Reuters - Target Corp reported a nearly 8 percent drop in quarterly profit on Tuesday as shoppers passed over trendy clothes and home decor in favor of everyday necessities, hurting its margins.

Reuters - American Home Mortgage Investment Corp , which was among the largest U.S. home loan providers before seeking bankruptcy protection a year ago, said it will pay unsecured creditors no more than 5.9 cents on the dollar as it liquidates assets.

Reuters - Wholesale prices shot up in July at the fastest year-on-year rate since 1981, while home builders cut back on construction as they worked through a glut of unsold homes, government data showed on Tuesday.

Reuters - Stock index futures fell on Tuesday as fears that the U.S. housing slump will spawn more losses for the financial sector, causing investors to pare back risk.

AP - The Home Depot Inc., the nation's largest home improvement retailer, reported a 24 percent drop in second-quarter profit but beat Wall Street expectations. The company reiterated its downbeat outlook for the year amid a weak housing and home improvement market that shows no signs of recovery.

Reuters - Home Depot Inc , the world's largest home improvement retailer, reported higher-than-expected quarterly profit on Tuesday as it held down costs and consumers took on spring projects.

Reuters - General Dynamics Corp said it agreed to acquire Zurich-based Jet Aviation, a privately held provider of business-aviation services, for about $2.25 billion in cash.

Obama's Tax Plan
Is Really a Welfare Plan

Barack Obama's tax plan is the opposite of supply-side economics. He proposes to raise marginal rates for just about every federal tax. He also proposes a raft of tax credits that taxpayers can receive if they engage in various government-specified activities.

Moreover, the tax credits would mostly go to those who pay little or nothing in federal income taxes. His trick is to make the tax credits "refundable." Thus, if the tax credit is for $1,000, but the taxpayer would otherwise only pay $200 in taxes, the government would write a check to the taxpayer for $800. If the taxpayer pays nothing in federal income taxes, the government would pay him the whole $1,000.

Reuters - China's huge state banks are poised to report strong profit growth for the first half in 2008, thanks to wider margins and strong fee income, but funding costs are expected to rise in the second half, eroding growth.

Reuters - Wireless operator Softbank Corp (9984.T) said on Tuesday it would offer mobile phones from Casio Computer Co (6952.T) by the end of the year, broadening a handset lineup that already includes Apple Inc's iPhone.