Here are five things you must know for Tuesday, Oct. 24:
The Dow Jones Industrial Average declined 0.2% on Monday, Oct. 23, the S&P 500 fell 0.38% and the Nasdaq dropped 0.64%. General Electric Co. (GE) was the biggest weight on the Dow, falling 6.3% on Monday, as analysts downgraded the stock following its first earnings miss in more than two years.
If you'd like to receive the free "5 Things You Must Know" newsletter, please register here.
2. -- Caterpillar jumped nearly 7% in premarket trading after reporting third-quarter earnings that were analysts' expectations.
Eli Lilly & Co. (LLY) reported third-quarter adjusted profit of $1.05 a share, beating estimates by 2 cents. Revenue rose 9% to $5.66 billion.
McDonald's Corp. (MCD) slipped in premarket trading after the fast food giant reported third-quarter sales and earnings in line with estimates.
Earnings also were released Tuesday from Fiat Chrysler Automobiles N.V. (FCAU) , General Motors Co. (GM) , Biogen Inc. (BIIB) , 3M Co. (MMM) , Lockheed Martin Corp. (LMT) , Stanley Black & Decker Inc. (SWK) and United Technologies Corp. (UTX) .
3. -- Novartis AG (NVS) reported third-quarter earnings that topped estimates on growth from two recently launched drugs -- Cosentyx and Entresto.
Novartis reported sales of $12.4 billion in the third quarter, slightly higher than analysts' expectations, while core operating income rose 1% in constant currencies to $2.4 billion.
Novartis, which said in January it was undertaking a strategic review of its Alcon eye care business, said Tuesday that creating a stand-alone company via a capital markets exit could create additional shareholder value. The final decision would depend on Alcon's continued sales growth, Novartis said.
Novartis' American depositary receipts traded in the U.S. fell 2% in premarket trading.
Sears has stopped carrying products made by Whirlpool, the biggest U.S. appliance manufacturer, including Maytag, KitchenAid and Jenn-Air appliances, according to an internal Sears memo seen by The Wall Street Journal. Sears also will deplete Whirlpool inventory currently in its stores, the memo said.
As recently as 2002, Sears sold four of every 10 major appliances in the U.S. But its share of the market fell to 22% in the 12 months ended in March, according to TraQline, a market-research firm.
The disagreement with Whirlpool was unrelated to credit issues at Sears and instead had to do with pricing, one person familiar with the situation told the Journal.
The Sears and Whirlpool relationship stretches back for more than a century.
5. -- Amazon.com Inc. (AMZN) received 238 proposals from cities, states, districts and territories interested in being the home of the online retailing giant's second headquarters.
Bidders weren't identified, though cities such as New York and Boston said they have applied. Amazon said 54 states, provinces, districts and territories in the United States, Canada and Mexico made bids.Amazon said it would make a decision next year on the location of its second headquarters. Here's the most bizarre proposals Amazon has received so far:
Separately, a report from Recode said Amazon notified wine sellers on Monday that it would shut down its Amazon Wine business at the end of 2017.
This story has been updated to include earnings from Caterpillar and McDonald's.
More of What's Trending on TheStreet:
- Pound Under Pressure as Brexit Rhetoric Heats Up
- A Burst of Earnings Keeps Premarket Trade Busy, Stock Futures Rise
- Crash in FANG Stocks Coming? Probably Not, Says Former Apple CEO
- Cisco's BroadSoft Purchase Could Be Followed by Other Surprising Software Deals
- It's All About the Earnings: Cramer's 'Mad Money' Recap (Monday 10/23/17)
Join Jim Cramer, CNBC's Jon Najarian and Other Experts Oct. 28 in New York
Jim Cramer will host CNBC's Jon Najarian, TD Ameritrade's JJ Kinahan, famed analytics expert Marc Chaikin and other market mavens on Oct. 28 in New York City to share successful strategies for active investors.
You can join them as they discuss how smart investors can make the most of options trading, futures contracts, fundamental and quantitative analysis and great ETFs to buy right now. Participants will also get a chance to meet Jim and other panelists and take photos.
When: Saturday, Oct. 28, 8 a.m.-3 p.m.
Where: The Harvard Club of New York, 35 West 44th St., New York, N.Y.
Cost: $250 per person.Click here for the full conference agenda or to reserve your seat now.