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After a furious Merger Monday and continued chatter around AT&T's (T) $84.5 billion acquisition of Time Warner (TWX) , Wall Street watched the M&A world remain relatively quiet Tuesday, Oct. 25, and corporate earnings stole back the spot light.
The S&P 500 ^GSPC was down 0.38%, the Dow Jones Industrial Average ^DJI fell 0.29%, and the Nasdaq ^IXIC slid 0.5%.
Caterpillar (CAT) was a major drag on the Dow after forecasting little growth next year, after the company posted EPS of 85 cents vs. the Street estimates of 76 cents, but lowered full-year guidance. The manufacturing equipment company said it anticipates 2016 revenue to come in at $39 billion, below consensus of $40.1 billion. Analysts had anticipated fiscal 2017 revenue to climb to $39.27 billion.
Under Armour (UA) slumped 13.2% after warning of slowing growth in coming quarters. The slump dragged down the cyclical consumer goods segment more than 1% as companies including Whirlpool Corp. (WHR) , Home Depot Inc. (HD) and Lowe's Cos. (LOW) also saw big sell-offs.
Apple (AAPL) , the world's largest company and the biggest weight on the S&P 500, reported earnings after market close as the Cupertino, Calif.-based company posted adjusted EPS of $1.67, topping analysts' estimates by a penny.
Apple, which is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio, sold 45.5 million iPhones during the period, while analysts had expected 44.8 million units. iPad units totaled 9.3 million, while Mac units came in at 4.9 million.
In commodities, West Texas Intermediate crude was down 1.1% to $49.96 a barrel on Tuesday, as hopes over a production freeze agreement among Organization of the Petroleum Exporting Countries faded.
As the rest of the S&P 500 gears up to report earnings in the coming weeks, here's a look at the top stories from TheStreet and its affiliates:
Target Moves to Ignite Stagnant Electronics Sales This Holiday Season
With virtual reality goggles and electronics specialists on hand, Target (TGT) is trying to reverse weak electronics sales this holiday season. Full story
Bear Thesis on Corbus Pharma Could Cause a Crash Landing for High-Flying Biotech Stock
The market is acting like resunab is a real drug, which is why my investor source is short Corbus (CRPB) . Full story
Tweet of the Day:
Under Armour: does the emperor need new clothes? --Kamich https://t.co/q9AWZ4isil— Jim Cramer (@jimcramer) October 25, 2016
Boston Scientific Remains Disciplined Buyer in Light of Large-scale Consolidation
The medical devices company is likely to stick to small- to mid- sized M&A unless it finds itself the target. Full story
What to Expect From European Oil Companies' Third Quarters
Statoil, Eni, Galp and Total all release third-quarter results this week with the focus likely to be on cost control and dividend coverage. Full story
Video of the Day: Clinton Victory Won't Shake Markets, Trump Another Story
The U.S. general election represents significant political risk for markets, but the range of possible policy and market outcomes under Clinton is likely narrow. Full story
AT&T's Planned Purchase of Time Warner Could Spell Bad News for Telco Equipments Cos.
Ciena (CIEN) and Juniper Networks (JNPR) could suffer if AT&T chooses to prioritize capital spending on content rather than on its network. Full story
Chart of the Day: Is the Coast Clear on 3M?
In late July, we checked the charts of 3M Co. (MMM) and took the probably unpopular view of taking profits. In this updated daily chart (above) we can see that since late July 3M has broken below the 50-day moving average line and now the 200-day average line. Full story