Getting Ready For Tomorrow -- Posted July 29, 2014

Will GM need another bailout? Reuters is reporting:

General Motors  was hit Tuesday with a lawsuit brought on behalf of more than 650 people allegedly injured or killed in accidents involving cars that have been recalled this year for faulty ignition switches.

The lawsuit was filed in Manhattan federal court, where dozens of cases against GM over the switch recall have been consolidated. It names a total of 658 plaintiffs, including 29 who are bringing claims on behalf of people who died.

Since the beginning of the year, GM has recalled nearly 15 million vehicles worldwide over potentially defective ignition switches. The company has set up a program, run by lawyer Kenneth Feinberg, to compensate victims of crashes involving about 2.6 million of those cars, mostly Cobalts, Ions and other small cars that it linked to 54 crashes and 13 deaths.

Futures: futures mean "squat," of course, but it's always interesting to see where they stand. The "mini" Dow futures are up 23 points; and, WTI crude oil has stopped its free fall, rising slightly to just above $101. For mineral owners, the higher the price the better (in general), for investors, not necessarily so. One wants the price of oil to be in the sweet spot, near the bottom of the hedge/collar.

The Wall Street Journal

President Obama makes another speech. Headline story.

EU, US expand sanctions on Russia.

Twitter silences naysayers as users surge.

Consumer confidence rises.

Watch for tomorrow's GDP report.

Now that GOP leader Boehner said no more talk of impeachment, President Obama considers fewer deportations.

Highway bill a mess.

The road to New England (and the autobahn to Germany): President Barack Obama's proposed carbon-emissions rule for the nation's power plants will create new cost and reliabiltiy challenges for the US electricity system, according to federal energy regulators.
Now to worry: presidents come and go. Less than 910 days.

Top doc treating Ebola dies. Tragic loss.

Palestine without power after Israel strikes power plant; no one except the press notices.

HUGE STORY: IRS blesses telecom's REIT turn.

President Obama, Nobel Peace Prize winner, is sending more Hellfire missiles to Iraq.

The road to New England / the autobahn to Germany: German lighting manufacturer Osram licht plans to shed roughtly 7,800 jobs at home and abroad to save costs.

Amgen plans to cut workforce by 12% to 15% -- didn't we just see a survey that said American consumer confidence rises. Maybe not so fast.

China's stocks are soaring as investors scoop up investments in one of the world's cheapest markets.

The Los Angeles Journal

Out here in Los Angeles, homeowners are allowed to water their lawns for 8 minutes three nights a week. Golf courses have no restrictions except to water only at night, but unlimited amount of watering. And then a 1921-era water main breaks in west Los Angeles (Hollywood) and spilling more than 5 million gallons/hour. When I last checked, more than 10 million gallons of water had flooded the streets, UCLA's Pauley Pavilion, and nearby schools. Google LA flood for more.

Reporting Tomorrow

 Although some of may have changed their report dates.

Murphy Oil (MUR)
Phillips 66 (PSX)
Questar (STR)
Southern Company (SO)
Sprint (S)
Tenaris (TEN.MI)
Valero (VLO)
Whiting (WLL)
Williams Cos (WMB)