While companies like Palantir (PLTR) and Spotify (SPOT) rally big on earnings, PayPal (PYPL) and Merck (MRK) sold off despite their big beats. Merck, however, shared soft guidance that shook investors. Estée Lauder (EL) showed weakness in its earnings as it plans to cut 7,000 jobs. Diane King Hall dives into the latest developing stories.