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Monday, July 28, 2014

War on waste: Pentagon auditor spotlights US billions blown in Afghanistan

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War on waste: Pentagon auditor spotlights US billions blown in Afghanistan
War on waste: Pentagon auditor spotlights US billions blown in Afghanistan

Another day, another report of rampant waste of U.S. taxpayer money in the effort to rebuild Afghanistan.

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Black Boxes: MH17 Downed by 'Explosive Decompression' (Newser Happy Hour 6-pack)

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The day's six most popular stories, in time to unwind.


Black Boxes: MH17 Downed by 'Explosive Decompression'

Black Boxes: MH17 Downed by 'Explosive Decompression'

(Newser) - Malaysia Airlines Flight 17's black boxes have revealed that the plane was brought down by a "massive explosive decompression” after its fuselage was pierced by shrapnel from a missile explosion, a Ukrainian security spokesman tells the AP . "It did what it was designed to do—bring down... More  »

 
Jenny McCarthy: My Kid Called Cops on Me

Jenny McCarthy: My Kid Called Cops on Me

(Newser) - It hasn’t been the best of summers for Jenny McCarthy: First the vocal anti-vaxxer was unceremoniously dumped from The View, then she was accused of slamming cousin Melissa McCarthy’s weight—a rumor that the blonder McCarthy denied to People . Now Jenny says her own 12-year-old son called the... More  »

 
'Bad Timing' Wiped Out Dinosaurs

'Bad Timing' Wiped Out Dinosaurs

(Newser) - The huge asteroid that hit Earth 66 million years ago was very bad timing for the dinosaurs, a new study says—it wiped them out, but they probably would have survived if it had hit at a "more convenient" time. The impact in what is now Mexico is almost... More  »

 
Japanese Girl Charged With Decapitating Friend

Japanese Girl Charged With Decapitating Friend

(Newser) - A 16-year-old Japanese girl described by friends as emotionally unstable has been charged with bludgeoning and decapitating a 15-year-old friend, telling police "I did it all by myself," the Japan News reports. The body of Aiwa Matsuo was found early yesterday in the suspect’s Sasebo apartment, where... More  »

 
Plane Kills Man on Florida Beach

Plane Kills Man on Florida Beach

(Newser) - A man walking along a beach in Florida with his young daughter yesterday afternoon was killed by a crash-landing light plane. Police say 36-year-old Ommy Irizarry from Georgia was killed and his 9-year-old daughter, Oceana, was critically injured when the 1972 Piper Cherokee touched down at the edge of the... More  »

 
Family of 5 Found Shot Dead in Maine Home

Family of 5 Found Shot Dead in Maine Home

(Newser) - Police in Saco, Maine, say they're not seeking any other suspects after a mother and father and their three children were found shot dead yesterday afternoon inside their home. The bodies of the parents, who were in their mid-30s, and their children—boys ages 12 and 7 and a... More  »

 

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STOCKS GO NOWHERE, FAMILY DOLLAR AND ZILLOW ANNOUNCE MERGERS: Here's What You Need To Know

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Closing Bell
 

July 28, 2014

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Stocks rose, but ultimately went nowhere on the first day of a busy week that will give us a ton of information about the U.S. economy.

First, the scoreboard:

  • Dow: 16,982.59, +22, (+0.1%)
  • S&P 500: 1,978.91, +0.57, (0.03%)
  • Nasdaq: 4,444.91, -4.6, (-0.1%)

And now, the top stories on Monday:

1. In the U.S., pending home sales in June fell 1.1%, an unexpected decrease as economists were expecting sales to rise 0.5%. The pace of sales, however, remains above average according to the National Association of Realtors. "Pending home sales remain below their year-ago levels, but after the upward moves during the three months through May, the y/y declines have become smaller," noted Barclays' Michael Gapen. "This report suggests the rebound in existing home sales following previous weather-related softness is complete, implying less momentum to sales in the third quarter."

2. Markit's "flash" services data for July was unchanged from the prior month at 61, which also beat expectation for a 59.9 reading. Of the report, Markit's economist Tim Moore said, "While a cyclical upswing appears underway across the service sector, the latest survey provides some indication that a smoother ride is not yet fully  entrenched. Service providers saw new business gains slip to a three-month low, while payroll growth moderated since June amid a drop in confidence towards the year-ahead business outlook."

3. The Federal Reserve Bank of Dallas' latest manufacturing survey came in at 12.7, slightly below the 12.8 that was expected but well better than the 11.4 for the prior survey. BI's Rob Wile noted, however, that the Fed's comments reflected a much more uncertain future. "Skilled employee turnover is getting out of control," one manufacturer said. "There are too many employers chasing too few skilled workers."

4. It was a big day for corporate mergers, as Dollar Tree struck a deal to acquire Family Dollar, while Zillow reached a deal to acquire rival Trulia. Dollar Tree agreed to acquire Family Dollar for $74.50 per share, a 23% premium over Friday's closing price for Family Dollar. Shares of Family Dollar closed up more than 24%. The deal also marks a big win for Carl Icahn, who in June took a stake in the discount retailer and urged it to seek a sale. Later in the afternoon, Icahn issued a statement that said he is still hopeful another bid for Family Dollar will emerge. 

5. Zillow agreed to acquire Trulia in an all-stock deal worth about $3.5 billion at current prices. The two online real estate rivals made their merger announcement after a report from Bloomberg last week said that Zillow was seeking to acquire Trulia. Following the deal Trulia shares surged 15%. 

6. Shares of chicken chain El Pollo Loco gained another 43% after gaining 50% in their public debut on Friday. BI's Hayley Peterson noted that some investors believe El Pollo Loco could be the next Chipotle, and so far, investors have acted that way. 

7. A late afternoon report from Japan's Nikkei reported that Tesla has signed a deal with Panasonic to supply the electric carmaker with machinery to stock its first Gigafactory. Tesla shares popped following the news, but closed unchanged. 

8. Some 25 companies are scheduled to make their public debuts this week, which, if this number holds, will mark the busiest week for IPOs since August 2000. 

9. Gunmaker Smith & Wesson agreed to pay $2 million to settle charges from the SEC that the company violated the Foreign Corrupt Practices Act in efforts to bribe foreign officials to awarded the company weapons contracts. Smith & Wesson did not admit or deny the SEC's findings. 

Don't Miss: Wall Street's Brightest Minds Reveal The Most Important Charts In The World »

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THE SNAPCHAT REPORT: The User Numbers, Demographics, And Early Marketing Efforts On The Teen-Centric Social Network

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Business Insider Select
 
July 28, 2014
THE SNAPCHAT REPORT: The User Numbers, Demographics, And Early Marketing Efforts On The Teen-Centric Social Network THE SNAPCHAT REPORT: The User Numbers, Demographics, And Early Marketing Efforts On The Teen-Centric Social Network

Snapchat is on a roll. 
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10 Packing Hacks For Your Next Move
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Finding a new home is a challenge, but moving piles of stuff into your...  Read»
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China Investigates Four Microsoft Offices For Alleged 'Antitrust' Activity
China Investigates Four Microsoft Offices For Alleged 'Antitrust' Activity
The Chinese government has made surprise visits to four Microsoft...  Read»
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IDF: Here's What It Looks Like Inside A Hamas Tunnel
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As Israel has cracked down on missile attacks via its Iron Dome...  Read»
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One Of The Creators Of AOL Instant Messenger Pivoted His Next Company So Effectively That It Just Raised $7.5 Million
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Microsoft's Latest Ad Bashes Siri For Not Being As Smart As Its Own Virtual Assistant
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There have been moments in the decade-long legal battle between...  Read»
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HAMAS LEADER: We Have No Current Plans To 'Coexist' With Israel
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Here's A Clear Sign That Israel's Iron Dome Is Working
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