TOP STORIES
REYNOLDS AMERICAN, LORILLARD CONFIRM MERGER TALKS
Reynolds American is in talks to buy smaller rival Lorillard,
both companies confirmed, in a multibillion-dollar deal that would
reshape the U.S. tobacco industry and create a more-powerful No. 2
to industry leader Altria Group.
WELLS FARGO'S PROFIT EDGES UP
Wells Fargo said its 2Q profit rose to $5.73 billion, even as
revenue declined 1.5% to $21.07 billion. Shares were down 2% as a
key measure of lending profitability declined and the bank's
cost-cutting progress stalled.
U.S. STOCKS INCH LOWER
U.S. stock benchmarks were mostly lower, putting them on track
for their biggest weekly loss since April. The Dow Jones Industrial
Average shed about 30 points.
AMAZON ASKS FAA FOR PERMISSION TO FLY DRONES
Amazon.com formally requested permission from the Federal
Aviation Administration to start testing drones, an important step
toward the online retail giant's goal to use the devices to deliver
packages.
AMID ROCKET ATTACKS, ISRAEL TRADES FIRE WITH LEBANON
Israel traded fire with Lebanon and an Israeli gas station burst
into flames after a rocket strike as the conflict between Israel
and Hamas stretched into another day.
FED'S PLOSSER SAYS U.S. POLICYMAKERS ARE CONFLICTED
Philadelphia Fed President Charles Plosser said that the
nation's policymakers are deeply conflicted about how much risk
taking they want in the economy.
ECB RAISES CONCERNS ON USE OF COMPUTER-BASED FOREX TRADING
Some officials at the ECB raised concerns linked to the
increasing popularity of complex computer programs that investors
and others use to trade currencies at an industry meeting earlier
this week.
SEC SUSPENDS TRADING IN CYNK TECHNOLOGY
The U.S. Securities and Exchange Commission said it had
suspended trading in Cynk Technology, the former penny stock whose
market capitalization shot up to more than $6 billion
yesterday.
U.S. CONSUMER WATCHDOG DEMANDS INFORMATION FROM EXPERIAN
A U.S. consumer watchdog has demanded information from Experian
as it investigates whether companies that provide information about
consumers' credit worthiness are engaging in unlawful
practices.
CHINA LABELS IPHONE A SECURITY THREAT
China's influential state broadcaster called a location-tracking
function offered by Apple's iPhone a "national security concern,"
in the latest sign of a backlash in the country against U.S.
technology firms.
INVESTORS PULL 20% OF ASSETS FROM BOAZ WEINSTEIN FUND
Boaz Weinstein, the hedge-fund manager noted for his public
wager against J.P. Morgan Chase's "London whale" trader, saw
investors pull nearly 20% of the assets in his main fund at the end
of the first half of this year.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Heard on the Street
A CASH HEADACHE FOR COMPANIES
After the financial crisis, companies built strong cash buffers
to ride out the storm, but that comfort has come at a cost to
corporate treasurers grappling with the consequences of ultra-loose
monetary policy, writes Richard Barley.
The Wall Street Journal
IMMIGRANT CHILDREN FACE A LONG JOURNEY UPON ARRIVAL
The case of Jordi Castanon, who illegally crossed into the U.S.
at the age of 15 in 2009 from Guatemala, shows how the adjudication
process for immigrant children can be stretched out for years.