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Fed cuts rates 75 basis points in emergency move... Credit Scare Spreads in U.S., Abroad... Bank of America Earnings Plummet After Loan Writedown... Ambac Posts Loss, Is Studying Options With 'Potential Parties'... Commodity prices extend losses... Panic sparks plunge in global markets... Australian stocks erase 2007 gains... Asian markets plunge for second day... Commodity prices extend losses... And the futures are indicating a 450 point drop in the Dow!

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TradingMarkets 5 Business Stories You Need to Know

Fed cuts rates 75 basis points in emergency move - Marketwatch
Hoping to prevent a market meltdown and recession, the Federal Reserve lowered its overnight lending rate by 75 basis points to 3.50% on Tuesday in a rare move between formal meetings.

Credit Scare Spreads in U.S., Abroad - Wall Street Journal
The credit crunch sparked by problems with residential mortgages is spreading to the broader economy -- with banks making it harder and more expensive for some small and midsize businesses to borrow.

Bank of America Earnings Plummet After Loan Writedown - Bloomberg
Bank of America Corp., the second- largest U.S. bank, said earnings dropped 95 percent after $5.28 billion of mortgage-related writedowns and higher provisions for future loan losses.

Ambac Posts Loss, Is Studying Options With 'Potential Parties' - Bloomberg
Ambac Financial Group Inc., the first bond insurer to be stripped of its AAA credit rating, reported a $3.26 billion quarterly loss and said it is evaluating options with "a number of potential parties."

Australian stocks erase 2007 gains - Financial Times
The Australian equities market is suffering its longest losing streak in 26 years after on Monday closing down for the 11th consecutive session.

For more stories as they happen, go to our Breaking News section.

TradingMarkets 7 Stocks You Need to Know for Today

Here are 7 stocks for traders for today from TradingMarkets.com:

• Bank of America (BAC | Quote | Chart | News | PowerRating) reports earnings on Tuesday morning, with traders looking for $0.18 EPS.
  

• DuPont (DD | Quote | Chart | News | PowerRating) is looking to report $0.49 EPS on Tuesday before the market opens.
  

• Analysts will be watching for Fastenal (FAST | Quote | Chart | News | PowerRating) to announce $0.36 EPS on Tuesday before the bell.
  

• When Johnson & Johnson (JNJ | Quote | Chart | News | PowerRating) announces quarterly results on Tuesday morning, watch for $0.86 EPS.
  

• Suncor Energy (SU | Quote | Chart | News | PowerRating) is poised to announce $1.51 EPS early Tuesday morning.
  

• UnitedHealth (UNH | Quote | Chart | News | PowerRating) should report $0.92 EPS on Tuesday morning.
  
  
• Wachovia (WB | Quote | Chart | News | PowerRating) is expected to report $0.33 EPS early Tuesday.
  

For a list of today's highest PowerRating stocks, click here.

TradingMarkets 5 Top PowerRatings Stocks for Today

TradingMarkets Tracking the Wizards

eBay's CEO Meg Whitman on the Way Out? - Wall Street Journal
"Web Pioneer" Whitman prepares to leave the internet auctioneer after nearly a decade of service at the helm.

Marc Fagel, the SEC and the Case of the Dirty Options - MarketWatch
Marc Fagel led the SEC San Francisco investigation into the shady options back-dating practices of some tech firms; Fagel has filed complaints against nearly 30 Silicon Valley executives.

Bill Clinton Wants Out of Burkle Partnership - Wall Street Journal
Former President Bill Clinton will end a high-profile business relationship with long-tie ally Ron Burkle, and walk away with $20 million. The move was done, for the most part, to sever a potentially sensitive relationship with Dubai.

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David Penn is Senior Editor at TradingMarkets.com..

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