TOP STORIES
BALLMER STEPS DOWN FROM MICROSOFT BOARD
Former Microsoft Chief Executive Steve Ballmer, newly installed
as owner of the Los Angeles Clippers basketball team, is stepping
down from the company's board after 14 years.
ALLERGAN, SEEKING TO FEND OFF HOSTILE BID, APPROACHES SALIX
Allergan is said to have approached Salix Pharmaceuticals and at
least one other company about a potential acquisition, as the Botox
maker seeks to fend off a $53 billion hostile takeover from Valeant
Pharmaceuticals.
CITIGROUP CONSIDERS SALE OF JAPAN RETAIL UNIT
Citigroup is said to be considering the sale of its
retail-banking business in Japan, where the U.S. financial giant
has had a presence for decades as a leading Western bank.
U.S. STOCKS END HIGHER ON DATA, EARNINGS
Stocks finished broadly higher following positive economic data
and some strong earnings results. The Dow industrials added 81
points, the Nasdaq Composite closed at a fresh 14-year high, and
the S&P 500 also gained.
HOME DEPOT'S EARNINGS DRIVEN BY BIG-TICKET ITEMS
Home Depot said its fiscal 2Q profit rose 14% to $2.05 billion,
or $1.52 a share, as the retailer enjoyed strength in its seasonal
and primary home-improvement businesses. Net sales rose 5.7% to
$23.81 billion. Shares were up 4%.
U.S. HOUSING STARTS SURGE IN JULY
Housing starts climbed 15.7% in July to a seasonally adjusted
annual rate of 1.093 million units. That marked the highest level
since November, a sign renewed strength in the housing market could
boost the economy in coming months.
U.S. CONSUMER PRICES RISE 0.1% IN JULY
Consumer prices advanced in July at their slowest pace since
February, which could give the Federal Reserve more flexibility to
maintain policies designed to stimulate stronger economic
growth.
WELLS FARGO SEEKS TO BOOST ASSET-MANAGEMENT BUSINESS
Wells Fargo aims to double the size of its asset-management unit
to $1 trillion over the next decade through acquisitions and more
aggressive sales to big investors, according to executives carrying
out the plan.
N.Y. WATCHDOG FINES STANDARD CHARTERED $300M
Standard Chartered will pay a $300 million penalty to New York's
financial regulator and impose measures to correct lapses in its
anti-money-laundering procedures, the New York State Department of
Financial Services said.
LEAR NEARS DEAL TO BUY EAGLE OTTAWA
Lear is nearing a deal to acquire Eagle Ottawa, the world's
largest supplier of premium automotive leather, for more than $800
million, according to people familiar with the matter.
MEDTRONIC TOPS VIEWS, REAFFIRMS COVIDIEN BID
Medtronic said that it is "fully committed" to completing its
deal to buy Covidien. The company also reported earnings of $871
million, or 87c a share. Revenue rose 5% to $4.3 billion.
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Big Picture
HOUSING MAY PLAY A BIT PART IN FED RATE THINKING
After its July 29-30 meeting, the Federal Reserve said "the
recovery in the housing sector remains slow." Given policy makers'
spotlight on housing, Tuesday's report on residential construction
was welcome news, writes Kathleen Madigan.
Ahead of the Tape
EURO-ZONE PMI LIKELY HOLDS FEW SURPRISES
Investors will get another view of the euro zone's economic
course with the release of the Markit Purchasing Managers' Index.
This is the first report that will signal whether sanctions against
Russia are dragging down activity further across Europe.