Here are five things you must know for Tuesday, Nov. 6:
1. -- Stocks Slip as Focus Turns to the Midterm Elections
Americans head to the polls Tuesday to choose the 435 lawmakers who will sit in the House of Representatives and the 35 Senate seats up for grabs in this year's election cycle. Analysts have suggested that Democrats have an 85% chance of recapturing control of the House, while their Republican rivals have similar odds to hold the upper chamber.
That result, based on historical data, likely would deliver slower stock market gains over the final two years of Donald Trump's first term following a 28% gain for the S&P 500 since his election in November 2016, the best performance since Dwight D. Eisenhower in the mid-1950s.
Contracts tied to the Dow Jones Industrial Average declined 49 points, futures for the S&P 500 fell 5.85 points, and Nasdaq futures were down 20.75 points.
The economic calendar in the U.S. on Tuesday includes the Job Openings and Labor Turnover Survey for September at 10 a.m. ET.
2. -- Eli Lilly, CVS Health and Papa John's Report Earnings
Eli Lilly & Co. (LLY) reported third-quarter adjusted earnings of $1.39 a share, 4 cents above Wall Street estimates. Revenue of $6.06 billion topped forecasts of $6.05 billion.
The drugmaker raised its outlook for adjusted profit in 2018 to $5.55 to $5.60 a share, up from its previous forecast of $5.40 to $5.50. The stock fell slightly in premarket trading.
CVS Health Corp. (CVS) said third-quarter adjusted earnings were $1.73 a share, higher than expectations of $1.71. Revenue rose 2.4% to $47.3 billion and slightly beat estimates. Same-store sales in the quarter jumped 6.7%.
Earnings are also expected Tuesday from Kratos Defense and Security Solutions Inc. (KTOS) , Ralph Lauren Corp. (RL) , Wendy's Co. (WEN) , Papa John's International Inc. (PZZA) and Zillow Group Inc. (ZG) .
3. -- Amazon to Split Its Second Headquarters in Two Locations - Report
Amazon.com Inc. (AMZN) has decided that it will split its second headquarters evenly between two different cities, with 25,000 employees located in each, The Wall Street Journal reported.
The online retailing giant reportedly has been holding advanced talks with New York, Dallas and Crystal City, Virginia. Its current headquarters is in Seattle.
The reasoning behind the move, according to the Journal: Amazon wants to be able to pick talented candidates from both chosen locations, rather than restricting itself to just one job market. Amazon also wants to ease potential issues with housing, transit and other areas where adding tens of thousands of workers could cause problems.
Amazon has said it would decide on its second headquarters location by the end of 2018. The Journal, citing people familiar with the matter, said an announcement could come this week.
4. -- Toyota Boosts Full-Year Profit Forecast
Toyota Motor Co. (TM) posted slightly weaker-than-expected fiscal second-quarter profit, but said a weaker yen, accelerated cost cuts and improving markets in China and North America should boost full-year earnings.
The Japanese automaker said operating profit for the three months ended in September rose 11% to 579.1 billion yen ($5.11 billion) as net global revenue jumped 2.35% to 7.35 billion yen. While second-quarter profit fell modestly shy of expectations, Toyota reduced its dollar/yen exchange rate forecast for the second half of its fiscal year, which ends in March, and lifted its full-year profit outlook by 4.3% to 2.4 billion yen. Toyota kept its unit sale forecast unchanged at 8.9 million.
American depositary receipts of Toyota rose 0.5% in premarket trading on Tuesday.
5. -- Under Armour to Accelerate a 'Meaningful Cultural Transformation'
Under Armour Inc. (UAA) has told employees it will repair the company's culture after a report in The Wall Street Journal revealed that employees had been allowed to charge strip club visits to their corporate cards.
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