TOP STORIES 
 
FACEBOOK REVENUE RISES 39% 

Facebook posted second-quarter revenue above analysts' estimates, a fresh sign of how deep-pocketed big brands are spending more to advertise across the social network.

FED, CITING JOB GAINS, STAYS ON TRACK TO RAISE RATES SOON 

The Federal Reserve kept rates near zero but cited progress in the U.S. job market, a sign it remains on course to raise interest rates in September or later this year.

STOCKS GAIN AFTER FED STATEMENT 

Stocks rose Wednesday after the Federal Reserve offered few clues on when it plans to raise interest rates for the first time in nearly a decade.

WHOLE FOODS RESULTS ADD TO GROWTH CONCERNS 

Whole Foods reported disappointing results for the third quarter, increasing concerns about slowing growth at the natural-foods grocer.

METLIFE'S OPERATING PROFIT RISES 11% 

MetLife Inc. posted an 11% increase in second-quarter operating profit despite weaker revenue, as low interest rates continue to pressure the results of the U.S. life-insurance industry.

U.S. PENDING HOME SALES SLIP IN JUNE 

A forward-looking indicator of home sales slipped in June, but remained well above year-ago levels, a sign the housing market is stabilizing.

LIFELOCK CUTS ITS OUTLOOK 

LifeLock on Wednesday lowered its full-year guidance, anticipating that a recent lawsuit from the Federal Trade Commission would drag on results for the remainder of 2015.

U.S. PROBES FORMER UBS PUERTO RICO ADVISER OVER LOANS FOR DEBT FUNDS 

UBS has confirmed a Justice Department criminal probe of an unnamed former employee in Puerto Rico, and disclosed a pair of related investigations by other regulators, adding new twists to the Swiss bank's legal drama in the commonwealth.

MERCHANTS FILE CHALLENGE TO VISA, MASTERCARD SETTLEMENT 

Lawyers representing roughly 100 merchants formally notified MasterCard and Visa that they believe a $6 billion class-action antitrust settlement should be thrown out due to the discovery that opposing lawyers in the case exchanged confidential information.

PENTAGON TO AWARD HEALTH-RECORD CONTRACT 

Three industry teams including Epic, Allscripts Healthcare and Cerner are competing for a multibillion-dollar contract to modernize the Pentagon's health-records system.

SAUDI ARABIA TO CUT OIL PRODUCTION AFTER SUMMER 

Saudi Arabia is planning to pull back from record-high levels of production at the end of the summer when domestic energy demand subsides, according to people with knowledge of the matter.

OIL RISES ON SUPPLY, PRODUCTION DECLINES 

Oil prices rose Wednesday on unexpected declines in U.S. crude-oil supplies and production.

IMF: CHINA CAN WITHSTAND MARKET TURMOIL 

The head of the International Monetary Fund backed Chinese efforts to stem recent market volatility and down played the signals that turbulence might be sending about the broader economy.

WYNN RESORTS PROFIT FALLS SHARPLY 

Wynn Resorts' second-quarter profit fell sharply as gambling revenue in Macau continued a downward spiral that started last year.

MARRIOTT LIFTS OUTLOOK AS PROFIT RISES 25% 

Marriott International lifted its full-year earnings outlook as profit grew 25% in its second quarter.

VERTEX REVENUE RISES 20% 

Vertex Pharmaceuticals Inc. said its second-quarter revenue rose 20% on strong sales of Kalydeco that led the biotechnology company to raise its 2015 sales guidance for the cystic-fibrosis drug.

PILGRIM'S PRIDE PROFIT RISES SHARPLY 

Pilgrim's Pride Corp.'s second-quarter profit rose sharply, as the chicken producer slashed costs to offset a sales decline.

O'REILLY BEATS ESTIMATES, BOOSTS OUTLOOK 

O'Reilly Automotive Inc. said Wednesday its profit and revenue rose, marking the seventh-straight quarter the auto-parts retailer beat estimates.

SIEMENS, BOMBARDIER HELD TALKS ON TRAIN MERGER 

German industrial conglomerate Siemens AG has held talks to combine its rail unit with Canada-based Bombardier Inc.'s train business, people familiar with the matter said.

CHINESE REGULATOR PROBES STOCK SALES 

The move comes after the securities regulator banned senior executives and some shareholders from dumping stocks for the next six months.

 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Heard on the Street 
CHINA'S THUMB ON FED RATE-RISE SCALE 
 

The Federal Reserve is trying to balance the outlook for jobs and inflation as it considers a rate increase. China's market turmoil could weigh on its deliberations.

 
Economics Blog 
THE SHAKY FOUNDATION FOR U.S. HOUSING-PRICE GROWTH 
 

Home prices have been rising at twice the rate of income growth and inflation, and something will have to give.