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.