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MARKETS LIVE BLOG:

STOCKS RISE, LED BY STELLAR ALPHABET, MICROSOFT EARNINGS

Results from 'Magnificent Seven' duo show cloud revenue boosted by strong AI demand

Amazon takes off; Starbucks' big quarter; Biogen warns

Bill McColl

Here are some of the stocks the Yahoo Finance team will be following for you today.

Amazon.com (AMZN) The online retailer stunned Wall Street by posting a profit in the second quarter...analysts had been looking for a loss.  And revenue came in well above forecasts. The company reports sales jumped 20%...and revenue from its cloud-computing Amazon Web Services soared 81%. After the report, Amazon shares soared so much the company surpassed Walmart as the world's biggest retailer by market value.

Starbucks (SBUX) The biggest coffee retailer also topped estimates on the top and bottom lines in the period. Starbucks says it saw a boost in both sales and foot traffic in all parts of the globe, but especially in China and the Asia Pacific region. CEO Howard Schultz calls it among the strongest and most remarkable quarters in the company's history.

AT&T (T) The phone giant registered an earnings beat but fell just a tad short of revenue estimates. The company reports it added more than 2 million new wireless subscribers during the quarter....and CEO Randall Stephenson says AT&T is looking forward to expanding its TV and internet presence once it finalizes the purchase of DirecTV (DTV).

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Visa (V) The credit card company did better than forecast on both profit and revenue in the quarter. Visa says its strong underlying fundamentals helped offset the negative impacts relating to sanctions against Russia and the strong dollar.

Biogen (BIIB) The biotech firm that makes drugs to combat autoimmune diseases easily topped profit estimates...but revenue came up short. And the company is warning that full-year earnings and revenue will be less than previously forecast because of a decline in demand for one of its key multiple sclerosis drugs.

StanCorp Financial (SFG)  The Oregon-based group life insurance provider is being bought by Japan's Meiji Yasuda Life Insurance Company for more than $5 billion. The $115-a-share price tag values StanCorp stock at 50% above yesterday's closing price.

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