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.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
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.