According to Reuters, S&P futures are down 5.3%.

Reuters writes that Yahoo! (YHOO) plans to cut several hundred jobs.

Reuters reports that GM (GM) has unveiled a China-made hybrid.

Reuters writes that subprime assets are likely to hurt Chinese bank earnings.

Reutes writes that BHP Billiton (BHP) is unlikely to raise its offer for Rio Tinto (RTP).

The Wall Street Journal writes that Meg Whitman, CEO of Ebay (EBAY) plans to retire.

The Wall Street Journal writes that the global stock sell-off is putting pressure on the Fed to cut rates.

The Wall Street Journal reports that Apple (AAPL) sales have been able to avoid the economic slump.

The Wall Street Journal reports that many big banks still have too much buy-out debt on their balance sheets.

The Wall Street Journal writes that Microsoft (MSFT) is increasing its product base to compete with VMWare (VMW).

According to the FT, Merrill Lynch (MER) and Citigroup (C) has lost much of their standing as major American financial institutions.

Bloomberg writes that the recent fall in shares puts 43 indexes in bear territory.

Bloomberg writes that the new Motorola (MOT) RAZR2 may be a flop.

Douglas A. McIntyre

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