Wednesday morning headlines

Stocks are mixed: A down day wouldn’t be a big surprise after Tuesday's 890-point Dow gain. For now, everyone is waiting for the Fed decision on rates.

Rate cut expected: Look for a half-percent drop in the federal funds rate, to 1 percent. That would be the lowest level since 2004 (announcement will come shortly after 11). A rate cut could push borrowing costs lower for consumer and business loans. (AP)

Another bank gets help: OC's tiny Saigon National picks up a $1.2 million infusion from the feds. The money will be used for small-business lending, much of it commercial real estate loans. The bank has a largely Vietnamese American clientele. (LAT)

Emirates making splash: The world's fastest-growing airline (which is not saying much these days) will celebrate its new service out of LAX tonight with a $3 million bash at the Kodak Theatre. Hilary Swank will host, Ricky Martin will perform, and Wolfgang Puck will cater. The airline is starting out with three weekly flights to Dubai. From the LAT:

The airline, owned by the Dubai government and run by the uncle of the ruler, has been an extension of Dubai's ambitions and aims to be the world's largest by 2015. Emirates now operates a fleet of more than 120 long-haul, wide-body jets. Until the nearly two-month strike by Boeing Co. factory workers, the airline got a new plane -- typically costing $200 million to $300 million each -- about every two weeks.

FedEx baggage service: If you have golf clubs or large pieces of luggage and want to avoid the airline baggage log-jam, FedEx is offering a next-day door-to-door delivery service for United passengers. Price is $149 one-way for a suitcase or other item of up to 50 pounds carried less than 1,000 miles. It'll cost $179 for more than 1,000 miles. From the WSJ:

Matthew Bennett, publisher of FirstClassFlyer.com, said these baggage services could be attractive to people who have had "a nightmare experience with their luggage" and "lose sleep at the prospect of a repeat." On the other hand, he said, "it's a lot to be bothered with" to arrange for separate luggage shipment. "Who has time? People who can afford this have busy schedules."

Geffen leaves DreamWorks Animation: As expected, he's stepping down from the board, though he still holds 22 percent of the company's voting power (CEO Jeffrey Katzenberg has 47 percent). The Geffen news came as the company reported a 20 percent drop in third quarter profits (tough comparison to last year's "Shrek the Third") (Variety)

Kerkorian sells more Ford: The Bev Hills billionaire now holds less than 5 percent of the automaker. He sold 26.4 million shares between Oct. 21 and Oct. 27 at an average price of $2.01 each. Ouch. (AP)