subpoenaed documents tied to its pricing and practices. The company focuses on buying smaller drug developers and then hiking prices on medicines owned by that company.

The stock closed Monday at $87.41, off 67% from its high of $263.81 set in early August.

6. -- Apple (AAPL) plans to launch its new Apple Pay electronic-payment service in China by early February, The Wall Street Journal reported, citing people familiar with its discussions.

Apple has struck deals recently with China's big four state-run banks, the people told the Journal. The deals will allow potential Apple Pay users to link the service with their local bank accounts.

The effort could still face regulatory hurdles in China, the people said. Apple hopes to launch the service before China's Spring Festival holiday on Feb. 8.

7. -- Federal Reserve Chair Janet Yellen on Monday argued for a cautious approach to the pace of interest rises in an exchange with U.S. consumer advocate Ralph Nader, Reuters reported.

In a letter to Nader, Yellen repeated recent statements that the central bank should only gradually raise interest rates.

"An overly aggressive increase in rates ... would undercut the economic expansion, necessitating a lasting return to low interest rates," Yellen said in the letter.

Nader published an open letter to Yellen on Oct. 30 that asked her to consider the "humble savers" with money in banks and money market accounts who were "frustrated by the Fed's low rates and melodramatic debate about when to move higher," Reuters reported.

8. -- Skyworks Solutions (SWKS) withdrew its takeover bid for chipmaker PMC-Sierra (PMCS) after Microsemi's  (MSCC) offer of $2.3 billion gained the support of PMC-Sierra's board.

Skyworks said in a statement that it won't modify the bid and said it's entitled to an $88.5 million termination fee from PMC-Sierra.

9. -- Luxury jeweler Tiffany (TIF) posted fiscal third-quarter adjusted profit of 76 cents a share on sales of $938.2 million, down from $959.6 million a year earlier.

Tiffany said it expects 2016 earnings down 5% to 10% from $4.20 a share in fiscal 2015.

10. -- Earnings are also expected Tuesday from HP Inc. (HPQ) , Dollar Tree (DLTR)  and Campbell Soup (CPB) .

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