The major indices were lower on Friday afternoon, but are trading well off their lows for the day. The Nasdaq remains close to breakeven as Amazon.com's (AMZN) stock performance today is lifting the index. The online retailer reported it's best fiscal third quarter ever and continues to plow profits back into its ever-growing infrastructure.

Also released today was a report by ABI Research that noted Apple's (AAPL) share of the global smartphone market slipped in the second quarter to 13.1% from a 16.6% share one year ago. This marks the lowest level seen by Apple since the third quarter of 2009 despite the company selling 31.2 million phones in the second quarter.

After a full week of earnings reports, Wall Street analysts issued a number of new reports factoring in the new second quarter results and commentary. Citigroup increased its price target on shares of General Motors (GM) to $45 following strong second quarter. BMO Capital increased its EPS estimates on shares of Hershey (HSY) through 2014 as second quarter results revealed strong sales and better margins. Deutsche Bank upgraded shares of Tesla Motors (TSLA) as the company has been able to execute its growth story perfectly.

On Monday morning, investors will have earnings reports from Coach (COH), Franklin Resources (BEN) and Hertz Global Holdings.