Here are five things you must know for Thursday, Dec. 7:
Markets finished mixed on Wednesday, Dec. 6, but the tech-heavy Nasdaq posted a rebound, rising 0.21%, after recent selloffs. The Dow Jones Industrial Average declined 0.16% with the broader S&P 500 dropping by 0.01%.
Disney is in negotiations to acquire assets of Fox valued at around $40 billion. The deal could be announced as soon as late next week, people with knowledge of the talks told the Journal.
If the deal goes through, it likely wouldn't close until late 2018. Disney, and Iger, would then spend much of 2019 integrating the two companies' assets, including cable-television networks, international TV distributors and a film and television studio.
Broadcom's earnings for the quarter that ended in October got a big boost from high-end smartphones and cloud data centers, and a smaller lift from cars.
Tmall, an Alibaba subsidiary and one of its two main online divisions, could be used to market Ford cars under terms of the deal, which aims to explore tech-related opportunities between the two companies.
"Alibaba is excited to redefine the consumer journey and user experience for automobiles together with Ford Motor Group," said Alibaba Group CEO Daniel Zhang. "Our data-driven technology and platform will expand the definition of car ownership beyond just having a mode of transportation and into a new medium for a smart lifestyle."
Ford shares rose 0.8% in premarket trading.
TheStreet's Tom Terrarosa wrote that the move cements CEO Jim Hackett's vow when he took the helm of America's most recognizable car brand that Ford would not be left in the dust when it comes to technology.
5. -- Donald Trump's tax cuts aren't all good for Citigroup Inc. (C - Get Report) , which said it faces a $20 billion hit from writing off saved-up tax credits that will lose value if the corporate rate is cut to 20%.
Citigroup Chief Financial Officer John Gerspach disclosed the figure Wednesday on a conference call with investors. Late last year, following Trump's surprise victory, Gerspach estimated the bank might have to write off $12 billion, but that figure was based on a projected corporate tax rate of 25% and didn't include $3 billion to $4 billion of potential write-offs due to changes in international tax policy.
A big write-off would be an embarrassment for the bank's management, given that executives led by CEO Michael Corbat have pitched investors for years on the enormous value of its $45 billion of tax credits accumulated during the financial crisis of 2008, wrote TheStreet's Bradley Keoun.
Updated from 6:08 a.m. ET.
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