Here are five things you must know for Friday, Oct. 27:

1. -- U.S. stock futures were rising on Friday, Oct. 27, and the tech-heavy Nasdaq index was poised for sharp opening gains after Amazon.com Inc. ( AMZN) , Alphabet Inc. ( GOOGL) , Microsoft Corp. ( MSFT) and Intel Corp. ( INTC)  issued powerful earnings reports.
European stocks also were getting a lift from the stellar results from the tech titans. Asian shares ended Friday's session strongly to the upside. 
 
For U.S. investors, the  economic calendar on Friday includes a preliminary reading on Gross Domestic Product for the third quarter at 8:30 a.m. ET.
 
A string of severe hurricanes that swept across the south and southeastern portions of the U.S. and Puerto Rico toward the end of the third quarter could put a dent in economic growth. Economists surveyed by FactSet expect GDP to have grown 2.5% from July to September, slowing from 3.1% growth in the second quarter.
 
Also on the docket are Consumer Sentiment for October at 10 a.m., and the weekly Baker Hughes Rig Count at 1 p.m.
 
Merck & Co. ( MRK)  reported third-quarter adjusted earnings of $1.11 a share, 8 cents ahead of estimates. The drugmaker also said its 2017 earnings forecast. The stock rose 1.1% in premarket trading.
 
Colgate-Palmolive Co. ( CL)  matched analysts' estimates after reporting third-quarter adjusted profit of 73 cents.
 
Earnings reports are also expected Friday from AbbVie Inc. ( ABBV) , Chevron Corp. ( CVX)  , Exxon Mobil Corp. ( XOM)  and Phillips 66 ( PSX) . 
 
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2. -- Shares of Alphabet Inc. (GOOGL)  were rising 3% in premarket trading on Friday to $1,021.25 after the parent of Google smashed Wall Street's third-quarter earnings expectations.

Alphabet reported third-quarter net income of $6.73 billion, or $9.57 a share, coasting past analyst estimates of $8.31. Revenue surged 23% year over year to $27.7 billion, higher than the $27.2 billion analysts were expecting.

Traffic acquisition costs, or what Google pays to get ads in front of mobile users, spiked 54% during the quarter but Wall Street didn't seem too concerned since Google's overall ad business continues to grow.

"Overall, we believe this was an excellent quarter for the company and illustrates our confidence to point out buying opportunities whenever the stock dipped to the lower $900s," said Jim Cramer and the AAP team. 

Alphabet is a holding in Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

3. -- Amazon.com Inc. ( AMZN) gained 7.1% in premarket trading to $1,042 after the internet giant beat third-quarter estimates on the top and bottom lines and issued better-than-expected guidance for the fourth quarter. 

Adjusted earnings in the quarter were 52 cents a share, trouncing consensus estimates of 3 cents. Revenue climbed 34% from a year earlier to $43.7 billion and beat analyst estimates of $41.5 billion.

The company provided upbeat guidance for its seasonally big fourth quarter, saying it expects revenue to come in between $56 billion and $60 billion, higher than consensus estimates of $54.2 billion. 

Amazon's cloud computing product, Amazon Web Services, saw sales jump 42% annually to $4.6 billion, above forecasts of $4.51 billion.

Amazon's international e-commerce reporting segment saw revenue rise 29% to $13.7 billion, a big improvement from the 17% growth in the second quarter.

4. -- If CVS Health Corp. (CVS)  completes its reported $66 billion bid to acquire insurer Aetna Inc. (AET) , it would be an unprecedented merging of industries, experts told TheStreet..

But no should be blindsided, they said. CVS has been increasingly focusing on healthcare ventures, with its acquisition of pharmacy benefit management companies -- Caremark Rx in 2006 and then Omnicare Inc. in 2015 -- as well as with its expansion of in-store clinics and long-term care.

"At this point, CVS is definitely more of a healthcare company with a retail presence than the other way around," said Jeremy Bryan, a portfolio manager at Gradient Investments, a minor CVS shareholder.

Still, a traditional insurer's entrance into retail is a first, with the integration's of those two fields undefined. All that, Bryan told TheStreet, is for CVS to answer.

The Wall Street Journal, citing people familiar with the matter, reported that CVS has made a bid to buy Aetna for more than $200 a share.

Aetna shares closed on Thursday at $178.60, up 11.5%. The stock was rising 1% in premarket trading on Friday.

5. -- Swiss chemicals giant Clariant  (CLZNY)  abandoned its merger with U.S. rival Huntsman Corp. (HUN) amid activist pressure.

Clariant and Huntsman said Friday they had agreed to call off their planned $20 billion merger by mutual agreement. The company had been under pressure from activist investor White Tale Holdings that claimed the deal significantly undervalued the Swiss company.

This story has been updated to include additional earnings reports.

More of What's Trending on TheStreet:

 
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