Hello friends and Fortune readers.
Wall Street stock futures are higher this morning, as the shock of yesterday’s incident between Turkey and Russia subsides (more below). The dollar is up against the euro at $1.0595, while crude oil futures have given back some of their gains on the risk in geopolitical tension.
Today’s must-read story takes a deeper look at the $160 billion Pfizer-Allergan (AGN) deal. Fortune’s Stephen Gandel talks to one tax expert who says Pfizer’s (PFE) tax dodge is even more extreme than it’s letting the public know.
Here’s what else you need to know.
1. No, Putin isn’t feeling better after a good night’s sleep
Vladimir Putin lashed out again at his Turkish opposite number, saying he’d “Islamized” Turkish society over many years and endorsing suggestions that Russia should suspend its tourist trade with its southern neighbor. But the countries’ two foreign ministers have agreed to hold talks to de-escalate tensions, according to Russian Foreign Minister Sergey Lavrov.
2. Consumer spending.
Ahead of the Black Friday spending spree, the U.S. Commerce Department will release consumer spending figures for October. Economists’ estimate that consumer spending, which accounts for two-thirds of the U.S. economy, picked up by 0.3% last month, according to Thomson Reuters data. Figures will be released at 8:30 a.m. ET.
3. DraftKings and FanDuel head to court.
New York Supreme Court Justice Manuel Mendez gets ready to decide on the legality of daily fantasy sports as a case brought by the state attorney general heads to court today. The ruling would prohibit DraftKings and FanDuel from operating in the state. New York Attorney General Eric Schneiderman has dubbed the companies “nothing more than a rebranding of sports betting.”
4. U.S. new home sales.
Total new single-family home sales for October will be released today by the Commerce Department. The total rose by an estimated 6.8% last month as more affordable homes entered the market. Though, the housing market still faces a significant supply problem. The boost would put new home sales on an annualized pace of 500,000 per month.
5. Newest Pixar film hits theaters.
The newest Pixar film, “The Good Dinosaur,” hits theaters today in the U.S. and Canada. The film is expected to bring in $60 million in sales over its debut weekend, according to BoxOffice.com. For comparison, the biggest three-day opening over the Thanksgiving holiday goes to “Frozen,” which raked in $67.4 million, according to BoxOfficeMojo.com. If it hits those numbers, “The Good Dinosaur” would be the 12th biggest debut for Pixar, a division of Walt Disney (DIS).
