It's all about earnings this morning, with no government economic reports on the calendar for the second straight day. The Nasdaq is coming off another all-time closing high, while the S&P 500 is just points away from a record high close. (CNBC)

IBM earnings and sales tumbled in the second quarter. But executives instead tried to focus investors on the ongoing turnaround focused on cloud computing and mobile. Earnings per share were down 13% year-over-year. Sales also fell 13%. Second-quarter revenue would have been down 1%, stripping out the impact of currencies and divestitures. The report marked a 13th consecutive quarter in which the company's revenues fell versus the same quarter a year ago. IBM shares, which had rallied 6% this month, are down 6% in early trading. (USA Today)

Ford, the only domestic auto manufacture not to be bailed out by taxpayers, will launch a luxury version of its best-selling F-150 pickup truck today, as lower gas prices along with better fuel economy have boosted demand for feature-rich trucks and large SUVs. (CNBC)

Qualcomm will consider a breakup as well as other options, according to the Wall Street Journal. Activist investor Jana Partners has been pressuring Qualcomm to spin off its semiconductor business