At The Motley Fool, we know our readers like to be informed. So we have scouted out today's most relevant news items and brought them to you all in one page. We hope you find this midday edition informative and useful.
Raters look into U.S. debt rating
With bipartisan bickering over spending cuts and raising the debt ceiling in the background, Moody's Rating Agency announced it is looking into the country's credit rating, with the possibility of lowering it; temporary default in interest payments would make an Aaa rating inappropriate.
Any default could be potentially devastating for the economy, which would raise interest rates and make bonds harder to sell. Though there is debate among raters on whether raising the debt ceiling would be enough to maintain the top-notch rating, most agencies see this as the first step, in addition to cutting spending. Read more at The Wall Street Journal.
JPMorgan beats estimates
Despite speculation that major U.S. banks would have a hard time raising revenue, JPMorgan Chase
Though the growth was impressive, executives say revenue was curtailed by the European debt crisis and continuously lower home prices. Estimates of second-quarter profit for Bank of America
Amazon's new tablet aimed at e-commerce
People familiar with the matter say Amazon.com
ConocoPhillips splits in two
Oil giant ConocoPhillips
The new independent refinery will become the largest in the U.S., surpassing Valero with a capacity of 2.4 million barrels. Read more at The Wall Street Journal.
So there you have it -- the top financial stories for this afternoon. Check Fool.com throughout the day for commentary on these and other stories. Also, follow us on Twitter, on Facebook, or through our email digests.
Michelle Zayed owns no shares of companies mentioned in the story. The Motley Fool owns shares of JPMorgan Chase, Apple, and Google. The Fool owns shares of and has opened a short position on Bank of America. The Fool owns shares of and has created a ratio put spread position on Wells Fargo. Motley Fool newsletter services have recommended buying shares of Amazon.com, Google, and Apple. Motley Fool newsletter services have recommended creating a bull call spread position in Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.