TOP STORIES
STOCKS CRUISE, DOW HITS INTRADAY RECORD
U.S. stocks extended gains, fueled by merger news and positive
economic data on consumer confidence. The Dow Jones Industrial
Average gained about 50 points, pushing to a new intraday record
high.
DEAL REACHED TO END GAZA WAR, HAMAS SAYS
Hamas has agreed to a long-term cease-fire deal in its
seven-week war with Israel, a spokesman for the Islamist movement
said. Neither Israel nor Egypt confirmed that a deal had been
worked out.
BURGER KING TO BUY TIM HORTONS FOR ABOUT $11 BILLION
Burger King agreed to buy Canadian coffee-and-doughnut-chain Tim
Hortons for more than $11 billion, confirming plans to move the
iconic American brand north of the border. Berkshire Hathaway has
committed $3 billion in financing.
DURABLE GOODS ORDERS SURGE 22.6% IN JULY
Orders for big-ticket manufactured goods jumped to a record in
July thanks to a surge in aircraft purchases, while underlying
gauges of demand indicated strong momentum in broad business
spending.
BEST BUY PROFIT TOPS VIEWS; OUTLOOK STILL SOFT
Best Buy's focus on cost-trimming and e-commerce started to pay
off in the most recent quarter, but it expects sales to stay
sluggish for another holiday shopping season. It posted a profit of
$146 million, or 42c a share. Revenue fell 4% to $8.9 billion.
Shares fell 5%.
U.S. HOME-PRICE GROWTH CONTINUES TO SLOW
The yearly growth in home prices across the U.S. continues to
slow this year. The home-price index covering the entire nation
increased 6.2% in the 12 months ended in June, the
S&P/Case-Shiller Home Price Index showed.
U.S. CONSUMER CONFIDENCE RISES UNEXPECTEDLY
U.S. consumers view the economy with more optimism this month,
according to the Conference Board, which said its index of consumer
confidence increased to 92.4 in August from a revised 90.3 in July.
Economists had forecast the index to fall to 88.5.
AMERICAN AIRLINES PULLS FARES FROM ORBITZ
American Airlines has withdrawn its flights from consumer
websites powered by Orbitz Worldwide, echoing a similar dispute
between the airline and travel website about three years ago.
PFIZER, MERCK TO TEAM UP ON LUNG-CANCER STUDY
Pfizer and Merck said they would collaborate on another study
evaluating a potential lung-cancer treatment, the latest
partnership of pharmaceutical firms looking to capitalize on
emergence of immunotherapy in fighting the disease.
CITI TO PAY $2.5M FOR PRICING FLAWS OF MARKETS UNIT
Citigroup will have to pay $2.5 million in fines and restitution
after regulators said the bank's markets unit had failed to give
customers the best possible prices and had "deficient" supervisory
procedures.
MCDONALD'S EVALUATING RELATIONSHIP WITH OSI
McDonald's has replaced its largest supplier in China in the
wake of an expired-meat scandal and could reconsider the
relationship pending results of a government probe into the
supplier's practices.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
The Wall Street Journal
U.S. FACTORIES KEEP LOSING GROUND TO GLOBAL RIVALS
America's shale boom has raised hopes of a revival in U.S.
manufacturing, in part fueled by cheaper energy. But U.S. factories
still are losing ground to rivals in Asia and Europe.
Money Talks
CAN MR. DRAGHI GET GERMANY TO SPEND?
European Central Bank President Mario Draghi may be espousing a
euro-zone version of Abenomics, but the prospect of getting it
seems remote, Alen Mattich writes.