Dow dropped 163 (finishing near the lows), decliners over advancers almost 3-1 & NAZ sank 57. The MLP index rebounded 2+ to the 371s & the REIT index added a fraction to the 315s. Junk bond funds drifted lower & Treasuries were higher as stocks sold off. Oil slid to 48 & gold inched up in an oversold market.
AMJ (Alerian MP Index tracking fund)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2702800421899414)
AT&T, Dow stock & Dividend Aristocrat, proposed $48.5B purchase of DirecTV has cleared its final regulatory hurdle as the Federal Communications Commission to approve the merger, according to leakers. At least 3 of the 5 FCC commissioners have voted in favor of the deal with conditions, This was the last regulatory step toward the completion of the merger between the 2nd-largest US wireless carrier & the largest satellite-TV provider. The Justice Dept gave the merger its green light on Tues, when the Chairman released the details of his proposal to approve the deal with conditions. The conditions cover various aspects of the business, including internet services for middle-class & low-income Americans & AT&T's treatment of internet video providers. In a first for the FCC, the agency also seeks to establish an independent monitor to ensure AT&T complies with conditions. The mega merger, announced in May 2014, will give DirecTV a broadband product & AT&T new avenues of growth beyond the maturing wireless service. AT&T stock rose 36¢. If you would like to learn more about AT&T, click on this link:
club.ino.com/trend/analysis/stock/T?a_aid=CD3289&a_bid=6ae5b6f7
China's manufacturing slumped to a 15-month low in Jul in a fresh sign of deterioration in the economy. The manufacturing index fell to 48.2 this month from 49.4 in Jun. It uses a 100-point scale on which numbers above 50 indicate expansion. The monthly survey, previously sponsored by global bank HSBC, is now sponsored by Chinese financial publication Caixin. The preliminary version released Friday is based on 85-90% of responses from factories. The factory output sub-index decreased at a faster rate, falling to its lowest in 16 months. New export orders & overall new orders both contracted after expanding the previous month. Employment in China's giant manufacturing industry, which employs tens of millions of people, continued to shrink. China posted 7% economic growth last qtr, the weakest performance since the global financial crisis. The latest numbers underscore Communist Party's complicated task of keeping economic growth on track while reducing reliance on trade & investment that helped power the sizzling expansion of previous years. Instead they want to base growth on slower, more sustainable domestic consumption. The report shows that the economy is struggling to revive even after recent support measures. China has cut interest rates 4 times since Nov & pumped money into construction spending after signs the economy was slowing too sharply.
Starbucks beats Street 3Q forecastsAP
Dow fell more than 500 this week & is in the red for Jul. The quasi Greek debt bailout, still in limbo, did slightly above zero for the markets. The big story is that earnings season is proving largely disappointing. Tech has been leading way this year. NAZ is up 300 YTD & remains near its new record level. But earnings reports from the tech biggies were unsatisfactory. Dow is in the red YTD. Selling of stocks may continue in Aug.
Dow Jones Industrials
AMJ (Alerian MP Index tracking fund)
| CLU15.NYM | ....Crude Oil Sep 15 | ....48.21 |  ...0.24 | (0.5%) |
AT&T, Dow stock & Dividend Aristocrat, proposed $48.5B purchase of DirecTV has cleared its final regulatory hurdle as the Federal Communications Commission to approve the merger, according to leakers. At least 3 of the 5 FCC commissioners have voted in favor of the deal with conditions, This was the last regulatory step toward the completion of the merger between the 2nd-largest US wireless carrier & the largest satellite-TV provider. The Justice Dept gave the merger its green light on Tues, when the Chairman released the details of his proposal to approve the deal with conditions. The conditions cover various aspects of the business, including internet services for middle-class & low-income Americans & AT&T's treatment of internet video providers. In a first for the FCC, the agency also seeks to establish an independent monitor to ensure AT&T complies with conditions. The mega merger, announced in May 2014, will give DirecTV a broadband product & AT&T new avenues of growth beyond the maturing wireless service. AT&T stock rose 36¢. If you would like to learn more about AT&T, click on this link:
club.ino.com/trend/analysis/stock/T?a_aid=CD3289&a_bid=6ae5b6f7
AT&T-DirecTV $48.5 Billion Deal Is Approved by U.S. Regulators
AT&T (T)
China's manufacturing slumped to a 15-month low in Jul in a fresh sign of deterioration in the economy. The manufacturing index fell to 48.2 this month from 49.4 in Jun. It uses a 100-point scale on which numbers above 50 indicate expansion. The monthly survey, previously sponsored by global bank HSBC, is now sponsored by Chinese financial publication Caixin. The preliminary version released Friday is based on 85-90% of responses from factories. The factory output sub-index decreased at a faster rate, falling to its lowest in 16 months. New export orders & overall new orders both contracted after expanding the previous month. Employment in China's giant manufacturing industry, which employs tens of millions of people, continued to shrink. China posted 7% economic growth last qtr, the weakest performance since the global financial crisis. The latest numbers underscore Communist Party's complicated task of keeping economic growth on track while reducing reliance on trade & investment that helped power the sizzling expansion of previous years. Instead they want to base growth on slower, more sustainable domestic consumption. The report shows that the economy is struggling to revive even after recent support measures. China has cut interest rates 4 times since Nov & pumped money into construction spending after signs the economy was slowing too sharply.
China manufacturing slumps to 15-month low
Starbucks fiscal Q3 EPS was 41¢. Adjusted for costs related to mergers & acquisitions, EPS was
42¢, beating the forecast of 41¢. The
coffee chain posted revenue of $4.88B, also
exceeding forecasts of
$4.86B. For the current qtr, ending in Sep, the company expects EPS of 42-43¢. The stock rose 76¢. If you would like to learn more about AT&T, click on this link:
club.ino.com/trend/analysis/stock/T?a_aid=CD3289&a_bid=6ae5b6f7Starbucks beats Street 3Q forecastsAP
Starbucks (SBUX)
Dow fell more than 500 this week & is in the red for Jul. The quasi Greek debt bailout, still in limbo, did slightly above zero for the markets. The big story is that earnings season is proving largely disappointing. Tech has been leading way this year. NAZ is up 300 YTD & remains near its new record level. But earnings reports from the tech biggies were unsatisfactory. Dow is in the red YTD. Selling of stocks may continue in Aug.
Dow Jones Industrials
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