TOP STORIES 
 
APPLE REPORTS STRONG IPHONE SALES 

Apple reported its fiscal third quarter profit rose 12.3% to $7.75 billion as iPhones sales rose 12.7% to 35.2 million. Per share earnings rose to $1.28, adjusted for the company's recent 7-for-1 stock split.

 
MICROSOFT'S PROFIT TAKES HIT ON NOKIA 
 

Microsoft said its quarterly profit declined 7.1% to $4.61 billion, or 55 cents a share, as the company absorbed a financial hit from acquiring Nokia's money-losing cellphone business. Revenue rose 18% to $23.38 billion.

 
CONFLICTING RULINGS ISSUED ON HEALTH-LAW SUBSIDIES 
 

Two U.S. appeals courts issued conflicting rulings on whether consumers can receive subsidies for health coverage purchased on insurance exchanges established by the federal government.

 
U.S. STOCKS CLIMB AS EARNINGS HEAT UP 
 

U.S. stocks ended higher, getting a lift from two economic reports and upbeat corporate earnings. The Dow Jones Industrial Average added 62 points to 17114.

 
REPORTING PROBLEMS FOUND AT DEUTSCHE BANK 
 

An examination by the New York Fed found that Deutsche Bank's giant U.S. operations suffer from a litany of serious problems, including shoddy financial reporting, inadequate auditing and oversight and weak technology systems.

 
ELECTRONIC ARTS REPORTS SOLID PROFIT GROWTH 
 

Electronic Arts reported solid profit growth in its first fiscal quarter, benefiting as consumers snapped up videogames for the latest generation of consoles, but the company lowered its financial guidance for the fiscal year.

 
EU PREPARES TO STEP UP GOOGLE INVESTIGATIONS 
 

European Union antitrust regulators are preparing to step up their investigations into Google on several fronts, including revisiting a proposed settlement over its search-engine practices that has met with unprecedented opposition.

 
DISCOVER PROFIT RISES ON LOAN GROWTH 
 

Discover Financial Services said its second-quarter profit rose 7% to $644 million, or $1.35 a share, which the credit-card company said reflected strength in its direct banking segment in terms of loan growth and credit performance.

 
U.S. TEMPORARILY BARS FLIGHTS TO TEL AVIV 
 

The Federal Aviation Administration banned U.S. carriers from flying to Tel Aviv for at least 24 hours after a rocket attack near Ben Gurion International Airport.

 
IRAQI LEADER MALIKI LOSES BACKING OF SHIITE FIGURE AND IRAN FOR NEW TERM 
 

Iraqi Prime Minister Nouri al-Maliki is losing political support for his bid for a third term from core backers, including the country's Shiite religious establishment and ally Iran, say Iraqi officials.

 
LINKEDIN TO BUY BIZO FOR $175 MILLION 
 

LinkedIn has agreed to buy business audience marketing provider Bizo for about $175 million, a deal the social networking company said will enhance its ability to offer a comprehensive business-to-business marketing platform.

 
 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Analysis 
NEW LENDERS ENTER PROPERTY MARKET AND THINK SMALL 
 

A new group of lenders has begun to target properties valued at $10 million and less, and that is good news for mom and pop landlords and small-business owners.

 
Heard on the Street 
CIT'S THAIN TRAVELS ROAD TO SIFI-DOM 
 

Assuming the deal to bring together CIT Group and OneWest Bank is approved, CIT chief John Thain will bear the distinction of having midwifed the first new SIFI, John Carney writes.