Updated from 5:53 a.m.

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Here are five things you must know for Friday, Oct. 28:

1. -- General Electric  (GE - Get Report)  and oilfield services provider Baker Hughes (BHI) , both of which are grappling with a sluggish energy market, have begun talks on possible partnerships but GEr said none of the options include a complete takeover.

GE is owned by Action Alerts PLUS, which Jim Cramer and Jack Mohr co-manage as a charitable trust. Click here for a free 14-day trial of Action Alerts PLUS and check out their latest take on GE. 

A potential deal between GE, which has refocused on manufacturing after selling most of its sprawling lending business, was reported Thursday by The Wall Street Journal, which said it couldn't ascertain any details of the transaction. GE CEO Jeff Immelt has said the oil industry is in a cyclical lull, typically a good time to make acquisitions, but that GE's oil and gas division didn't need any drastic changes.

"We are in discussion with Baker Hughes," GE spokeswoman Deidre Latour said in a statement Thursday night. "While nothing is concluded, none of these options include an outright purchase."

GE shares were up slightly in premarket trading, while Baker Hughes shares were rising 7.2%.

2. -- Alphabet (GOOGL - Get Report)  shares were rising 1.1% in premarket trading after the parent of Google reported third-quarter earnings and revenue above analysts' expectations.

Adjusted earnings in the quarter were $9.06 a share, topping forecasts of $8.63. Revenue rose 20% from a year earlier to $22.45 billion. Analysts were looking for revenue of $22.05 billion.

Advertising revenue rose 18.1% to $19.82 billion in the third quarter. Paid clicks jumped 33% from the year-earlier period, surpassing analysts' estimates of growth of 27%. But cost per click fell 11% year over year, while analysts surveyed by FactSet were looking for a decline of just 4.8%.

"Mobile search and video are powering our core advertising business and we're excited about the progress of newer businesses in Google and Other Bets," said Chief Financial Officer Ruth Porat.

Alphabet's Other Bets segment, which includes Nest, Google Fiber, Calico, and other moonshot projects, posted an operating loss of $865 million, narrower than the close to a billion dollars it lost in the same period last year.

"We remain confident in the company's long-term growth, which is underpinned by savvy investments by CFO Ruth Porat in addition to continued dominance in core businesses,' wrote Jim Cramer and Jack Mohr, who hold Alphabet in Cramer's Action Alerts PLUS Charitable Trust Portfolio

3. -- Amazon.com (AMZN - Get Report)  was falling 4.3% in premarket trading on Friday after the online retailer issued disappointing revenue guidance for the fourth quarter.

The company said net sales in the all-important holiday quarter are expected to be between $42 billion and $45.5 billion, or to grow between 17% and 27% from the fourth quarter of 2015. Analysts forecast sales of $44.6 billion.

Operating income is expected to be between zero and $1.25 billion, compared with $1.1 billion in fourth quarter of 2015.

For the third quarter, Amazon reported third-quarter adjusted earnings of 52 cents a share, missing Wall Street's projection of 78 cents. Revenue for the e-commerce giant came in at $32.71 billion compared with analysts' estimates of $32.69 billion. 

4. -- Swiss lender UBS  (UBS - Get Report) posted a mixed set of quarterly earnings on Friday and warned of challenges ahead. 

The bank, which had comfortably beat forecasts in the previous quarter, said third-quarter adjusted pretax profit rose by 33% to Sfr1.3 billion ($1.3 billion), above the consensus forecast of Sfr1.16 billion as compiled by FactSet. Reported pretax profit rose by 11% to Sfr877 million, above a consensus for Sfr837.8 million. However, net profit fell more than expected to Sfr827 million from Sfr2.07 billion a year earlier, when results were flattered by a tax benefit, as regulatory costs came in higher than anticipated and the bank took Sfr419 million in provisions for litigation and other matters.

The bank said macroeconomic uncertainty and geopolitical tensions are tempering clients' appetite for transactions, and noted that lower-than-expected, and even negative, rates present "headwinds." UBS said it sees no let-up in these areas and said tougher regulatory capital standards will increase its costs.

5. -- U.S. stock futures rose and global shares traded mixed ahead of a report on growth in the U.S. in the third quarter.

The economic calendar in the U.S. on Friday includes the advance reading on third-quarter Gross Domestic Product at 8:30 a.m. EDT, the University of Michigan Sentiment Index (final) for October at 10 a.m., and the weekly Baker-Hughes rig count at 1 p.m.

Economists surveyed by FactSet expect third-quarter U.S. GDP of 2.5%.

Hershey (HSY - Get Report) posted third-quarter adjusted profit of $1.29 a share vs. analysts' estimates of $1.18.

The chocolate maker said it expects adjusted profit in 2016 of $4.28 to $4.32 a share on a revenue increase of 1%.

Earnings are also expected Friday from Exxon Mobil (XOM - Get Report) , Chevron (CVX - Get Report)  and MasterCard (MA - Get Report) .