We are in the thick of earnings season.  So far S&P 500 companies have increased profits over 5% from last year. (Fox Business News)

Caterpillar says there was “a reasonable likelihood” that global growth could improve next year, as the world’s largest maker of heavy equipment raised its 2014 earnings forecast. Caterpillar reported profits of $1.02 billion for Q3, up 8% from last year. (Financial Times)

Procter & Gamble, makers of Scope mouthwash and Tide laundry soap, reported quarterly profits in line with expectations. The consumer products giant said it would split off its Duracell battery business into a separate company. Profits were up 3% from last year on sales of $20.79 billion. (CNBC)

Microsoft Corp reported higher-than-expected quarterly profits, helped by stronger sales of its phones, Surface tablets and cloud-computing products for companies. Microsoft's quarterly profits fell 13%, largely due to an expected $1.1 billion charge related to mass layoffs announced in July. Microsoft shares, which have climbed 33 percent over the past year.  (Reuters)