The Disney (DIS) - Get Report empire took another step toward intergalactic domination Friday, capping off a week filled with merger drama and a a flurry of earnings. Amazon (AMZN) - Get Report and Facebook (FB) - Get Report gave us plenty to talk about on the earnings front while Qualcomm (QCOM) - Get Report and NXP Semiconductor (NXPI) - Get Report provided investors plenty of fodder on the merger front. Shifting back to Disney, shareholders of Twenty-First Century Fox, Inc. FOXA and the House of Mouse gave Rupert Murdoch and Bob Iger the go-ahead for their $71.3 billion film, television and distribution deal on Friday. Fox shareholders will hold 17% to 20% of Disney's equity following the deal. They will also have shares in a spinoff that owns Fox News, Fox Business Network, FSI, FS2, TV stations and other assets. Disney shareholders will enjoy a larger cast of characters and movie franchises combining the Lucas Studios and Disney Animation with the 21st Century Fox television and film library that includes franchises such as "Planet of the Apes," "Avatar," "The Simpsons," and "Family Guy," among a host of others.

Amazon proved it's a beast. Though Amazon is still investing aggressively in many fields, spending growth rates slowed relative to Q1, and that helped the company trounce EPS estimates, explains Eric Jhonsa. Fulfillment spend (up 66% in Q1) rose 54% annually to $5.16 billion. Marketing spend (up 41% in Q1) rose 30% to $2.23 billion. Tech/content spend (up 40% in Q1) rose 31% to $5.55 billion. And G&A spend (up 34% in Q1) rose 27% to $1.11 billion. And with the qualifier that it tends to fluctuate a lot from one quarter to the next, capital spending -- depreciation expenses for which are eventually recorded on the income statement -- cooled as well. Direct purchases of property and equipment (driven in large part by warehouse investments) rose 4% to $3.24 billion, after having grown 44% in Q1. Capex related to capital leases (driven by AWS) actually fell 14% to $2.34 billion. That last number makes for quite the contrast with Alphabet/Google (GOOGL) - Get Report and Facebook (FB) - Get Report , each of which have been seeing huge capex growth this year.

Markets Today: Stocks fell on Friday as technology shares traded lower and despite data that showed the U.S. economy grew at its fastest pace in nearly four years. Gross domestic product rose at an annualized rate of 4.1%, accelerating from last quarter's 2.2% clip, the U.S. Bureau of Economic Analysis said in a statement. The mark exceeded the 4% growth rate expected by economists. The Dow Jones Industrial Average fell 111 points, or 0.44%, to 25,415 and the S&P 500 fell 0.85%. The Nasdaq fell 1.7% after shares of Intel (INTC) - Get Report and Twitter (TWTR) - Get Report dropped sharply.

Michael D. Brown, Assignments Editor, TheStreet Inc.

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, which Jim Cramer co-manages as a charitable trust, was long FB, GOOGL and AMZN.