TOP STORIES 
 
U.S. JULY NONFARM PAYROLLS RISE 209K; JOBLESS RATE 6.2% 

Hiring by U.S. employers slowed in July but remained robust with broad-based payroll gains. Nonfarm employment rose by seasonally adjusted 209,000. Unemployment rate rose to 6.2%. Economists expected payrolls to rise 230,000 and jobless rate to remain at 6.1%.

 
U.S. STOCKS SLIDE FOR SECOND SESSION 
 

The downturn in U.S. stocks stretched into a second day, with the Dow industrials posting their biggest weekly slide since late January. The DJIA shed 70 points to finish at 16493, leaving the average down 2.7% for the week.

 
ALLERGAN FILES SUIT AGAINST VALEANT, PERSHING 
 

Allergan filed a lawsuit claiming Valeant Pharmaceuticals, investor William Ackman and Pershing Square Capital Management violated securities laws prohibiting insider trading in the companies' ongoing takeover battle.

 
P&G TO SHED MORE THAN HALF ITS BRANDS 
 

Procter & Gamble CEO A.G. Lafley said the company will shed more than half its brands in an effort to simplify the company and speed sales growth. Fourth-quarter profit rose 38%, while organic sales improved slightly. Shares up 3%.

 
U.S. AUTO SALES JUMP IN JULY 
 

U.S. auto demand roared ahead in July thanks to healthy summer sales incentives, with top auto makers posting near double-digit increases over last year on top of already-high sales levels in the U.S.

 
U.S. CONSUMER SPENDING UP 0.4% IN JUNE 
 

Consumer spending rose modestly in June, the latest signal that the economy regained altitude in the second quarter. A key measure of inflation, meanwhile, fell to a 1.6% gain on the year, remaining below the Fed's 2% target.

 
ASSET SALES, DEMAND BOLSTER CHEVRON'S PROFIT 
 

Chevron said asset sales and demand for crude oil boosted its 2Q earnings to $5.67 billion, or $2.98 a share, although crude oil production slipped. Revenue rose just under 1% to $57.94 billion.

 
SCIENTIFIC GAMES TO BUY BALLY TECHNOLOGIES 
 

Scientific Games agreed to acquire Bally Technologies in an all-cash deal that values the slot-machine maker at about $3.3 billion. The companies said the deal is valued at $5.1 billion, including refinancing of existing Bally debt. Bally shares up 33% premarket.

 
ISDA RULES ARGENTINA DEFAULT IS 'CREDIT EVENT' 
 

The International Swaps and Derivatives Association ruled that sellers of credit default swaps tied to Argentine sovereign debt must pay buyers, judging the nation's failure to pay bondholders Wednesday a "credit event."

 
ESPÍRITO SANTO FILES FOR CREDITOR PROTECTION 
 

Espírito Santo Financière, another entity of troubled Portuguese conglomerate Espírito Santo International that has exposed the country's second-largest lender to big losses, has filed for creditor protection in Luxembourg.

 
APPLE CLOSES DEAL FOR BEATS ELECTRONICS 
 

Apple said that it is officially welcoming Beats Electronics to the company, signaling that it closed its $3 billion deal for the company founded by music industry moguls Jimmy Iovine and Dr. Dre.

 
 
 
 
  ======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES ======= 
 
 
Big Picture 
ECONOMIC DATA GOT STEAMIER IN JULY 
 

The lazy days of summer suddenly look a whole lot busier. Newly released data reports indicate the U.S. economy started the third quarter with a good head of steam, Kathleen Madigan writes.

 
Data Week Ahead 
TRADE AND PRODUCTIVITY HEADLINE DATA 
 

The economic data out next week could change the view of that spring growth surge reported this week. Economy-watchers will also get fresh readings on labor productivity and costs.