Market's wild ride continues; Icahn's next big bet; Apple's Beats music in trouble?

What happened to the rally?  Stocks (^GSPC) having a tough time adding to the big two-day run that saw the Dow (^DJI) pick up almost 1000 points.  However, those two days of gains still didn't bring the indexes back to where they were last week when they began a nasty 6-day slide.  And yesterday's session was punctuated by a big afternoon downturn before investors jumped back in to drive stocks higher at the close.

As Yahoo Senior Columnist Michael Santoli points out, all these things indicate Wall Street is still a long way from returning to relative calm.

"Just the extreme jumpy nature of the market itself is a bit of a warning sign," he explains. "These are the kinds of move you see in an unstable, unhealthy market that doesn't have its footing and has basically lost the grounding in certain trends."

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Big Lots big earnings

Now here are some of the stocks the Yahoo Finance team will be watching for you today.

Big Lots (BIG) The discount chain coming up with second quarter earnings and revenue that beat analysts' forecasts. Big Lots says it's pleased with the 2.8% increase in stores open at least a year, which the company said were hurt by adverse weather conditions.  Big Lots is also announcing 3 management position changes as part of its realignment.

Aeropostale (ARO) The casual apparel and accessories retailer had a bigger loss than expected in the period...and revenue came up short as well. (VO) Aeropostale saw net sales decline 17% as it closed 23 stores.  But the company says it's encouraged by its back to school demand, especially for girls' items.

GameStop (GME) The video game and electronics retailer's second quarter topped estimates for both profit and revenue. GameStop says comparable store sales rose 8.1%, boosted by demand for mobile and consumer electronics, collectables and downloadable products such as Batman Arkham Knight.

Activision Blizzard (ATVI) The maker of the "Call of Duty" series is being added to the S&P 500 after the close of trading today...It's taking the spot of air and water filter maker Pall Corporation, which has been purchased by Danaher.

United Continental (UAL) It, too, is joining the S&P, although not until next week. The world's second-biggest airline is replacing pharmaceutical and medical device maker Hospira, which was bought by Pfizer.

Smith and Wesson Holding Corporation (SWHC) The famous gunmaker had a bang up quarter, beating estimates on both the top and bottom lines. Smith and Wesson says sales jumped more than 12%, driven by high demand for its sport rifles and lightweight plastic pistols.

Icahn's commodity bet

Carl Icahn is going mining. The billionaire activist investor reported a massive 88 million share state in metals miner Freeport-MacMoran (FCX) after the bell last night, making him the company’s largest shareholder.

Now to another major holding of Carl Icahn, Apple (AAPL). In a surprise move, Ian Rogers, CEO and architect of Apple’s Beats Music reportedly has resigned after only 2 months on the job.  The Financial Times reports Apple employees were caught off-guard, with Rogers heading off to work in an unrelated industry.

And sticking with Silicon Valley, the Pentagon is getting into the business of bendable and wearable tech. It’s a $171 million joint venture with Silicon Valley companies and academia, to develop electronics and sensors that can flex and stretch for uses like clothing, and skins of planes and ships. Defense Secretary Ash Carter is unveiling the plan today.

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