By Ben Geier
October 28, 2014

Good morning, friends and Fortune readers.

We’ve got a packed day today, with some economic data coming out, plus major earnings announcements in the pharma and tech industries. Markets are currently up across Europe, so we’ll see later this morning if that momentum carries across the pond and provides a boost to the ping-ponging US stock markets. Here’s what else you need to know in business today:

1. Pfizer has a good morning

Increased demand for cancer drugs allowed Pfizer to beat analyst expectations, though earnings per share were down from a year ago. Perhaps more interestingly, the US company signaled no interest in potential acquisitions following the failed deal to acquire AstraZeneca in a potential tax inversion deal.

2. Durable goods news is looking okay

Economists are expecting a small increase to the durable goods report, according to Fox Business News. Its expected that some of this growth will be driven by more orders for commercial aircraft, which saw a drop in August but should rebound.

3. Economic datapalooza

Two numbers will be coming in today on the state of the US economy — the Case-Schiller Housing Prices Index and the Conference Board’s consumer confidence index. Both could be important signs in reading the general mood of the US electorate heading into next week’s midterm elections.

4. Madison Square Garden might be splitting in two

Don’t worry, Knicks and Rangers fans — the “world’s most famous arena” itself isn’t coming apart, just its namesake company. The corporation owned by James Dolan is considering splitting into two companies to increase the value of the basketball and hockey teams, according to Bloomberg — one would have the sports teams and cable networks, the other real estate assets and concert businesses.

5. Facebook posts earnings

Mark Zuckerberg’s social media company will post earnings after the bell this afternoon, and CNBC notes that Wall Street is betting against the company, despite executives saying they expect to see strong growth.

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