Loeb is pushing for management to transform the conglomerate into a "software industrial company."
The market is up 5.5 percent since President Donald Trump's inauguration.
A week after Trump's announcement that he would be starting a probe into imported steel, steel stocks tumbled on weak U.S. Steel results.
Caterpillar CEO Jim Umpleby says its strong results stemmed from improved operational performance and cost cutting.
CSX saw its shares rise over 6 percent in early trading after the railroad giant topped Wall Street's expectations with strong earnings.
Lam Research, a supplier to the semiconductor industry, saw shares rise more than 6 percent after reporting earnings that beat Street estimates.
The Pentagon said it used the largest non-nuclear bomb in its arsenal against ISIS, prompting questions about what exactly this weapon is.