The USDA reports that drought has made a large increase in food prices likely. (Reuters)
The government of Changsha in China launches a $130 billion stimulus program. (Reuters)
Hackers have effectively attacked Google (NASDAQ: GOOG) Android-based phones. (Reuters)
U.S. earnings are sharply undermined by Europe problems. (WSJ)
The CEO of Nomura (NYSE: NMR) resigns after an insider trading scandal emerges. (WSJ)
Zynga’s (NASDAQ: ZNGA) stock is brutalized after poor earnings. (WSJ)
JCPenney (NYSE: JCP) will further cut prices in an attempt to regain retail momentum. (WSJ)
Alacatel-Lucent (NYSE: ALU) will cut jobs after another large loss. (WSJ)
MGM may launch an IPO. (WSJ)
The battle between Amazon.com (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) is heightened as competition over electronic devices and content rises. (WSJ)
The stronger economies of Europe are hurt by the spreading disaster. (WSJ)
Inspectors may find Greece’s finances worse than expected, which might cause it to leave the euro. (WSJ)
EBay (NASDAQ: EBAY) aggressively markets to people under 18. (WSJ)
IAC/InterActiveCorp (NASDAQ: IACI) may close the print edition of Newsweek. (WSJ)
Facebook (NASDAQ: FB) works furiously to bring in more advertisers who want direct response. (WSJ)
Deutsche Bank’s (NYSE: DB) second quarter will miss forecasts because of weak investment banking. (WSJ)
Walmart (NYSE: WMT) and Target (NYSE: TGT) open smaller stores to move into urban areas. (NYT)
Car companies in Europe may need to restructure significantly as sales fall. (NYT)
The U.K. government is accused of hurting the economy with austerity. (FT)
Zynga blames Facebook activity for some of its earnings shortfall. (FT)
PepsiCo (NYSE: PEP) says it will focus heavily on its U.S. brands. (FT)
Royal Dutch Shell (NYSE: RDS-A) hurt by oil prices. (Bloomberg)
Alcatel-Lucent will cut 5,000 jobs. (Bloomberg)
Citigroup (NYSE: C) analysts say there is a 90% chance Greece will abandon the euro. (Bloomberg)
Douglas A. McIntyre
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