TOP STORIES
APPLE REPORTS STRONG IPHONE SALES
Apple reported its fiscal third quarter profit rose 12.3% to
$7.75 billion as iPhones sales rose 12.7% to 35.2 million. Per
share earnings rose to $1.28, adjusted for the company's recent
7-for-1 stock split.
MICROSOFT'S PROFIT TAKES HIT ON NOKIA
Microsoft said its quarterly profit declined 7.1% to $4.61
billion, or 55 cents a share, as the company absorbed a financial
hit from acquiring Nokia's money-losing cellphone business. Revenue
rose 18% to $23.38 billion.
CONFLICTING RULINGS ISSUED ON HEALTH-LAW SUBSIDIES
Two U.S. appeals courts issued conflicting rulings on whether
consumers can receive subsidies for health coverage purchased on
insurance exchanges established by the federal government.
U.S. STOCKS CLIMB AS EARNINGS HEAT UP
U.S. stocks ended higher, getting a lift from two economic
reports and upbeat corporate earnings. The Dow Jones Industrial
Average added 62 points to 17114.
REPORTING PROBLEMS FOUND AT DEUTSCHE BANK
An examination by the New York Fed found that Deutsche Bank's
giant U.S. operations suffer from a litany of serious problems,
including shoddy financial reporting, inadequate auditing and
oversight and weak technology systems.
ELECTRONIC ARTS REPORTS SOLID PROFIT GROWTH
Electronic Arts reported solid profit growth in its first fiscal
quarter, benefiting as consumers snapped up videogames for the
latest generation of consoles, but the company lowered its
financial guidance for the fiscal year.
EU PREPARES TO STEP UP GOOGLE INVESTIGATIONS
European Union antitrust regulators are preparing to step up
their investigations into Google on several fronts, including
revisiting a proposed settlement over its search-engine practices
that has met with unprecedented opposition.
DISCOVER PROFIT RISES ON LOAN GROWTH
Discover Financial Services said its second-quarter profit rose
7% to $644 million, or $1.35 a share, which the credit-card company
said reflected strength in its direct banking segment in terms of
loan growth and credit performance.
U.S. TEMPORARILY BARS FLIGHTS TO TEL AVIV
The Federal Aviation Administration banned U.S. carriers from
flying to Tel Aviv for at least 24 hours after a rocket attack near
Ben Gurion International Airport.
IRAQI LEADER MALIKI LOSES BACKING OF SHIITE FIGURE AND IRAN FOR NEW TERM
Iraqi Prime Minister Nouri al-Maliki is losing political support
for his bid for a third term from core backers, including the
country's Shiite religious establishment and ally Iran, say Iraqi
officials.
LINKEDIN TO BUY BIZO FOR $175 MILLION
LinkedIn has agreed to buy business audience marketing provider
Bizo for about $175 million, a deal the social networking company
said will enhance its ability to offer a comprehensive
business-to-business marketing platform.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Analysis
NEW LENDERS ENTER PROPERTY MARKET AND THINK SMALL
A new group of lenders has begun to target properties valued at
$10 million and less, and that is good news for mom and pop
landlords and small-business owners.
Heard on the Street
CIT'S THAIN TRAVELS ROAD TO SIFI-DOM
Assuming the deal to bring together CIT Group and OneWest Bank
is approved, CIT chief John Thain will bear the distinction of
having midwifed the first new SIFI, John Carney writes.