TheChek News Flow

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BFW 07/31 20:09 Tesla Sees Delivering 7,800 Model S Vehicles in 3Q; Shrs Lower BN 07/31 20:11 *TSLA SEES NO SIGNIFICANT IMPACT ON SCHEDULED DELIVERIES BN 07/31 20:11 *TSLA: PRODUCTION ON NEW LINE BEGINS NEXT WEEK BN 07/31 20:11 *TSLA: NEW LINE HAS CAPACITY TO PRODUCE OVER 1,000 VEHICLES/WK BN 07/31 20:10 *TSLA: TRANSITION TO RESULT IN 2,000 FEWER UNITS PRODUCED IN 3Q BN 07/31 20:09 *TSLA:TO SLIGHTLY ACCELERATE INVESTMENT IN CAPACITY, GIGAFACTORY BN 07/31 20:08 *TSLA SEES TO BE MARGINALLY PROFITABLE IN 3Q ON NON-GAAP BASIS BFW 07/31 20:08 *TSLA EXPECTS TO BE ABLE TO DELIVER 7,800 MODEL S VEHICLES IN 3Q BN 07/31 20:07 *TSLA PLANS TO INVEST BETWEEN $750M & $950M IN '14 BN 07/31 20:06 *TSLA SEES 3Q ADJ AUTO GROSS MARGIN ABT CONSISTENT W/ PRIOR QTR BN 07/31 20:06 *TESLA MOTORS FORM 8-K INC: 8-K 07/31/14 BN 07/31 20:06 *TESLA MOTORS 2Q ADJ. REV. $857.5M, EST. $813.0M BN 07/31 20:06 *TSLA EXPECTS TO BE ABLE TO DELIVER 7,800 MODEL S VEHICLES IN 3Q BN 07/31 20:05 *TESLA MOTORS 2Q ADJ. EPS 11C, EST. 4C BN 07/31 20:05 *TESLA PLANS TO PRODUCE ABOUT 9,000 CARS IN 3Q BN 07/31 20:05 *TESLA MOTORS ON TRACK FOR OVER 35,000 DELIVERIES IN '14 BN 07/31 20:05 *TESLA MOTORS 2Q ADJ. EPS 11C BN 07/31 20:05 *TESLA ON TRACK FOR OVER 35,000 DELIVERIES IN '14 BN 07/31 20:05 *TESLA 2Q NON-GAAP REV. $858M :TSLA US BN 07/31 20:05 *TESLA 2Q REV. $769M :TSLA US

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Tesla Motors 2Q Adj. EPS 11c, Est. 4c 2014-07-31 20:07:31.90 GMT

By Brad Skillman July 31 (Bloomberg) -- TSLA on track for more than 35k deliveries in 2014 * 2Q Model S deliveries 7,579 vehicles, est. 7,548 * Shrs down 5.5% * Preview: {NSN N9KZFL6JTSFD <go>}

Link to Company News:{TSLA US <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story: Brad Skillman at +1-212-617-2763 or bskillman1@bloomberg.net

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VIX Up 27.2% to 16.95 2014-07-31 20:15:53.148 GMT

By Brian Welcher July 31 (Bloomberg) -- Aug 14 futures up 12.2% to 15.2; Sep 14 futures up 8.4% to 15.5.

Link to Company News:{VXX US <Equity> CN <GO>} Link to Company News:{VIXY US <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story: Brian Welcher at +1-404-507-1333 or bwelcher2@bloomberg.net

Closing Market Summary: Stocks Surrender July Gains

The stock market punctuated July with a broad-based retreat that sent the S&P 500 lower by 2.0% with all ten sectors ending in the red. The benchmark index posted a monthly decline of 1.5%, while the Russell 2000 (-2.3%) underperformed to end the month lower by 6.1%.

To get a better feel for what led to today's retreat, we'd like to look back to Wednesday, when the market had ample reason to rally, but did not. Instead, it ended basically flat after a sloppy day of trading where good news was marveled at -- Q2 GDP and earnings results -- but not acted on with any real conviction from buyers. A spike in long-term rates and worries the Fed could raise the fed funds rate sooner than expected (a worry the FOMC directive didn't refute in unequivocal fashion) garnered most of the blame for the lackluster response.

That inability to rally on a batch of good economic and earnings news left the stock market increasingly vulnerable to a larger pullback in the event any bad news came its way. Sure enough, there were some overnight headlines that rattled weak-handed positions:

* Eurozone CPI was up just 0.4% year-over-year in July (expected 0.5%), triggering renewed worries about deflation  * Argentina was deemed to be in default on its bond payments  * Portuguese bank Banco Espirito Santo reported a big net loss for the first half of the year that wiped out its capital buffer and drove its stock price down 50%, reminding investors that there are still issues present in the European banking system 

With the sentiment taking a turn for the worse, a batch of poor quarterly results from a handful of global players contributed to the slide. Samsung kicked things off overnight with below-consensus earnings that sent the stock lower by 3.7% in Seoul. Things did not get much better during the European session with Adidas and Deutsche Lufthansa posting respective earnings-driven losses of 15.4% and 6.4% in Frankfurt. The DAX Index, meanwhile, lost 1.9%.

Back in the U.S., market participants received a set of earnings that did not quite live up to the high standard that was set during the first two weeks of the reporting period with earnings growth pushing 9.0%, according to S&P Capital IQ.

On that note, 3D Systems (DDD 50.13, -5.94), Mosaic (MOS 46.11, -1.07), Beazer Homes (BZH 15.35, -1.95), and Ocwen Financial (OCN 30.17, -4.49), registered losses between 2.3% and 13.0% after disappointing with their results. Furthermore, even above-consensus earnings from the likes of Akamai Technologies (AKAM 59.02, -1.71), MasterCard (MA 74.15, -1.76), and Yelp (YELP 67.16, -8.44) were met with selling activity.

The ten economic sectors registered losses between 1.7% (utilities) and 2.4% (energy). Rate-sensitive telecom services (-2.3%) and utilities outperformed in the early going as participants sought cover in the defensively-oriented sectors, but the two groups could not avoid being engulfed in the selling activity.

Elsewhere, the top-weighted sector—technology (-2.0%)—suffered from broad pressure. Influential listings like Apple (AAPL 95.60, -2.55), Google (GOOGL 579.55, -15.89), Facebook (FB 72.65, -2.03), and Qualcomm (QCOM 73.72, -2.32) lost between 2.6% and 3.1%, while chipmakers also tumbled. Notably, Micron (MU 30.55, -1.98) plunged 6.1% amid cautious comments from Goldman Sachs, while the broader PHLX Semiconductor Index fell 2.1%.

Biotechnology did not fare much better with the iShares Nasdaq Biotechnology ETF (IBB 250.83, -6.42) sliding 2.5%. For its part, the health care sector lost 2.0%, surrendering its entire monthly gain.

Only technology and telecom services were able to post July gains of 1.4% and 2.6%, respectively, while the utilities sector lost 6.9% for the month.

Treasuries ended flat after regaining their early morning losses. The 10-yr yield settled at 2.56%.

The selloff invited above-average participation with more than 900 million shares changing hands at the NYSE.

Economic data included Initial Claims, the Employment Cost Index, and the Chicago PMI report:

* The initial claims level increased to 302,000 from a downwardly revised 279,000 (from 284,000) 

* The consensus expected the initial claims level to increase to 310,000 

* The Employment Cost Index increased 0.7% in Q2 2014, up from a 0.3% increase in the first quarter, while the consensus expected an increase of 0.4% 

* Wages and salaries rose 0.6% in the second quarter, up from a 0.3% increase in Q1  * Benefits spending rose 1.0% and is up 2.5% year-over-year 

* Manufacturing activities in the Chicago region softened significantly in July as the Chicago PMI fell to 52.6 from 62.6 in June 

* The consensus expected a more modest decline to 61.8 

Tomorrow's session will be full of economic data starting with the 8:30 ET release of the Nonfarm Payrolls report for July (Briefing.com consensus 220K). Personal Income/Spending (consensus 0.4%) data and Core PCE Prices (expected 0.2%) will also be reported at 8:30 ET, while the final reading of the Michigan Sentiment survey for July (consensus 82.0) will cross the wires at 9:55 ET. Finally, the July ISM Index (consensus 55.9) and June Construction Spending (expected 0.3%) will both be reported at 10:00 ET.

* S&P 500 +4.5% YTD  * Nasdaq Composite +4.6% YTD  * Dow Jones Industrial Average -0.1% YTD  * Russell 2000 -3.7% YTD

France's Iliad Makes Bid for T-Mobile US Bid Counters Earlier Offer From Sprint

Iliad makes an offer for T-Mobile US, threatening to disrupt the carrier's expected deal with Sprint. Above, a woman talks on her phone as she walks past T-mobile and Sprint wireless stores in New York. REUTERS French upstart telecommunications company Iliad SA ILD.FR -1.34% has made an offer for T-Mobile US Inc., TMUS +4.36% in a bold bid to counter an offer for the country's fourth-largest wireless carrier by Sprint Corp. S -3.99% , said people familiar with the matter.

The contours of the offer, which was made less than a week ago to T-Mobile's board, are unclear, but one of the people said it involves control of the U.S. company. It is unclear what, if any, the response to the bid has been.

T-Mobile US had a market value of $24.8 billion. Iliad's was €12 billion ($16 billion) and it's not clear how the French company would pay for such a deal. Iliad is working with several banks to secure financing, one of the people said.

Related T-Mobile US Swings to Profit, Adds Customers Sprint Prepares for Aggressive Subscriber Push (7/30/2014) Sprint and T-Mobile Play the Waiting Game (7/29/2014) Sprint, T-Mobile Seek to Raise $10 Billion for Spectrum Auction (7/15/2014) Iliad, which has sparked a fierce price war in France's mobile-telephone market via its cutthroat rates, sees the offer as a "one-time opportunity to enter the world's-largest telecoms market," said the person.

Sprint and T-Mobile US have been pursuing a combination for months, and the two sides have agreed on the broad outlines of a deal valuing T-Mobile US at more than $30 billion, people familiar with the matter have said. Any announced deal between Sprint, which is majority-owned by SoftBank Corp., is expected to face stiff antitrust scrutiny.

Iliad believes its offer for T-Mobile US, which is owned by Deutsche Telekom AG, would be favorably viewed by U.S. regulatory authorities because the company isn't active in the U.S., the person said.

Trading in shares of both T-Mobile and Sprint was halted after news of the Iliad offer broke, but the stocks have since resumed trading. T-Mobile shares recently traded up 5%, while Sprint shares fell 3%.