According to Reuters, the Fed cut rates .75%.

Reuters writes that Visa raised $17.9 billion in its IPO.

Reuters writes that New York City will probe whether Bear Streans (BSC) misled investors.

Reuters writes that Fannie Mae (FNM) and Freddie Mac (FRE) have won relief from stringent capital rules and so can pump about $200 billion into a shaky mortgage market.

The Wall Street Journal writes that a run-up in the stock of Bear Stearns has set up a clash with JP Morgan (JPM) about whether it should have to pay more for the firm.

The Wall Street Journal writes that firms are reluctant to borrow from the Fed’s new facility because of concerns that it may make them like they have weak balance sheets.

The Wall Street Journal reports that Delta (DAL) plans to cut routes and employees.

The Wall Street Journal writes that Exxon (XOM) suffered a set-back when a judge reversed a decision that it could freeze some assets from the Venezuela state oil company.

The Wall Street Journal reports that Adobe (ADBE) is working on a media player for the Apple (AAPL) iPhone.

The Wall Street Journal writes that the size of the new Airbus 330 gives it an edge over Boeing (BA) in the dispute over who will get an Air Force tanker contract.

The New York Times reports that Intel (INTC) and Microsoft (MSFT) are creating a research budget to design a new generation of computing systems.

The FT says Apple (AAPL) may launch a free iTunes program.

Bloomberg says that Sony Ericsson believes lower mobile phone sales will hit its profits.

Douglas A. McIntyre

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