Stocks opened lower as concerns continue on how tax reform plans will move forward in the Senate and House. The President believes a plan can be voted on by Thanksgiving, but that deadline is rapidly approaching with the two sides still apart in some of the key elements of their respective proposals. The averages saw their lows shortly after the open and then drifted higher until crossing into positive ground. The market was then very placid in what can best be labeled a dull session.

ECONOMIC EVENTS: In the U.S., no major economic data was released.

COMPANY NEWS: Shares of General Electric (GE) initially advanced in pre-market trading after the industrial conglomerate announced plans to cut its dividend, as was widely expected. However, the stock reversed as more information came from the company’s investor update, including earnings guidance for the coming fiscal year that was below expectations. By the close, GE shares were down over 7%…

In M&A news, Qualcomm (QCOM) announced that its board unanimously rejected the unsolicited takeover proposal made by Broadcom (AVGO), which it sees “significantly” undervaluing the company. In response, Broadcom stated that it remains “fully committed” to pursuing its acquisition of Qualcomm and that it remains the company’s “strong preference to engage cooperatively” with Qualcomm’s board and management. GGP (GGP) confirmed that the company received an unsolicited proposal from Brookfield Property Partners (BPY) to acquire all of the outstanding shares of common stock of GGP other than those shares currently held by BPY and its affiliates. Additionally, The Wall Street Journal reported, citing sources, that Hasbro (HAS) has made a takeover bid for beaten-down rival Mattel (MAT)… Meanwhile, shares of The Madison Square Garden Company (MSG) fell 2% after the company announced that David O’Connor has stepped down as president and CEO, effective immediately. Executive chairman James Dolan has assumed the additional role of interim CEO.