Here are five things you must know for Tuesday, Oct. 17:
1. -- U.S. stock futures suggested Wall Street would open mixed on Tuesday, Oct. 17, after Morgan Stanley (MS) - Get Report and Goldman Sachs Group Inc. (GS) - Get Report beat analysts' earnings estimates and as investors awaited a report from tech giant International Business Machines Corp. (IBM) - Get Report .
Morgan Stanley reported third-quarter earnings of 93 cents as share, beating estimates by 12 cents. Revenue in the quarter was $9.2 billion vs. analysts' expectations of $9.02 billion. The stock gained 1.3% in premarket trading.
Goldman Sachs earned $5.02 a share in the third quarter, smashing estimates of $4.17. Goldman shares rose 1.5%.
Johnson & Johnson (JNJ) - Get Report rose 1.4% in premarket trading on Tuesday after the consumer products and healthcare giant reported third-quarter earnings that topped expectations and raised its full-year outlook. UnitedHealth Group Inc. (UNH) - Get Report posted third-quarter profit that beat Wall Street's predictions but revenue came in just shy of forecasts. The stock rose 1.5% in premarket trading.
The economic calendar in the U.S. on Tuesday includes Import and Export Prices for September at 8:30 a.m. ET, and Industrial Production for September at 9:15 a.m.
Stocks on Monday, Oct. 16, closed at fresh record highs as gains in Apple Inc. (AAPL) - Get Report led markets higher.
The Dow Jones Industrial Average gained 0.37%, putting the blue-chip index at a new closing record and within 50 points of 23,000, a level it has never seen before. The Nasdaq increased 0.28% and secured an all-time closing high for its second session in a row. The S&P 500 also scored a new record but by mere points, rising 0.18%.
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2. -- Netflix Inc. (NFLX) - Get Report reported third-quarter earnings and sales that topped Wall Street forecasts, added 5.3 million new subscribers worldwide, and said it plans to spend between $7 billion and $8 billion on content in 2018, up from the $6 billion it will spend this year.
Netflix shares were gaining 1.6% in premarket trading.
Netflix said it already has committed to spend $17 billion over the next several years on content, and noted that its original content budget continues to swell each year.
"Our future largely lies in exclusive original content that drives both excitement around Netflix and enormous viewing satisfaction for our global membership and its wide variety of tastes," the company wrote in its third-quarter letter to shareholders released on Monday. "Our investment in Netflix originals is over a quarter of our total P&L content budget in 2017 and will continue to grow."
Softbank is seeking to invest $10 billion in Uber but talks have hit roadblocks as both sides are yet to decide on the pricing of shares, CNBC noted.
Huffington said a deal would come "very likely in the next week."
"We are waiting at the moment on what is going to transpire in terms of the price," Huffington said Monday at the WSJ D.LIVE conference in California.
4. -- Shares of Credit Suisse AG (CS) - Get Report were rising 0.4% in premarket trading in the U.S. after Swiss-based activist investor RBR Capital Advisors confirmed it had taken a stake in the investment bank and is speaking to management about potential changes to its structure and strategy.
The confirmation followed a report from the Financial Times that said RBR was looking to press Credit Suisse toward a plan that would see it split into three groups focused on private wealth management, asset management and investment banking. RBR Capital officials were not immediately available for comment when contacted by TheStreet on Tuesday.
5. -- Kobe Steel Ltd. (KBSTY) said Tuesday the U.S. Department of Justice has requested documents related to its ongoing data falsification scandal that reports indicated may have begun more than a decade ago.
The company said it would co-operate with U.S. authorities in the probe, which has impacted some 500 customers of Japan's third-largest steel company, including automakers Ford Motor Co. (F) - Get Report and General Motors Co. (GM) - Get Report as well as planemaker Boeing Co. (BA) - Get Report as the scandal deepens.
"Kobe Steel USA Inc., a U.S. subsidiary of Kobe Steel, Ltd. received a document from the U.S. judicial administrative authority requesting the production of documents related to non-conformity with the specification of products sold by the company, the U.S. subsidiary or our affiliated companies to U.S. customers," Kobe Steel said in a statement. "The company and its subsidiaries will sincerely cooperate with the investigation."
"The effect this incident will have on the company's business performance is unclear at this time," the statement added. "The company plans to make another announcement when the extent of the impact becomes clear."
Japan's Nikkei business daily said earlier this week that data control issues related to the quality of Kobe's steel, copper and aluminium shipments were found as far back as 2007 as part of the company's probe into the scandal. Around 500 of the company's customers have been impacted, the company has admitted, although none have reported safety concerns or sought resale agreements.
This story has been updated to include earnings from Goldman Sachs.
More of What's Trending on TheStreet:
- How to Sleep Well in These Markets (and What to Do With Apple): Market Recon
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- Buying Opportunity Is Knocking: Cramer's 'Mad Money' Recap (Monday 10/16/17)
Join Jim Cramer, CNBC's Jon Najarian and Other Experts Oct. 28 in New York
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Where: The Harvard Club of New York, 35 West 44th St., New York, N.Y.
Cost: $250 per person.
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