TOP STORIES
U.S. STOCKS FALL SHARPLY
U.S. stocks ended July with a more than 300-point selloff for
the Dow Jones Industrial Average, a swoon that snapped a five-month
winning streak for the broader market.
FRANCE'S ILIAD BIDS FOR T-MOBILE US
French upstart telecommunications company Iliad has offered $15
billion in cash for 56.6% of T-Mobile US, or $33 a share, in a bold
bid to counter an offer by Sprint. T-Mobile shares rise 6%.
LINKEDIN'S REVENUE KEEPS CLIMBING
LinkedIn continued its steady revenue growth in 2Q, posting
strong gains from advertising, subscription services and its
flagship recruiting business. Revenue rose 47% to $533.9 million,
beating estimates. Shares rose 7% late.
TESLA MOTORS' LOSS WIDENS
Tesla Motors said its 2Q loss widened to $62 million, or 50c a
share, from a $31 million loss a year ago even as deliveries of its
Model S electric sedan hit a new high.
ARGENTINA'S MARKETS PULL BACK AFTER DEBT DEFAULT
Stocks and bonds in Argentina tumbled following the country's
second default in 13 years, as doubts emerged about prospects for a
bank-engineered deal to resolve a standoff with hedge-fund
creditors and government officials suggested they could take fight
to an international court.
APPLE SAID TO BE CUTTING JOBS AT BEATS
Apple is planning to eliminate about 200 jobs at Beats
Electronics after closing its $3 billion acquisition of the
streaming-music and headphone company, according to several
reports.
U.S. JOBLESS CLAIMS RISE BY 23K
Initial claims for unemployment benefits increased by 23,000 to
a seasonally adjusted 302,000 in the week ended July 26, the Labor
Department said. Economists had forecast 305,000 new claims.
U.S. JUDGE RULES MICROSOFT MUST PRODUCE EMAILS HELD ABROAD
Microsoft must comply with a U.S. warrant for customer email
stored in a company data center in Ireland, a federal judge ruled.
The search warrant was issued as part of a criminal investigation
whose details remain secret.
EU FINALIZES ECONOMIC SANCTIONS AGAINST RUSSIA
The European Union published the details of its economic
sanctions against Russia for allegedly fueling the violent conflict
in eastern Ukraine.
PROBE: CIA IMPROPERLY ACCESSED SENATE COMPUTERS
CIA officers improperly accessed computers used by a Senate
committee investigating the agency's interrogation program, an
internal agency report has concluded, a critical finding in a
bitter standoff between two branches of government.
EXXON'S PROFIT CLIMBS DESPITE LOWER PRODUCTION
Exxon Mobil said its 2Q profit rose 28% to $8.78 billion,
despite pumping oil and gas at the lowest rate in almost five
years. Results easily beat estimates but shares declined slightly
amid a broader market selloff.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Ahead of the Tape
BONDS HAVE ANOTHER THINK COMING
Friday's jobs report could prove an inflection point. While last
month's surprisingly strong nonfarm payrolls growth of 288,000
caused only a ripple in Treasury yields, another robust report
might prove more potent, Spencer Jakab writes.
Heard on the Street
BANCO ESPÍRITO SANTO'S HORROR SHOW
Banco Espírito Santo has been sucked into the growing vortex of
the Espírito Santo Group, with implications not just for
shareholders but junior and even senior creditors, too.