According to Reuters, Alcoa (AA) profits fell by half due to high energy costs and a weak dollar.

Retuers reports that AMD (AMD) cut guidance and will lay-off 10% of its staff.

Reuters reports that Washington Mutual (WM) is near to getting a $5 billion investment.

Reuters reports that summer gas use is expected to drop for the first time since 1991.

Reuters writest that car makers are trying to create vehicles similar to the successful Toyota (TM) Prius.

The Wall Street Journal writes that Alan Greenspan is defending his legacy at the Fed as the current financial crisis causes some people to question it.

The Wall Street Journal writes that the Big Three will attempt to export cars to make money because of the weak dollar and lower labor costs.

The Wall Street Journal writes that earnings concerns as weighing on the stock market.

The Wall Street Journal writes that Google (GOOG) will let outside deverlopers to run their applications on the company’s servers.

The Wall Street Journal writes that Starbucks (SBUX) is launching a new coffee product in the hope of getting back some customers.

The Wall Street Journal writes that the SEC has begun to probe the marketing of auction rate securities.

The Wall Street Journal writes that financial companies are raising money from their own investors using rights offerings.

The Wall Street Journal writes that Venezuela will take control of top cement producers.

The Wall Street Journal writes that PC makers are rushing to market with small, inexpensive PCs.

The Wall Street Journal reports that online retail sales are expected to rise 17% this year.

The New York Times writes that inflation in Asia is raising the costs of US imports.

The New York Times writes that CBS (CBS) may outsource some if its news gathering to Time Warner’s (TWX) CNN.

The FT writes that US reviews of sovereign funds investments will increase.

The FT writes that John Paulson and Phil Falcone, of New York’s Harbinger Capital, who was estimated to have made $1.5bn-$2bn last years. According to Trader monthly several US managers made huge sums: Jim Simons of Renaissance Technologies ($1.5bn-$2bn); Steve Cohen of SAC Capital ($1bn-$1.5bn); Ken Griffin of Citadel Investment ($1bn-$1.5bn); and Paul Tudor Jones of Tudor Investment ($600m-$700m).

Bloomberg writes that US home prices may stop falling well before early next year.

Douglas A. McIntyre

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