TOP STORIES
U.S. 2Q GDP EXPANDS AT 4.0% RATE
The U.S. economy rebounded strongly this spring after a
first-quarter contraction. Gross domestic product advanced at a
seasonally adjusted annual rate of 4.0% in the second quarter.
Economists expected 3.0%.
SPRINT SWINGS TO PROFIT
Sprint swung to a fiscal 1Q profit of $23 million, or one cent a
share, as its operating expenses declined and it narrowed its loss
of the most lucrative contract customers. Revenue was $8.79
billion, slightly beating expectations.
PRIVATE SECTOR SLOWS PACE OF HIRING
Private payrolls in the U.S. increased by 218,000 new jobs in
July, says the national employment report compiled by payroll
processor Automatic Data Processing and forecasting firm Moody's
Analytics.
U.S. STOCKS RISE ON GDP DATA
U.S. stocks rose, boosted by an upbeat reading on U.S. economic
growth and strong earnings reports. Investors are awaiting a Fed
policy statement due later in the session. The Dow industrials are
up about 50 points.
BARCLAYS POSTS 2Q PROFIT, U.S. EXTENDS AGREEMENT
Barclays is under renewed pressure in the U.S. after it
disclosed that authorities extended for one more year an agreement
that essentially puts the bank on probation while the government
looks into possible misconduct. Barclays also reported a 2Q net
profit.
HESS PLANS SPINOFF OF MIDSTREAM ASSETS
Hess said it plans to pursue a spinoff of some midstream assets,
mostly in North Dakota, to create a separately traded company to
support growth of its production in the Bakken oil shale play. Hess
shares rose 4%.
OIL FUTURES RISE AHEAD OF U.S. DATA
Oil futures ticked higher ahead of a weekly government storage
report, which is expected to show that crude-oil supplies fell last
week for the fifth straight week. Nymex September crude rose 55c to
$101.52 a barrel.
CARLYLE GROUP SWINGS TO A PROFIT
Carlyle Group swung to a 2Q profit of $20 million, or 27c a
share, on a surge of private-equity deal profits, as the firm
ramped up its buying and selling of companies.
FEDEX PLEADS NOT GUILTY TO ILLEGAL DRUG DELIVERIES
FedEx pleaded not guilty in San Francisco federal court on 15
charges related to transporting painkillers and other prescription
drugs that had been sold illegally.
VALERO 2Q PROFIT RISES 26%
Valero Energy earned $588 million, or $1.10 a share, as its
refining segment enjoyed higher volumes and operating income.
Revenue rose 2.6% to $34.91 billion. Earnings were in line with top
end of company's expectations; revenue easily beat analysts'
view.
LORILLARD PROFIT DOWN AS E-CIGARETTE SALES DROP
Lorillard Inc. said its 2Q profit declined slightly to $300
million as a drop in sales for the company's e-cigarettes offset a
slight increase in sales for traditional cigarettes. Sales edged
down 0.3% to $1.80 billion.
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Grand Central
INVESTORS WHISTLE PAST MIDDLE EAST AND UKRAINE TURMOIL
Will turmoil in the Middle East and the West's worsening
confrontation with Russia derail the global economy? Investors
don't seem to think so. Sign up here for The Wall Street Journal's
daily report on global central banks.
Capital Journal Daybreak
EUROPE, U.S. EXPAND SANCTIONS ON RUSSIA
The U.S. and the European Union have adopted sweeping economic
sanctions against Russia to punish Moscow's unbending stance in the
Ukraine conflict. Sign up here for The Wall Street Journal's
morning rundown of the biggest news driving Washington.