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French Cellphone Carrier Iliad Makes Offer for T-Mobile US, but Is Turned DownThe move by Iliad, the fourth largest cellphone operator in France, would be a huge test of its financial capabilities and comes as T-Mobile and Sprint have been in merger talks.
Lenders to Puerto Rico Utility Extend Payment DeadlineThe Puerto Rico Electric Power Authority owes about $800 million on two main credit lines. But if the banks force the utility to pay immediately, that could increase their likelihood of losses.
Regulators Still Find Problems in Overdraft FeesIn a new report released on Thursday, the Consumer Financial Protection Bureau said fees for customers who overdraw their accounts continue to pile up, particularly among young people.
Reuters Breakingviews: Inversions May Be the Least of U.S. Corporate Tax IssuesPoliticians are indignant over firms that move overseas - even when home-grown tax loopholes, like real estate investment trusts and master limited partnerships, are costlier, Christopher Swann of Reuters Breakingviews writes.
Deal Professor: In Real Estate Listings Deal With Zillow, Trulia Bears All the RiskTrulia is at a significant competitive disadvantage while it waits to see whether its deal with Zillow will clear regulatory scrutiny, writes Steven Davidoff Solomon.
Fortress Investment's Results Are Buoyed by Private Equity GainsThe Fortress Investment Group, which manages a range of hedge funds and other strategies, said its distributable earnings rose 16 percent, to $172 million.
Jon Stewart and Stephen Colbert Take Aim at Tax InversionsComedy Central's "The Daily Show With Jon Stewart" and "The Colbert Report" mocked the growing trend of companies seeking to elude taxes through overseas mergers.
Synchrony Shares Open Flat After Largest I.P.O. for YearShares in Synchrony Financial, the retail finance unit being spun off by G.E., opened largely unchanged on Thursday after the firm raised about $2.9 billion in an initial offering.
Oaktree Capital Earnings Fell 55% in QuarterThe Oaktree Capital Group said it received lower returns from the funds it manages when compared with the second quarter of 2013, which was a particularly bountiful period for the firm.
British Construction Giant Balfour Beatty Calls Off Merger Talks With Rival CarillionBalfour Beatty said Carillion's board made a "wholly unexpected decision" to only progress with the merger if a Balfour unit, Parsons Brinckerhoff, remained part of the combined entity.
British Fraud Office Reaches Second Settlement in Inquiry Over Icelandic BankThe Serious Fraud Office will pay 1.5 million pounds to settle civil claims by Robert Tchenguiz and his company after a flawed investigation into the collapse of the Icelandic bank Kaupthing.
Santander Profit Rises 38% as Loan Losses DeclineBanco Santander posted second-quarter net income of €1.45 billion, or about $1.95 billion, outpacing the €1.05 billion it earned in the same period in 2013 as it benefited from an improving economic environment.
Lloyds Bank's First-Half Profit Fell 63% on Legacy ChargesThe British bank said profit fell 63 percent, to about $972 million, and reported that it took a charge of 1.1 billion pounds in the second quarter related to regulatory issues.
BNP Paribas Posts $5.8 Billion Loss on U.S. SettlementBNP Paribas posted a second-quarter net loss of about $5.8 billion and set aside about $7.7 billion to cover the costs of a settlement with regulators in the United States.
E.W. Scripps and Journal Communications to Merge, Then Spin Off NewspapersE.W. Scripps and the publisher of The Milwaukee Journal Sentinel said they planned to merge and spin off their combined newspapers, leaving behind a company focused on broadcast television.
GetYourGuide, a Tourism Start-Up, Raises $25 Million in Financing RoundThe five-year-old start-up GetYourGuide, a compendium of tourism activities, plans to announce on Thursday that it has raised $25 million in new financing.
RTL Group, a European Content Producer, Buying Majority Stake in Online Ad CompanyThe deal is the latest in the rapidly expanding online ad industry, particularly for companies that can automate the process of buying and placing ads.
Healthy Labor Numbers Anticipated for U.S.On Friday, the Labor Department will announce the latest data on hiring and the job market in July. Economists estimate the economy will have added 230,000 jobs in July, with the unemployment rate unchanged at 6.1 percent. Although a gain in the range of 230,000 would be well below the 288,000 surge recorded in June, it would still represent a healthy pace of job creation, and come amid other recent signs that the labor market is finally healing, including lower initial claims for unemployment benefits by newly laid-off workers.
NEW YORK (MarketWatch) — The Dow Jones Industrial Average skidded more than 300 points Thursday in its biggest one-day drop in six months, as a combination of earnings, economic news and a default by Argentina triggered a broad selloff.
Investors weighed the implications of robust economic growth and signs of rising wage inflation on Federal Reserve policy ahead of the key monthly jobs report on Friday.
The day’s losses mean both the S&P 500 and Dow industrials suffered their first monthly decline since January.
The S&P 500 SPX-2.00% fell 39.40 points, or 2%, to 1,930.67, its steepest one-day percentage drop since April, and lost 1.5% over July. All 10 main sectors dropped more than 1.5% on Thursday, as the energy and telecom sector stocks lead losses.
The Dow Jones Industrial Average DJIA-1.88% dropped 316.99 points, or 1.9%, to 16,563.37, its worst showing on both counts since Feb. 3. It finished the month 1.6% lower and its performance for 2014 turned negative.
The Nasdaq Composite COMP-2.09% lost 93.13 points, or 2.1%, to 4,369.77 and fell 0.7% over July.
The implied volatility on the S&P 500, as measured by the CBOE Vix index and dubbed “Wall Street’s fear gauge”, jumped 27% to 17.
Kim Caughey Forrest, investment analyst at Fort Pitt Capital, said there was no single reason that should warrant such a selloff, making the drop more difficult to explain. “At the same time, we were surprised to see markets go up in light of all of the uncertainty and geopolitical tensions. Perhaps, investors finally caught up with some of the news,” Forrest added.
Kristina Hooper, U.S. investment strategist at Allianz Global Investors, said investors are still assessing stronger-than-expected economic growth in the second quarter as well as the Fed’s policy statement, both issued on Wednesday, and are nervous ahead of Friday’s jobs report.
“Markets love certainty and right now there is too much uncertainty about the Fed’s trigger points for raising rates. Instead of looking at one number, such as the unemployment rate, the Fed is looking at a mosaic of data points. Investors are unsure what the Fed would consider a tolerable level of higher inflation,” she said.
On Thursday, weekly jobless claims rose slightly less than expected a week after hitting a 14-year low. However the employment cost index rose due to a larger-than-expected increase in wages. Many analysts watch for wage inflation as a precursor to inflation.