TOP STORIES
U.S. JULY NONFARM PAYROLLS RISE 209K; JOBLESS RATE 6.2%
Hiring by U.S. employers slowed in July but remained robust with
broad-based payroll gains. Nonfarm employment rose by seasonally
adjusted 209,000. Unemployment rate rose to 6.2%. Economists
expected payrolls to rise 230,000 and jobless rate to remain at
6.1%.
U.S. STOCKS EXTEND DECLINES
U.S. stocks fell to session lows alongside selling in Europe,
even after data showed job growth and little wage inflation in
July. The Dow industrials loss extended to triple digits, before
pulling back some.
ALLERGAN FILES SUIT AGAINST VALEANT, PERSHING
Allergan filed a lawsuit claiming Valeant Pharmaceuticals,
investor William Ackman and Pershing Square Capital Management
violated securities laws prohibiting insider trading in the
companies' ongoing takeover battle.
P&G TO SHED MORE THAN HALF ITS BRANDS
Procter & Gamble CEO A.G. Lafley said the company will shed
more than half its brands in an effort to simplify the company and
speed sales growth. Fourth-quarter profit rose 38%, while organic
sales improved slightly. Shares up 3%.
U.S. AUTO SALES JUMP IN JULY
U.S. auto demand roared ahead in July thanks to healthy summer
sales incentives, with top auto makers posting near double-digit
increases over last year on top of already-high sales levels in the
U.S.
U.S. CONSUMER SPENDING UP 0.4% IN JUNE
Consumer spending rose modestly in June, the latest signal that
the economy regained altitude in the second quarter. A key measure
of inflation, meanwhile, fell to a 1.6% gain on the year, remaining
below the Fed's 2% target.
ASSET SALES, DEMAND BOLSTER CHEVRON'S PROFIT
Chevron said asset sales and demand for crude oil boosted its 2Q
earnings to $5.67 billion, or $2.98 a share, although crude oil
production slipped. Revenue rose just under 1% to $57.94
billion.
SCIENTIFIC GAMES TO BUY BALLY TECHNOLOGIES
Scientific Games agreed to acquire Bally Technologies in an
all-cash deal that values the slot-machine maker at about $3.3
billion. The companies said the deal is valued at $5.1 billion,
including refinancing of existing Bally debt. Bally shares up 33%
premarket.
ISDA RULES ARGENTINA DEFAULT IS 'CREDIT EVENT'
The International Swaps and Derivatives Association ruled that
sellers of credit default swaps tied to Argentine sovereign debt
must pay buyers, judging the nation's failure to pay bondholders
Wednesday a "credit event."
ESPÍRITO SANTO FILES FOR CREDITOR PROTECTION
Espírito Santo Financière, another entity of troubled Portuguese
conglomerate Espírito Santo International that has exposed the
country's second-largest lender to big losses, has filed for
creditor protection in Luxembourg.
APPLE CLOSES DEAL FOR BEATS ELECTRONICS
Apple said that it is officially welcoming Beats Electronics to
the company, signaling that it closed its $3 billion deal for the
company founded by music industry moguls Jimmy Iovine and Dr.
Dre.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
The Wall Street Journal
FED CAN REMAIN PATIENT AFTER DATA
Friday's data pointed to trends that are likely to keep the
Federal Reserve on course to end its bond-purchase program in
October and remain patient before raising short-term interest
rates, Jon Hilsenrath writes.
Analysis
RISKS REMAIN TO LIBYA'S OIL SUPPLY
The reopening of Libyan oil fields and ports this month has been
a key factor behind a steady fall in international oil prices
recently, with U.S. prices falling to a four-month low.