According to Reuters, oil is nearing a 20% drop from its peak, moving into bear market range.

Reuters writes that HP (HPQ), Yahoo! (YHOO), and Intel (INTC) are looking at ways to make the internet into a utility for broad research projects.

Reuters reports that John Thain, CEO of Merrill Lynch (MER), was able to keep his credibility despite a change on the company’s plans to raise money.

Reuters writes that Nintendo’s profits were up 32% on strong demand for the Wii.

Reuters reports that the SEC has extended short selling curbs through August 12.

Reuters writes that GMAC and Ford (F) are pulling back on auto leasing as credit gets tighter.

Reuters reports that bankruptcies of companies with more than $1 billion in assets has hit its highest point since 2003.

The Wall Street Journal reports that world trade talks failed reflecting a dramatic shift in the influence and interests of China, India and Brazil.

The Wall Street Journal reports that higher steel prices lifted that earnings of ArcelorMittal (MT).

The Wall Street Journa writes that revenue rose at Siemens (SI) showing the industrial conglomerate’s resilience so far to the economic downturn.

The Wall Street Journal writes that Dell (DELL) may launch a music player to compete with the Apple (AAPL) iPod.

The Wall Street Journal reports that Electronic Arts (ERTS) lowered it loss on the strength of new game sales.

The Wall Street Journal reports that British Air and Iberia are talking about a merger.

The New York Times writes that casual dining chains are bring hurt by budget tightening among consumers.

The FT writes that the sale of distressed debt by Merrill Lynch (MER) could force Citigroup (C) and UBS (UBS) to do the same thing.

Bloomberg reports that US company profits have dropped by more than during any quarter in over a decade.

Douglas A. McIntyre

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