AT&T this morning reports an increase in quarterly profit.  From the Reuters story:
AT&T’s first-quarter profit rose to $3.46 billion, or 57 cents per share, from $2.85 billion, or 45 cents a share in the same quarter a year earlier.
The positive report results mostly from strong growth in AT&T’s wireless business.  Traditional phone subscriptions were down.
One [...]

Wow, the Federal Reserve has reacted dramatically to the global markets spinning out of control.  According to KCCI TV’s web site this morning, the Fed lowered the federal funds rate to 3.5%:
In a statement on its Web site, the Federal Reserve took the action in view of a weakening of the economic outlook and increasing [...]

According to the WSJ, on fears that the US will experience a recession (perhaps due to the possibility of Ron Paul getting elected president), the major Asian indexes fell anywhere from 4-8%.
Evidently Bush’s stimulus package did not impress. Let’s hope this doesn’t create a circular reaction event (US Markets drop, Asian Markets drop, lather, [...]