TOP STORIES
U.S. ECONOMY EXPANDED 2.3% IN SECOND QUARTER
The U.S. economy accelerated modestly in the second quarter-up
2.3%-after a slow start to 2015, but growth this year is still less
than last year's tepid first half and is well below the overall
pace of the recovery.
U.S. STOCKS LOWER AMID EARNINGS, GDP DATA
U.S. stocks pulled back as investors focused on the latest batch
of corporate earnings and digested a weaker-than-expected first
reading for the second-quarter U.S. gross domestic product.
PROCTER & GAMBLE GIVES A MUTED OUTLOOK
Procter & Gamble gave weak guidance for its new fiscal year
and said sales in the latest quarter dropped more than expected,
sending shares south.
T-MOBILE RAISES SUBSCRIBER-GROWTH OUTLOOK
T-Mobile US lifted its subscriber-growth outlook for the year as
the company logged a better-than-expected 14% increase in revenue
for its second quarter.
TIME WARNER CABLE PROFIT FALLS, DESPITE STRONG SUBSCRIBER GROWTH
Time Warner Cable said profit fell 7.2% in its latest quarter,
as higher programming costs and a pension expense offset higher
revenue and subscriber growth.
GOOGLE APPEALS RIGHT TO BE FORGOTTEN ORDER
Google Inc. is appealing a French data-protection order to
expand Europe's right to be forgotten to its websites world-wide,
kicking off a legal tussle over the territorial scope of a rule
established last year by the European Union's top court.
GNC TO SHIFT MORE TOWARD FRANCHISES; SHARES JUMP
GNC Holdings Inc. shares rose Thursday as it said it would shift
more toward franchise locations, which have shown recent strength,
though the company also reported earnings and revenue below Wall
Street views for its latest quarter.
FIAT CHRYSLER'S PROFIT JUMPS
Fiat Chrysler reported a two-thirds jump in second-quarter
profit as it showed a strong improvement in its North America
margins and consolidated a timid turnaround in Europe.
SHELL TO CUT 6,500 JOBS AS PROFIT DROPS
Shell announced plans to slash 6,500 jobs amid a slump in oil
prices that has sent a wave of job cuts rippling through the
industry.
GREEK LEADER CALLS FOR PARTY VOTE ON BAILOUT
Greek Prime Minister Alexis Tsipras proposed a referendum within
his Syriza party, hoping to put to rest a growing split over
whether to accept tough austerity measures that would be required
in a new bailout deal.
AB INBEV PROFIT FALLS ON LOWER U.S., BRAZIL SALES
Anheuser-Busch InBev, the world's largest brewer, reported a
sharp drop in net profit for the second quarter, as weakness in the
U.S. and Brazil weighed on sales.
CONOCOPHILLIPS CUTS CAPITAL SPENDING PLANS
ConocoPhillips unveiled plans to further pare its spending for
the year, as the company swung to a loss in its second quarter amid
tumbling commodity prices.
STATOIL TO REPORT EARNINGS IN DOLLARS
The Norwegian oil company is to start calculating its dividend
in dollars, meaning that the amount ending up in the government's
pocket may fluctuate depending on the value of the krone.
UKRAINE CREDITORS AGREE SMALL HAIRCUT TO SPEED DEBT RESTRUCTURING
A group of Ukraine's largest creditors has agreed to take a
small loss on their bonds to speed up the debt-restructuring
process, according to two people close to the negotiations
TEVA PROFIT FALLS ON LEGAL EXPENSES
Teva Pharmaceuticals Industries's earnings declined as the
generic drug maker paid more in expenses related to legal
settlements and restructuring, though profit still beat Wall Street
expectations.
POTASH CORP. EARNINGS FALL ON NITROGEN PRICES
Potash Corp. of Saskatchewan Inc. posted a 12% drop in its
second-quarter profit on Thursday and scaled back the top end of
earnings guidance for the year as weaker nitrogen prices impacted
results
STRATASYS WARNS FOR CURRENT QUARTER
3-D printing company Stratasys withdrew its full-year guidance
and warned for the current quarter, citing slower growth and issues
in one of its business units. Shares fall.
MONDELEZ RAISES GUIDANCE AS RESULTS BEAT
Mondelez raised its revenue target on Thursday as results came
in better than expected despite currency headwinds.
GRAINGER TO BUY CROMWELL GROUP
W.W. Grainger has agreed to buy England's Cromwell Group, a
large distributor of maintence, repair and operating products, for
about $482 million in cash.
AVON REVENUE HURT BY STRONG DOLLAR
Avon Products Inc. on Thursday said its revenue fell 17% despite
earnings growth for its latest quarter as the company continues to
struggle with the negative effect of the strong dollar.
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Technology
SONY, SAMSUNG FIND STRENGTH IN SALES OF COMPONENTS
Earnings reports from Samsung and Sony underscore the tech
giants' increasing reliance on components sales as it becomes
harder to earn money selling consumer electronics.
Business
U.S. BEER MAKER: TAX CODE ENCOURAGES FOREIGN TAKEOVERS
Almost 90% of the beer made in America now is made by
foreign-owned companies-and the U.S. tax code is one of the big
reasons, according to congressional testimony by the founder of the
Boston Beer Co.