TOP STORIES
U.S. STOCKS CLIMB BROADLY
U.S. stocks rose broadly. The S&P 500 climbed 0.3%, with
materials shares leading gains across most major sectors.
CBO BOOSTS U.S. DEFICIT FORECAST ON WEAKER FEDERAL REVENUES
Budget analysts said Tuesday the U.S. will run a larger budget
deficit this year because a slowdown in corporate profits will
result in lower revenues than previously estimated.
APOLLO TO PAY $52.8 MILLION OVER FEE PRACTICES
Apollo Global Management agreed to pay $52.8 million to settle
Securities and Exchange Commission charges over its fee practices,
the largest settlement to date by a private-equity firm in the
agency's broad examination of the industry.
BEST BUY SHARES JUMP AS ONLINE SALES CLIMB
Best Buy reported a surprise increase in second-quarter sales,
helped by a sharp jump in its online business as the retailer lured
shoppers in a difficult market.
U.S. NEW HOME SALES RISE TO HIGHEST LEVEL SINCE 2007
Sales of newly built homes jumped 12.4% in July to the highest
level in since October 2007, a sign of solid momentum in the U.S.
housing market.
FUGITIVE TECH CEO ALEXANDER RETURNING TO U.S. IN PLEA DEAL
Kobi Alexander, a fugitive technology executive who has spent a
decade hiding in Africa from criminal charges in a stock-options
backdating scandal, is returning to the U.S. to plead guilty in
Brooklyn federal court.
VIACOM'S DAUMAN HAS UNTIL SEPTEMBER TO SHARE PARAMOUNT PLANS
Viacom Chairman Philippe Dauman, who last week was ousted as
chief executive, will have less than a month to update the board on
a plan to sell a minority stake in Paramount Pictures, the company
said.
AIG IN TALKS TO SELL LLOYD'S INSURANCE OPERATIONS TO CANADA PENSION FUND
American International Group is in early discussions to sell
insurance operations connected with Lloyd's of London to Canada's
biggest pension fund.
VOLKSWAGEN SETTLES SUPPLY DISPUTE, RESUMES PRODUCTION
Volkswagen said it reached an agreement with suppliers that had
cut off parts delivery, settling a conflict that reduced working
hours for nearly 28,000 employees.
PZU IN TALKS OVER BUYING UNICREDIT STAKE IN BANK PEKAO
UniCredit SpA is in talks with Polish insurer PZU SA over a
possible sale of the Italian lender's stake in Bank Pekao SA,
people familiar with the matter said Tuesday, in a transaction that
would boost UniCredit's capital position.
GOLDMAN SIGNS $100 MILLION CREDIT FACILITY FOR ONLINE LENDER FUNDATION
Fundation, which makes online business loans, this week
completed a $100 million credit facility with Goldman Sachs to help
it expand its recent partnerships.
P&G SUES EDGEWELL FOR PATENT INFRINGEMENT
Procter & Gamble said it has sued smaller rival Edgewell
Personal Care for patent infringement and said the company made
misleading claims against P&G's Gillette subsidiary.
PINTEREST ACQUIRES NEWS-BOOKMARKING APP INSTAPAPER
Pinterest Inc. on Tuesday said it had acquired
article-bookmarking app Instapaper. Terms of the deal weren't
disclosed.
FORMER FACEBOOK LIVE MANAGER LAUNCHES LIVE-STREAMING APP ALIVELY
Vadim Lavrusik, the former product manager of Facebook Live, has
co-founded Alively, an app meant for users who want to share live
videos with a handful of people rather than their entire social
network.
PROBE OF ASHLEY MADISON WEBSITE BREACH FAULTS SAFEGUARDS
The parent company of infidelity website Ashley Madison failed
to build a privacy and security framework to protect its customers,
according to a joint probe by Canadian and Australian privacy
authorities.
SONY TO RAISE PRICE OF PLAYSTATION PLUS SERVICE
Sony Corp. is boosting the price of its PlayStation Plus service
weeks before the company is expected to unveil two new versions of
its flagship videogame console.
METLIFE 'SIFI' CASE SET FOR OCT. 24 HEARING
A federal appeals court will hear oral arguments Oct. 24 on the
Financial Stability Oversight Council's attempt to reinstate
federal oversight of MetLife Inc.
U.S. LAWMAKERS PLAN HEARING OVER WAVE OF AGRICULTURE MERGERS
U.S. lawmakers say they plan to examine a wave of mergers that
could reshape the $100 billion global market for seeds and
pesticides, a day after ChemChina said its planned takeover of
Syngenta was cleared by Committee on Foreign Investment in the
U.S.
SMUCKER REPORTS SALES DECLINE
J.M. Smucker said price deflation hurt sales in its latest
quarter, though the packaged-food company said cost cuts would help
it meet its full-year earnings target.
EUROZONE PMI DATA POINT TO QUICKER RECOVERY
The eurozone's economic recovery gained speed in August,
according to surveys of purchasing managers that provide fresh
evidence of the currency area's resilience in the wake of the
U.K.'s decision to leave the European Union.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
Business
DISNEY AND VICE, A STORYBOOK ROMANCE
The family-friendly entertainment conglomerate, worried about
reaching young men in an era of cable-cutting, is betting big on
the profane gonzo journalism of ex-punk rocker Shane Smith.
Business
LOW EARNERS SEE PAYCHECKS GROW
For Americans in the bottom quarter of the income scale, pay is
rising at the fastest rate since the recession, and large firms are
setting a public example, putting pressure on competitors to follow
suit.
(END) Dow Jones Newswires
August 23, 2016 14:09 ET (18:09 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.