TOP STORIES
SHIRE MOUNTS BID WORTH $30 BILLION FOR U.S. BIOTECH
Dublin-based Shire made a hostile offer worth $30.6 billion for
rare-disease-treatment maker Baxalta, the latest example of a
foreign company using its tax-friendly status to go after a U.S.
firm.
FREDDIE MAC TO SEND $3.9 BILLION TO TREASURY DEPARTMENT
Mortgage-finance company Freddie Mac will send the U.S. Treasury
Department $3.9 billion in September, after posting a sharp
increase in profit during its second quarter.
GLOBAL INFLATION REMAINS STUBBORNLY LOW
Global inflation rates were unchanged in June even as some
central banks prepare to raise their key interest rates for the
first time since the global financial crisis.
U.S. STOCKS MIXED, EUROPEAN EQUITIES DROP AS CHINA RALLIES
Stocks drifted lower on both sides of the Atlantic on Tuesday,
while fresh measures to curb volatility prompted a rally in
China.
GM TO UPGRADE FLINT, MICH., PLANT
General Motors will spend $877 million to upgrade a truck
factory in Flint, Mich., amid solid demand for the auto maker's
Chevrolet and GMC full-size pickups.
SPRINT LOSS BEATS ESTIMATES AS CUSTOMER BASE GROWS
Sprint added mainstream customers in the June quarter as its
cancellation rate hit a record low, and the struggling wireless
provider's loss was smaller than Wall Street expected.
ARCHER DANIELS MIDLAND EARNINGS FALL ON RECORD ETHANOL PRODUCTION
Archer Daniels Midland Co. said its earnings fell more than
expected in the second quarter, as record ethanol production
limited profits.
CVS HEALTH GIVES SOFT OUTLOOK
CVS Health Corp. on Tuesday gave a soft earnings outlook for its
current quarter, while growing sales of prescription drugs
continued to offset weakness in its retail business for the second
quarter.
OFFICE DEPOT SEES SALES SLIDE 10%
Office Depot Inc., awaiting regulatory approval of its merger
with rival Staples Inc., saw sales slide in its second-quarter as
currency headwinds, store closures and a declining market in the
face of an increasingly digital workplace dented results.
CHARTER REVENUE RISES
Charter Communications reported that its revenue rose slightly
more than expected because of higher Internet and commercial
revenues, ahead of its merger with Time Warner Cable.
BLOOMIN' BRANDS EARNINGS HELPED BY OUTBACK SALES GROWTH
Bloomin' Brands Inc. reported better-than-expected
second-quarter earnings, helped by sales growth at its Outback
Steakhouse restaurant chain.
KELLOGG PROFIT FALLS AS CURRENCY DENTS SALES
Kellogg Co. said its second-quarter earnings fell 24% as sales
abroad were hurt by a stronger U.S. dollar and weak domestic demand
for cereal and other packaged foods.
MGM PROFIT FALLS ON CONTINUED MACAU HIT
MGM Resorts earnings fell 11% amid continued weakness in Macau,
and the hotel operator introduced a plan to boost growth and
streamline operations.
COACH SALES FALL AGAIN
Coach Inc. said profit plunged in its latest quarter as the
luxury retailer reported deteriorating sales and
restructuring-related charges.
EU AGREES FREE TRADE DEAL WITH VIETNAM
The European Union said it had agreed in principle on a sweeping
free-trade deal with Vietnam that could create a benchmark for
future agreements between the bloc and fast-growing Asian
economies.
AETNA LIFTS GUIDANCE AS PROFIT TOPS EXPECTATIONS
Aetna Inc., which has agreed to buy fellow insurer Humana Inc.,
reported better-than-expected earnings for its second quarter as it
benefits from growth in its government business.
U.K. SELLS 5.4% STAKE IN RBS
The U.K. government said it had sold a 5.4% stake in Royal Bank
of Scotland, raising $3.24 billion and kicking off a long-awaited
privatization of the lender.
BMW PROFIT FALLS AMID FIERCE COMPETITION
German premium car maker BMW has reported a decline in
second-quarter profit due to rising costs and tougher competition
in China that forced the luxury auto maker to sell its cars at
lower prices.
CRÉ DIT AGRICOLE SHARES SINK AS RESTRUCTURING PLAN HITS HURDLE
Shares in Cré dit Agricole dropped around 11% after the French
bank said plans to revise its complex structure had hit a hurdle,
as it has yet to agree terms with European regulators.
ALIBABA NAMES MICHAEL EVANS AS PRESIDENT
Alibaba appointed Michael Evans, a former top Goldman Sachs
executive, to oversee the Chinese e-commerce giant's international
expansion strategy.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Markets Main
CHINA'S RESPONSE TO STOCK ROUT EXPOSES DISARRAY
Conflicting moves and a lack of coordination hampered Beijing's
initial response to its stock-market rout, raising questions about
whether Chinese authorities will be up to the challenge of
implementing market changes.
Markets Main
U.K. FRAUD OFFICE PLANS MORE LIBOR CHARGES
British fraud prosecutors, fresh from their conviction of former
bank trader Tom Hayes, are planning to bring criminal charges
against additional individuals in the coming months.