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The market is getting a firm bounce at the open on the heels of some strong earnings reports. This is likely to result in another quarter of double-digit earnings growth for the S&P 500 companies.

Oil is trading slightly higher, which is supporting the energy stocks. Bond yields are down slightly, with the 10-year yielding 4.76%. Yesterday, the 10-year yield broke above its 50-day average, so it bears watching if a new uptrend in yields is at hand.

Semis are lower after a couple of downgrades. Brokers are again very strong.

In other news and notes:

• YHOO talks with Facebook stall - WSJ
• COST beats earnings; stock up
• HOG beats EPS and revenues
• CROX profiled in IBD; new highs
• PEP beats EPS, guides in-line; stock lower
• MCD beats same-store sales, raises EPS guidance
• DLX raises guidance for Q3 and FY
• GENZ beats EPS, revs light; stock lower

long PEP

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