Earnings season in focus; Yum's China syndrome; Costolo's new gig

A bit of a change on Wall Street today as investors turn their focus from the long-running Fed interest rate watch to corporate earnings reports.  Stocks were mixed as the first numbers rolled in yesterday, with the S&P 500 (^GSPC) down for the first time in 6 sessions, breaking its longest winning streak this year.

Yahoo Finance Senior Columnist Michael Santoli says Wall Street will at least try to get back to basics, but that might not be so easy.

"It will be a welcome change, but that doesn't mean the macro goes away," he points out. "The Fed vigil is the context for almost everything we're doing here."

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Yum! gets hammered in China 

Here are some of the stocks the Yahoo Finance team will be watching for you today.

Yum! Brands (YUM) are taking a big hit in early trading. The owner of KFC, Taco Bell and Pizza Hut slashed its outlook for the year following weaker-than-expected same-store sales from China ...its biggest market. Yum is still struggling to revive sales in China after a series of food safety issues. The fast-food giant's third quarter earnings and revenue also missed forecasts.

Constellation Brands (STZ), the maker of Corona beer and other drinks reported an earnings per share beat while revenue was roughly in line with estimates.  Sales rose 8% from a year earlier driven largely by strength in its beer business.

Monsanto (MON) posted a wider-than-expected loss in its fourth quarter and revenue also missed the mark as it struggles with a slump in the farming industry. The company also plans to cut 2,600 jobs over the next two years as part of a restructuring to save $300 million annually.

Adobe Systems (ADBE), the company behind Photoshop and other software products, cut its outlook for the coming year. As we've heard from many firms this year Adobe is blaming the strong dollar, as well as its transition to the cloud, for the weak 2016 forecast.

Cosi's (COSI) same-store sales fell 3.6% in September. Pope Francis' visit was not much of a blessing for the fast casual restaurant chain. The company said business interruptions resulting from the Papal's visit late last month negatively impacted 30% of its company-owned restaurants

Bud ups bid for Miller

The latest in the beer mega merger saga has Anheuser-Busch InBev (BUD) turning up the heat on SABMiller, going public with a new bid valuing its rival at nearly $104 billion, after SABMiller had rejected the two prior bids from the King of Beers.

Big banks are under the microscope a bit more today. The Consumer Financial Protection Bureau is looking to curb the banking industry’s use of forced arbitration agreements, paving the way for customers to sue banks directly. And Bloomberg reports Senator Sherrod Brown is looking into banks and compliance with enforcement settlements.

Multi-billion dollar hedge fund manager Bill Ackman is going political with his next bet. At Bloomberg Markets Most Influential Summit, Ackman says he believes Michael Bloomberg will run for president, and win.

Former Twitter (TWTR) CEO Dick Costolo has a new gig. Costolo, a one-time standup comedian, will be joining the writer’s room as a contributor on HBO’s (TWX) hit show “Silicon Valley.”

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