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Q2 earnings season begins; U.S. accuses two more banks of evading sanctions; Crumbs closes its stores

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Second quarter Earnings season unofficially kicks off today when Alcoa (AA) reports after the close. Analysts expect earnings of $0.12 a share on revenue of $5.66 billion in revenue.

Reuters reported Germany's Commerzbank and Deutsche Bank are in settlement talks with the U.S. over evading sanctions. The banks are accused of transferring money on behalf of companies in Iran and Sudan. Commerzbank may end up paying at least $500 million and face a deferred prosecution agreement that would suspend criminal charges in exchange for the financial penalty and other concessions, according to the New York Times. This comes after after the U.S. reached a record $8.9 billion settlement with French BNP Paribas last week.

Cupcake chain Crumbs Bake Shop (CRMB) has shuttered its doors. It's a sad ending for a store that rode the cupcake craze. Founded in 2003, Crumbs went public in 2011, but then had a couple of years of losses. The stock once traded at $13 a share, but fell below $.30 last month and was de-listed from the Nasdaq last week. We want to know what you think about the cupcake store closing its doors. Was it inevitable that Crumbs would close its doors? Vote in our poll, or leave a comment below or on Twitter.

The Center for Economic and Policy Research wanted to take a look at the assertion that raising the minimum wage will cost jobs. They looked at employment data from states that raised their minimum wage and compared it to states that didn't. They found that employment rose an average of 0.99% in the states that raised their minimum wage, versus rising an average of 0.68% in the states that didn't. The group said the study doesn't prove causality, but it does show evidence against the notion that raising the minimum wage will cause people to lose jobs.