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Here Are Three Hot Things to Know About Stocks Right Now

  • The S&P 500 undefined  ended just 14 points off its all-time high of 2,872.87 set on Jan. 26.
  • Tesla shares surged after CEO Elon Musk tweeted he's considering taking the company private.
  • Twilio Inc. (TWLO) - Get Twilio, Inc. Class A Report rose 18% after it beat earnings estimates and raised full-year guidance.
  • Zillow Group Inc. (Z) - Get Zillow Group, Inc. Class C Report tumbled 15% after quarterly earnings missed estimates and it purchased Mortgage Lenders of America. 

Wall Street Overview

Stocks held onto their gains to close higher on Tuesday, Aug. 7, as earnings continued to impress and the S&P 500 undefined edged closer to the all-time high it reached in January.

The Dow Jones Industrial Average I:DJI   rose 127 points, or 0.5%, to 25,629, and the S&P 500 gained 0.3%, pushing the index closer to its all-time high of 2,872.87 achieved on Jan. 26. The Nasdaq I:IXIC  rose 0.3%.

With around 71% of the S&P 500 having issued quarterly reports so far this season, earnings are expected to grow by 23.5% over the three months ended in June, a figure that would top the gains recorded over the first quarter and mark the best reporting period in eight years. More than 79% of companies have beaten consensus earnings estimates, according to Thomson Reuters data, well ahead of the 72% average for the past four quarters.

Tesla (TSLA) - Get Tesla Inc Report shares surged after CEO Elon Musk tweeted he was considering takeing the company private at $420 a share. The stock ended up 11% at $379.56 after trading resumed late in the session.

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Carl Icahn launched a campaign on Tuesday to block Cigna Corp.'s (CI) - Get Cigna Corporation Report planned $67 billion acquisition of Express Scripts Holdings Co. (ESRX) , the largest pharmacy benefits management group in the U.S., calling the purchase price "ridiculous" in the face of competition from Amazon.com Inc.  (AMZN) - Get Amazon.com, Inc. Report and other "existential risks."

Cigna rose 0.2%, and Express Scripts shares were up 2.8%. Cigna shredded Icahn in a letter to shareholders after the close. 

Dean Foods Co. (DF) - Get Dean Foods Company Report fell 15% after the company cut its profit outlook for the full year. The company's earnings and sales in the second quarter beat analysts' forecasts.

Bausch Health Cos. (BHC) - Get Bausch Health Companies Inc. Report , formerly Valeant Pharmaceuticals International Inc., posted a second-quarter loss of $873 million, or $2.49 a share, wider than a year-earlier loss of 11 cents. Revenue of $2.13 billion beat Wall Street estimates. The stock rose 4.5% on Tuesday.

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TheStreet Recommends

Emerson Electric Co. (EMR) - Get Emerson Electric Co. Report  posted fiscal third-quarter adjusted earnings of 88 cents a share, beating estimates by 2 cents. Shares rose 4%.

Emerson Electric is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stock? Learn more now.

Earnings reports are also expected Tuesday from Walt Disney Co. (DIS) - Get Walt Disney Company Report , Fossil Group Inc. (FOSL) - Get Fossil Group, Inc. Report ,  Papa John's International Inc. (PZZA) - Get Papa John's International, Inc. Report , Wendy's Co. (WEN) - Get Wendy's Company Report and Snap Inc. (SNAP) - Get Snap, Inc. Class A Report .

Twilio Inc. (TWLO) - Get Twilio, Inc. Class A Report  beat analysts' estimates on both the top and bottom lines during the second quarter and raised its full-year guidance. Shares jumped 18%.

TheStreet's sister publication RealMoney explored Twilio as part of its "Stock of the Day" coverage. 

Zillow Group Inc. (Z) - Get Zillow Group, Inc. Class C Report tumbled 15% after second-quarter earnings came in lower than expected, and it announced an acquisition of Mortgage Lenders of America for an undisclosed price.

Weight Watchers International Inc.

(WTW) - Get Willis Towers Watson Public Limited Company Report

fell 15% on Tuesday despite a 28% year-over-year increase in subscribers at the weight-loss company during the second quarter and a 20% jump in revenue to $410 million.

The 4.5 million subscribers in the second quarter was, however, a decline from 4.6 million subscribers in the first quarter. TheStreet talked with Weight Watchers CEO Mindy Grossman about the quarter