Stocks are higher this morning as the Chinese market staged a late session comeback and Europe opened higher on hopes of a meaningful reform proposal from Greece. Ahead of Sunday's deadline for a bailout agreement, Greece is due to present reform proposals to lenders today, which could include tax hikes and pension overhauls. (CNBC)

It is earnings session again. Pepsi had a strong second-quarter despite a stronger dollar that will trim the bottom-line by 11% in 2015. The drink and snack company boosted its full-year profit forecast.  For the quarter Pepsi earned a profit of $1.98 billion the same as last year. Revenues fell to $15.92 billion from $16.89 billion. Sales for Frito-Lay North America climbed 2%, while PepsiCo Americas Beverages sales edged up 1%. (AP)

Alcoa, the aluminum producer, reported second-quarter per-share profit of 19 cents on $5.9 billion in revenue. Profits missed and sales beat expectations. The company's says , they have been able to sign new contracts that bring down costs and say they  will  close its smelter in Brazil, which has a capacity below 100,000 tons per year. (Reuters)

According to this morning's Wall Street Journal IBM will announce a breakthrough this morning in efforts to reduce the size of semiconductors.  This could be the key to the company reinventing itself for future growth.