Today Reuters News Mail by Lisa Von Ahn

Welcome to the Reuters Before the Bell news mail.

Wachovia has apparently dashed any hope that today’s batch of earnings releases can help Wall Street forget yesterday’s disappointing outlooks from Apple, Texas Instruments and American Express.

Instead, Wachovia’s news of a big loss, job cuts and a much lower dividend has underscored those pervasive worries about the financial sector, and stock futures are pointing down.

Strong results from Caterpillar are failing to disperse the bad vibes.

The dollar is mired near record lows against the euro, while U.S. Treasuries are higher.

Treasury Secretary Henry Paulson is speaking on markets and the economy, while Philly Fed President Charles Plosser will discuss the economic outlook.

On the data front, look for housing figures and the Richmond Fed’s manufacturing and services indexes.

Oil prices are holding steady. Tropical Storm Dolly doesn’t look like much of a threat to U.S. production, and experts say it’s too early to say whether last week’s record slide is over.

There might be more news about Roche’s offer to buy the remaining stake of Genentech, since the two companies are meeting today.

Meanwhile, Brocade has sewn up a deal to buy data equipment maker Foundry Networks for about $3 billion.

Until tomorrow,

Lisa Von Ahn
News Mail Editor

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