TOP STORIES
IMF CUTS U.S. 2014 GROWTH FORECAST TO 1.7%
The International Monetary Fund revised its growth outlook for
the U.S. economy for the second time in two months after a
first-quarter contraction turned out to be worse than the fund
originally forecast.
TECH STOCKS BOOSTED BY EARNINGS NEWS
U.S. stock benchmarks were mostly higher as technology stocks
got a boost from upbeat earnings news. The Dow industrials were
down about 10 points, while the Nasdaq Composite and S&P 500
moved higher.
SEC APPROVES TIGHTER MONEY FUND RULES
U.S. securities regulators took a long-awaited step to reduce
risk in the $2.6 trillion money-market mutual-fund industry,
completing rules intended to prevent a repeat of an investor
stampede out of the funds during the 2008 financial crisis.
MH17 VICTIMS' BODIES ARRIVE IN NETHERLANDS
Two aircraft carrying 40 coffins from Ukraine landed at a
military airport in Eindhoven, the Netherlands--the first of a
series of flights that will carry bodies of the victims of the
Malaysia Airlines flight 17 from Ukraine.
BOEING RAISES EARNINGS OUTLOOK
Boeing reported a 52% rise in quarterly profit and raised its
full-year earnings guidance, but its stock fell as it booked a
charge on a new Air Force tanker plane and left 2014 cash flow
guidance unchanged.
U.S. SEEKS NEW RULES FOR RAIL TRANSPORT OF FUEL
The U.S. government wants to phase out thousands of railroad
tank cars that carry crude oil and ethanol within two years, as
part of proposed rules to upgrade safety for trains carrying
flammable fuels.
DEUTSCHE BANK FINANCE CHIEF FACES INTERNAL HEAT
Deutsche Bank's finance chief, Stefan Krause, has made an
overhaul of the bank's financial-reporting systems a cornerstone of
his six-year tenure at the bank. But with U.S. authorities citing
serious concerns about the bank's financial data, Krause himself is
now under pressure.
WHIRLPOOL CUTS GUIDANCE, POSTS DECLINE IN PROFIT
Whirlpool's 2Q profit fell to $179 million, or $2.25 a share, as
the appliance maker's international operations experienced weak
sales. Overall sales declined to $4.68 billion.
KERRY IN ISRAEL FOR TALKS ON ENDING CONFLICT
U.S. Secretary of State John Kerry said there have been "steps
forward" in the diplomacy aimed at ending the fighting between
Israel and the Palestinian group Hamas.
DELTA AIR LINES 2Q PROFIT RISES 17%
Delta earned $801 million, or 94c a share, on higher passenger
and operating revenue as traffic increased. Excluding items, EPS
was $1.04. Revenue rose 9.4% to $10.62 billion. Analysts expected
$1.03 EPS and revenue of $10.65 billion. Shares up 3%.
GENERAL DYNAMICS PROFIT SLIPS
General Dynamics's 2Q earnings slipped to $541 million as the
defense contractor recorded sales declines in three of its four
business units. Revenue fell 4.6% to $7.47 billion.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Heard on the Street
FED UP WITH DEUTSCHE BANK MISSTEPS
If missteps in the U.S. mean Deutsche Bank must come back to
shareholders for more equity, that should lead to changes at the
top, Paul J. Davies writes.
Money Talks
TWO CHEERS FOR SPAIN'S RECOVERY
The Bank of Spain upped its growth forecasts for the country not
long after the International Monetary Fund said it had turned the
corner, Alen Mattich writes. But is Spain's recovery built on
fragile foundations?