Coca-Cola (KO) back in style. Coke is trading up 4% to record highs following better than expected earnings. Coke's earnings got a boost from drinks with less sugar, more than offsetting the company's sluggish home market. Coke expects to post organic revenue growth of 5%, up from the 4% target it had issued earlier. This is Coke's biggest intraday gain in six years and brings the share price to the highest level since records begin in 1968.

Good news for Intel may not be good news for Qualcomm. Qualcomm (QCOM) is lower by 2% on a Wall Street Journal article indicating Apple is in advanced negotiations with Intel to acquire their smartphone modem chip business for around a $1 billion. The acquisition for Apple is no more than a "rounding error" for them, but it may mean less demand for Qualcomm modems and chips.