Midday Report: Xerox Spikes on Icahn Stake; Stocks Are Lower

Stocks were at session lows by midday Tuesday as rising tensions in the Middle East gripped Wall Street. Earlier, the Turkish military shot down a Russian fighter jet on the Syrian side of the Turkey-Syria border, noting that the plane intentionally violated Turkish airspace. Activist investor Carl Icahn has disclosed a new 7.1% stake in Xerox (XRX) to become the company's second-largest shareholder. Icahn called the company's shares 'undervalued' and said he was looking to gain a position on the board. Consumer confidence in the U.S. fell to its lowest level in 14 months in November. Sentiment was hit by increasing pessimism over the labor market with a rising number of people saying that jobs were harder to find.