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Stocks hit new highs, earnings season kicks off

The bulls are back in the driver’s seat on Wall Street. All three major averages (^DJI, ^GSPC, ^IXIC) are firmly in the green with the S&P and the Dow Industrials trading at new all-time intraday highs as oil prices (CLQ16.NYM) rebounds from a two-month low and earnings season gets off to a good start.

Alcoa (AA) shares were sharply higher in early trading after it reported better-than-expected earnings and revenue for the second quarter. Even though weak aluminum prices continued to drag earnings and revenue lower from a year ago, Alcoa’s bottom line benefited from cost cutting and productivity increases. The company also said its plans to split into two separate companies later this year remain on track.

Prime Day is here

Amazon (AMZN) hit a fresh all-time high this morning. The e-commerce giant is hosting its second annual Prime Day event today. The 24-hour sale offers more than 100,000 deals to prime members.

Xerox (XRX) and R.R. Donnelley (RRD) are in focus following a Bloomberg report that the two companies are in talks to merge their copier businesses. This comes after Xerox announced earlier this year that it will split into two publicly traded companies—one selling and managing office equipment and the other providing office services.

Shire’s (SHPG) U.S.-listed shares soared after the Food and Drug Administration approved its eye drops for treating dry eye disease. The solution is expected to go on sale in the third quarter, and analysts estimate it could generate $1 billion a year in sales.

More headaches for Tesla

Tesla (TSLA) is under new scrutiny. The Securities and Exchange Commission is looking to see if Tesla broke any laws by not telling investors right away about a car accident that killed one person while the car was in autopilot mode, according to the Wall Street Journal.

Pokemon Go security issues

There are some major security issues for anyone playing Pokemon Go. If you use your Google account to log into the game, the game’s developer Niantic has full access to your Google account. How is Niantic responding to this news?

JPMorgan to boost wages

Employees at JPMorgan (JPM) are waking up to good news today. The bank will boost the pay for 18,000 of its lower tier employees over the next three years. Chief executive Jamie Dimon announced the news in a New York Times op-ed. Dimon said wages have been untouched for far too long. JPMorgan is scheduled to report quarterly results on Thursday.

Costly Starbucks fix

And your Starbucks (SBUX) fix is about to cost you a little bit more. Starting today, certain drinks will cost more money. The coffee giant isn’t saying which drinks will see a price jump. But you may see a price increase of as much as 30 cents.

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