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Earnings season is upon us

Alphabet Inc. (GOOGL - Get Report) announced earnings yesterday, beating expectations despite a hefty fine from the EU. Alphabet posted a net income of $3.195 billion for the three months ending in June, a figure that fell from the $3.52 billion recorded in the second quarter of last year thanks to the $5 billion fine levied last week by the European Commission for allegedly violating anti-trust rules linked to contracts with Android phone manufacturers. However, once the fine was stripped away, analysts focused on the $10.58 earnings per share figure for the Mountain View, Ca.-based group, which topped Street forecasts, and the better-than-expected $32.66 billion in revenue the group raked in, mostly from its dominant advertising business, which CEO Sundar Pichai said was "firing on all cylinders."

Facebook Inc. (FB - Get Report) is expected to announce earnings on Wednesday, July 25, while Amazon.com Inc. (AMZN - Get Report) will be announcing on Thursday, July 26. 

After this week most of the FAANG companies will have released earnings—all except Apple Inc. (AAPL - Get Report) which is slated to release on Tuesday, July 31.

Apple, Alphabet, Amazon and Facebook are holdings in Jim Cramer's Action Alerts PLUS members club

Tesla loses another employee

Tesla Inc.'s TSLA head of sales stepped down on Tuesday. Ganesh Srivats took over the position in 2015 and was in charge of sales in North America and emerging markets.

Video games are looking hot, hot, hot

MKM Partners boosted price targets on Activision Blizzard Inc. (ATVI - Get Report) , Electronic Arts Inc. (EA - Get Report) and Take Two Interactive Software Inc. (TTWO - Get Report) .

Acitvision has a price target of $82, EA was boosted to $166 and Take Two was upped to $142.

MKM believes that the video game sector, as a whole, has a "positive" outlook.

The Overwatch finals are scheduled to happen on Friday, July 27 and Saturday, July 28. The finals will take place at the Barclays Center in Brooklyn and the event is sold out.