According to Reuters, Robert Steel was named the new CEO of Wachovia (WB) and the bank said it would have a quarter loss of $2.6 to $2.8 billion.

Reuters writes that the Blue Chip Economic Indicators survey shows more economists think the economy will enter a recession.

Reuters reports that the reputation of JPMorgan (JPM) CEO Jamie Dimon is rising as Wall St falls.

Reuters writes that the Pentagon has reopend bidding for the Air Force’s large refueling plane.

Reuters reports that Yahoo! (YHOO) will offer its search services to outside firms.

Reuters reports that shares in Fannie Mae (FNM) and Freddie Mac (FRE) fell again on capital concerns.

The Wall Street Journal writes that Apple (AAPL) will open its Apps Store to outside developers.

The Wall Street Journal reports that gasoline use is at a five year low.

The Wall Street Journal reports that Merck (MRK), Eli Lilly (LLY), and Pfizer (PFE) will form a joint venture to speed drug discovery methods.

The Wall Street Journal reports that the FDA has approve the Intel (INTC) home care tools.

The Wall Street Journal writes that export growth in China slowed in June.

The Wall Street Journal writes that the US government is considering the future of Fannie Mae and Freddie Mac.

The Wall Street Journal writes that the EU is considering regulation to force banks to set aside more capital.

The Wall Street Journal writes that US websites are getting more traffic from overseas but have not figured out ways to make money on it.

The New York Times writes that foreign investors are buying more and more American assets.

The New York Times reports that Northwest (NWA) will cut 2,500 more jobs.

The FT writes that investors are bracing for more US earnings gloom.

Bloomberg writes that history shows the S&P 500 could lose another 12% before the bear market ends.

Bloomberg reports that a former Fed president says Fannie Mae and Freddie Mac are "insolvent."

Douglas A. McIntyre

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