Today's Headlines

Bloomberg:
- US stocks rebounded from three weeks of declines, led by financial companies, on prospects that earnings at banks and brokerages will buoy shares battered by credit-market losses.
- Crude oil is plunging almost $4/bbl. as funds cut their record long positions on worries over demand and diminishing hurricane-related worries.
- McDonald’s(MCD) will sell its Boston Market chain to buyout firm Sun Capital Partners to focus on hamburgers.
- Credit Suisse Group’s equity strategists, who have been bearish on US stocks since 2000, recommended investors increase holdings of shares as a refuge amid slowing global economic growth.
- Merrill Lynch(MER) was raised to “buy” from “neutral” at UBS AG, which said the stock was inexpensive after concern about losses in credit businesses drove down the price of the world’s biggest brokerage.
- Gasoline futures in NY are falling below $2 a gallon for the first time in more than three months as supplies may be adequate for the last few weeks of the summer.
- Gold and silver fell in NY on speculation the dollar’s decline will stall, reducing the appeal of the precious metals as alternative investments.

Wall Street Journal:
- Virgin America Ltd., a discount airline founded by UK billionaire Richard Branson, plans to attract US travelers with the latest in-flight technology when it starts flying on August 8.
- Amazon.com(AMZN) will offer a secure payment service for Internet purchases that may rival plans from EBay Inc.(EBAY) and Google Inc.(GOOG), citing company spokesman Jeff Barr.

NY Times:
- As much as 20% of cheap children’s jewelry in the US remains a lead poisoning hazard after a two-year effort to remove the tainted products, citing a report on US inspections.
- US state legislators have considered a record 1,404 immigration measures this year and passed 170, while the federal government hasn’t overhauled its policies, citing a study released today by the National Conference of State Legislatures, a non-Partisan group.
- The US National Science Foundation plans to award International Business Machines(IBM) a contract to construct the world’s fastest supercomputer, citing documents released on a US Web site.

USA Today:
- American Airlines(AMR), US Airways(LCC) and five other US air carriers reported record percentages of filled seats in July.

Financial Sense:
- Panic In The Street, Fear In The Air!

Iran Daily:
- Iran deported 222,760 “illegal immigrants” in the first three months of a crackdown aimed at Afghan refugees, citing the Labor Ministry.