"Men are wise in proportion, not to their experience, but to their capacity for experience." - George Bernard Shaw

• GM F: Moody's Cuts GM, Ford Debt to Junk Cost Concerns Gain Focus Ahead of UAW Negotiations; Downgrade Follows S&P General Motors Corp. and Ford Motor Co. took another hit as Moody's Investors Service downgraded the corporate debt of both auto companies to junk status, following similar moves by Standard & Poor's Corp. The moves come as the top two U.S. auto makers by market share struggle with intense competition, high costs and the decline in sales of their biggest and most profitable sport-utility vehicles. (Full Story) WSJ
• GOOG: Google Wants to Be Your Best Friend On Your Computer For most Internet users, Google is synonymous with online search. Millions of people begin every Web session at Google's famous, plain home page. But that's not good enough for the bright young upstarts who run Google. They want Google to be your constant companion even if searching or browsing the Web is the furthest thing from your mind. They are working hard to make Google software a fixture on computer desktops. (Full Story) WSJ
• INTC: Intel dials up Skype support Intel is investing in VoIP giant Skype to make sure the company's software products are streamlined for Intel's next generation of dual-core processors. Intel senior vice president Pat Gelsinger said Wednesday that the two companies were working together at the research and development level to build what he called "good business-class audio," for voice-over Internet protocol networks. (Full Story) CNET
• MOT: Motorola intends to give children's phone market a jingle Motorola Inc. plans to make a wireless phone geared for children, the latest attempt to capture a potentially significant and mostly untapped market. While visiting India this week, Motorola Chief Executive Edward Zander told The Associated Press that the company plans to make phones that would let parents monitor their kids' whereabouts and censor obscene comments.Motorola Inc. plans to make a wireless phone geared for children, the latest attempt to capture a potentially significant and mostly untapped market.
• Short Interest: Nasdaq rptd Aug short interest up 1.3% m/m to 5,821,353,067; SIR 3.6 vs 3.5 in July -- WSJ

Market Comments: The market opens fairly flat this morning. Oil prices are at record highs, which may be beginning to weigh on things. The state of Hawaii is implementing price caps on gasoline, so you know that energy rhetoric is peaking.

The semis are leading the way so far this morning; while energy stocks are down the most. This could be due to profit taking in the sector. Retailers are up nicely as well.

long GOOG, INTC