TOP STORIES
HOME DEPOT'S EARNINGS AND OUTLOOK WARM UP
Home Depo said its fiscal 2Q profit rose 14% to $2.05 billion,
or $1.52 a share, as the retailer enjoyed strength in its seasonal
and primary home-improvement businesses. Net sales rose 5.7% to
$23.81 billion. Shares were up 4%.
U.S. HOUSING STARTS UP SHARPLY IN JULY
Housing starts climbed 15.7% in July to a seasonally adjusted
annual rate of 1.093 million units. That marked the highest level
since November, a sign renewed strength in the housing market could
boost the economy in coming months.
U.S. CONSUMER PRICES RISE 0.1% IN JULY
Consumer prices advanced in July at their slowest pace since
February, which could give the Federal Reserve more flexibility to
maintain policies designed to stimulate stronger economic
growth.
U.S. STOCKS OPEN HIGHER
U.S. stocks open higher; consumer discretionary, energy
companies pace gainers. Earlier, futures were up following upbeat
results from Home Depot and gains in European shares.
MEDTRONIC TOPS VIEWS, REAFFIRMS COVIDIEN BID
Medtronic said that it is "fully committed" to completing its
deal to buy Covidien. The company also reported earnings of $871
million, or 87c a share. Revenue rose 5% to $4.3 billion.
TJX PROFIT RISES ON INCREASED CUSTOMER TRAFFIC
TJX reported a profit of $517.6 million, or 73 cents a share, as
the retailer benefited from higher sales and increased customer
traffic. Net sales increased 7.4% to $6.92 billion.
DICK'S SPORTING GOODS PROFIT FALLS ON HIGHER COSTS
Dick's Sporting Goods said its fiscal 2Q profit slid 17% to
$69.5 million, or 57c a share, as higher revenue was offset by
increased expenses and a restructuring charge. Sales rose 10% to
$1.69 billion. Shares rose 6%.
CREDIT SUISSE CAUGHT IN ESPĂRITO SANTO MESS
Credit Suisse Group helped sell billions of dollars of
securities that ultimately played a role in toppling Portugal's
second-largest bank.
ROCKET STRIKES THREATEN GAZA CEASE-FIRE
Israel's military said that three rockets from the Gaza Strip
fell in southern Israel on Tuesday, breaking a 24-hour cease-fire
extension.
U.N. PREPARES HUGE AID EFFORT TO NORTHERN IRAQ
The United Nations refugee agency said that it is preparing an
enormous relief effort aimed at bringing supplies to roughly
500,000 people displaced by a radical Sunni group in war-torn
northern Iraq.
ADP DEALER SERVICES TO BE CALLED CDK GLOBAL AFTER SPINOFF
Automatic Data Processing said its dealer-services business will
be called CDK Global after its spinoff is completed. The new
company will be listed on the Nasdaq stock exchange under the "CDK"
symbol.
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Grand Central
FED'S EXIT STRATEGY QUIETLY TAKING SHAPE
Fed officials have been making progress on developing a
blueprint for the mechanics of future interest rate increases, a
project that has occupied much of the agenda of their past three
policy meetings. Sign up here for The Wall Street Journal's daily
report on global central banks.
Capital Journal Daybreak
ISIS BATTLES OTHER MUSLIMS
Much of the Islamic State extremist group's violence and anger
is directed not at the West but at fellow Muslims who deviate from
the path it espouses. Sign up here for The Wall Street Journal's
morning rundown of the biggest news driving Washington.