TOP STORIES 
 
U.S. STOCKS FALL SHARPLY 

U.S. stocks ended July with a more than 300-point selloff for the Dow Jones Industrial Average, a swoon that snapped a five-month winning streak for the broader market.

 
FRANCE'S ILIAD BIDS FOR T-MOBILE US 
 

French upstart telecommunications company Iliad has offered $15 billion in cash for 56.6% of T-Mobile US, or $33 a share, in a bold bid to counter an offer by Sprint. T-Mobile shares rise 6%.

 
LINKEDIN'S REVENUE KEEPS CLIMBING 
 

LinkedIn continued its steady revenue growth in 2Q, posting strong gains from advertising, subscription services and its flagship recruiting business. Revenue rose 47% to $533.9 million, beating estimates. Shares rose 7% late.

 
TESLA MOTORS' LOSS WIDENS 
 

Tesla Motors said its 2Q loss widened to $62 million, or 50c a share, from a $31 million loss a year ago even as deliveries of its Model S electric sedan hit a new high.

 
ARGENTINA'S MARKETS PULL BACK AFTER DEBT DEFAULT 
 

Stocks and bonds in Argentina tumbled following the country's second default in 13 years, as doubts emerged about prospects for a bank-engineered deal to resolve a standoff with hedge-fund creditors and government officials suggested they could take fight to an international court.

 
APPLE SAID TO BE CUTTING JOBS AT BEATS 
 

Apple is planning to eliminate about 200 jobs at Beats Electronics after closing its $3 billion acquisition of the streaming-music and headphone company, according to several reports.

 
U.S. JOBLESS CLAIMS RISE BY 23K 
 

Initial claims for unemployment benefits increased by 23,000 to a seasonally adjusted 302,000 in the week ended July 26, the Labor Department said. Economists had forecast 305,000 new claims.

 
U.S. JUDGE RULES MICROSOFT MUST PRODUCE EMAILS HELD ABROAD 
 

Microsoft must comply with a U.S. warrant for customer email stored in a company data center in Ireland, a federal judge ruled. The search warrant was issued as part of a criminal investigation whose details remain secret.

 
EU FINALIZES ECONOMIC SANCTIONS AGAINST RUSSIA 
 

The European Union published the details of its economic sanctions against Russia for allegedly fueling the violent conflict in eastern Ukraine.

 
PROBE: CIA IMPROPERLY ACCESSED SENATE COMPUTERS 
 

CIA officers improperly accessed computers used by a Senate committee investigating the agency's interrogation program, an internal agency report has concluded, a critical finding in a bitter standoff between two branches of government.

 
EXXON'S PROFIT CLIMBS DESPITE LOWER PRODUCTION 
 

Exxon Mobil said its 2Q profit rose 28% to $8.78 billion, despite pumping oil and gas at the lowest rate in almost five years. Results easily beat estimates but shares declined slightly amid a broader market selloff.

 
 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Ahead of the Tape 
BONDS HAVE ANOTHER THINK COMING 
 

Friday's jobs report could prove an inflection point. While last month's surprisingly strong nonfarm payrolls growth of 288,000 caused only a ripple in Treasury yields, another robust report might prove more potent, Spencer Jakab writes.

 
Heard on the Street 
BANCO ESPÍRITO SANTO'S HORROR SHOW 
 

Banco Espírito Santo has been sucked into the growing vortex of the Espírito Santo Group, with implications not just for shareholders but junior and even senior creditors, too.