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The ten-figure fine the European Union has imposed on Google's parent, Alphabet Inc., is yet another supercilious, and undoubtedly counterproductive, government attempt to engineer market outcomes in an ever-changing industry.
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 Amazon.com Inc said online shoppers purchased more than 100 million products worldwide during its Prime Day sale, despite glitches on its mobile app and websites that prevented customers from placing orders.
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 W.W. Grainger Inc. shares rose 4.3% in premarket trade Wednesday, after the supplier of maintenance and repair products swept past estimates for the second quarter. Chicago-based Grainger said it had net income of $236.9 million, or $4.16 a share, in the quarter, up from $97.9 million, or $1.67 a share, in the year-earlier period. Sales rose to $2.86 billion from $2.62 billion. The FactSet consensus was for EPS of $3.70 and sales of $2.82 billion. "The second quarter exceeded our expectations, with strong growth from U.S. large and medium customers, gross profit that was better than anticipated and meaningful operating expense leverage," Chief Executive DG Macpherson said in a statement. The company raised its guidance for the full year and said it now expects sales of $11.0 billion to $11.3 billion, up from previous guidance of $10.9 billion to $11.3 billion. Adjusted EPS is now forecast at $15.05 to $16.05, up from $14.30 to $15.30 previously. The FactSet consensus is for full-year EPS of $14.99 and sales of $11.2 billion. Shares have gained 29.1% in 2018, while the S&P 500 has gained 5.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 Sinclair to amend divestiture plan to win FCC approval of Tribune deal
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Shares of Amazon.com Inc. edged up 0.1% in premarket trade Wednesday, which puts them in position for a 10th-straight gain, in the aftermath of a successful Prime Day sales event, despite early technical troubles. A 10-day win streak would be the longest since the 10-day stretch ending July 12, 2013. In between, there were three nine-day win streaks, two earlier this year and the other in 2014. During the current streak, which included five-straight record closes, the stock had run up $149.97, or 8.9%, over the past nine sessions, to add about $72.8 billion to the e-commerce giant's market capitalization. Amazon's market cap at Tuesday's close was $894.7 billion, to rank second in the U.S. behind Apple Inc.'s $941.0 billion. Amazon shares have shot up 57% year to date through Tuesday, while Apple's stock has climbed 13% and the S&P 500 has gained 5.1%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Morgan Stanley handily beat second-quarter earnings and revenue expectations as its brokerage business was booming, but where the bank had a little trouble was with its money management businesses. Wealth management revenue rose to $4.33 billion from $4.15 billion in the same period a year ago, but missed the FactSet consensus of $4.48 billion, while investment management revenue growth to $691 million from $665 million shy of expectations of $707.9 million. Within wealth management, transactional revenue fell to $691 million from $766 million, amid lower fixed income revenue and lower gains on investments associated with certain employee deferred compensation plans, while compensation expense increased to $2.4 billion from $2.3 billion. Within investment management, asset management revenue rose to $610 million from $539 million, but investment revenue fell to $55 million from $125 million. Meanwhile, revenue in institutional securities, which includes equities and fixed income sales and trading, rose to $5.71 billion from $4.76 billion, well above the FactSet consensus of $4.60 billion. The stock, which surged 2.6% in premarket trade, has lost 7.7% over the past three months while the S&P 500 has gained 3.7%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Morgan Stanley reported a better-than-expected quarterly profit on Wednesday, driven by gains in its fixed income and equities trading businesses, sending its shares up 3.3 percent.
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