Today's Key Market News - Three Stooges Reunion

(Stocks in article: TOL, HOV, SFP, BAC, TGT, SPLS, BJ, SKS)

Stocks opened undecided this morning after Asia mostly rallied and Europe drifted lower. The day is highlighted by a planned meeting in Washington between the three stooges; we mean Ben Bernanke, Henry Paulson and the Chairman of the Senate Banking Committee, Senator Christopher Dodd. Hey, we just couldn't resist the comparison opportunity, and it was meant with all due respect for Larry, Mo and Curly. Wall Street Greek fully expects the Fed target rate to be cut soon. We hope it will be sharp, and significant enough to restore all confidence in liquidity facilitating instruments and at the same time allow troubled subprime mortgage borrowers an opportunity to escape homelessness.

Regarding some of the important news to see below, Target (NYSE: TGT) reported in line with expectations. Foreclosures nearly doubled in July, versus last year's number. In related news not reported below, a Bank of America (NYSE: BAC) analyst downgraded the shares of Toll Brothers (NYSE: TOL), Hovnanian (NYSE: HOV) and Standard Pacific (NYSE: SPF) on industry risks we are all well aware of by now. Please be sure to see this week's "Greek's Week Ahead - Fed Half Devils," where we cover all the important events of the current week and discuss last week's Federal Reserve actions.

Please see today's "Market-Moving News" sidebar section found also below:

• CNN Money: Asian Stocks Rise


• MarketWatch: European Markets Steady


• BBC: German Investor Confidence Falls


• CNN Money: July's Foreclosures Nearly Double


• Courant: Meeting of Bernanke, Paulson and Dodd


• Bloomberg: China Raises Interest Rates


• Bloomberg: Bank of England Acts to Ease Freeze


• CNBC: Oil Pares Losses, Hurricane Season Continues


• CNN Money: Rating Agencies Under Fire


• CNBC: ECB Allots Funds


• Barron's Online: Letters to Editor on Cramer


• Yahoo! Earnings Calendar


• AP/Yahoo!: Target (NYSE: TGT) Reports In Line


• AP/Yahoo!: BJ's (NYSE: BJ) Reports Higher Profit


• AP/Yahoo!: Staples (NASDAQ: SPLS) Profit Rises 11%


• AP/Yahoo!: Saks (NYSE: SKS) Narrows Q2 Loss


• BBC: Hurricane Dean Meets Mexico


• Economist: Turkey's Abdullah Gul


• BBC: Nigerian Nationals Riot in Greece


• Iran Daily: Tales from the Dark Side

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