S&P and Dow nearly flat as investors react to earnings, wait for Fed The S&P 500, which closed yesterday at a new record, and Dow, which was near a new high as well to start the day, each slipped fractionally though the Nasdaq lagged amid a post-earnings pullback in shares of Google parent Alphabet (GOOG, GOOGL). The earnings newsflow, which was heavy this morning, will continue at a breakneck pace again tonight and tomorrow morning before the Fed announces its latest rate decision in the afternoon. ECONOMIC EVENTS: In the U.S., Case Shiller's 20-city home price index edged up 0.04% to 218.14 in August. An index of pending home sales rose 1.5% to 108.7 in September. The Conference Board's consumer confidence index decreased to 125.9 in October, down from 126.3 in September. TOP NEWS: Class A shares of Alphabet fell 2.2% after the parent company of Google reported revenue growth that accelerated for the second consecutive quarter and headline earnings that missed expectations. However, several Wall Street analysts pointed out that earnings exceeded expectations when adjusting for settlement charges with France and mark-to-market equity losses. General Motors (GM) reported significantly better than expected sales and adjusted profit in the third quarter, but cut its fiscal year adjusted earnings view to account for full-year capital expenditures that will be lower than originally projected as well as the impact of the UAW strike. GM shares rose 4.3% following the report. In other earnings news, drugmakers Pfizer (PFE) and Merck (MRK) both reported better than expected third quarter results and raised their respective full-year forecasts. Shares of GrubHub (GRUB) plunged 43.3% after the company's quarterly revenue came in below estimates and the food delivery service provider also gave weaker than expected guidance for the current quarter. Several Wall Street analysts cut their ratings on the stock following the guidance, pointing to the company's "lengthy turnaround" amid "dramatic" strategy changes to try to combat rising competition. Boeing (BA) shares were 2.4% higher as CEO Dennis Muilenburg was testifying before the U.S. Senate Committee on Commerce, Science and Transportation regarding aviation safety and the 737 MAX airplane. In IPO news, Reuters reported that Saudi Aramco is looking to announced the start of its initial public offering on November 3. The Wall Street Journal reported that Aramco seeks to list its shares in December. Meanwhile, shares of Fiat Chrysler (FCAU) jumped 7.6% after the Journal reported that the car maker and PSA (PUGOY) are in discussions over a potential tie-up. Additionally, CNBC reported that Juul Labs has ousted several top executives, including chief administrative officer Ashley Gould and chief financial officer Tim Danaher, as well as chief marketing officer Craig Brommers. Guy Cartwright, who joined the company over the summer as an executive transformation and operations officer, has been named Juul's new CFO, according to CNBC. Altria (MO) has a 35% stake in Juul. Late in the trading day, shares of Johnson & Johnson (JNJ) were halted, after which the company announced that 15 new tests from the same bottle of Johnson's Baby Powder previously tested by the U.S. Food and Drug Administration found no asbestos. An additional 48 new laboratory tests of samples from the single lot of Johnson's Baby Powder that the company voluntarily recalled on October 18 - Lot #22318RB - also confirm that the product does not contain asbestos. The company stated, "Rigorous and third-party testing confirms there is no asbestos in Johnson's Baby Powder. We stand by the safety of our product." MAJOR MOVERS: Among the noteworthy gainers was Mirati Therapeutics (MRTX), which rose 16.7% after MRTX849 demonstrated clinical activity, including objective responses, in patients with non-small cell lung cancer and colorectal cancer. Also higher were Amkor (AMKR) and Texas Roadhouse (TXRH), which gained a respective 34.7% and 20.2% after reporting quarterly results. Among the notable losers was Beyond Meat (BYND), which slid 22.2%, reversing its after-hours gains yesterday following its Q3 earnings report and fiscal 2019 guidance hike. Of note, Tuesday is the first time since Beyond Meat's IPO that insiders can sell shares and analysts have pointed to the lock-up expiration as a source of pressure on the stock. Also lower after reporting quarterly results were U.S. Silica (SLCA) and Diebold Nixdorf (DBD), which fell 37.5% and 29.5%, respectively. INDEXES: The Dow fell 19.26, or 0.07%, to 27,071.46, the Nasdaq lost 49.13, or 0.59%, to 8,276.85, and the S&P 500 declined 2.53, or 0.08%, to 3,036.89. Symbols: $JNJ $GOOG $GOOGL $GM $PFE $MRK $GRUB $BA $FCAU $PUGOY $MO $MRTX $AMKR $TXRH $BYND $SLCA $DBDSource: (thefly.com)Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.