Tuesday morning headlines

Stocks rally: Wall Street is waiting for the Fed to do something. Plus, there are a bunch of good deals out there. Dow is up 180 points.

Waiting for Fed announcement: The central bank might try infusing more money into the system, though its previous efforts have had only limited success. Look for a statement later this morning. (Bloomberg)

Europe is the real problem: That's what former Treasury Secretary Hank Paulson is saying. From NYT columnist Andrew Ross Sorkin:

Pretend for a moment that countries like Greece, Spain and Italy are our banks in 2008. They are close to insolvent. (And the actual banks in Germany, Britain and France that are supposed to be strong are horribly undercapitalized and are holding too much debt from countries like Greece, Spain and Italy -- all countries that truly may not be able to pay it back in full.) As Mr. Paulson told me, "The most pressing and significant problems in the global economy are unsustainable structural issues with regard to the E.U. -- fiscal deficits and the structure of the E.U. itself."

Lower gas prices: An average gallon of regular in the L.A. area fell about two pennies, to $3.824, according to the government survey, but bigger drops could be in the offing. Crude is trading at around $81 a barrel.

Council to vote on stadium deal: City Councilwoman Jan Perry calls the memorandum of understanding with Anschutz Entertainment Group "very solid." AEG would like to start building early next year. (Daily News)

Tribune Co. developing its own tablet: The touchscreen device, to be run on a modified version of Google's Android operating system, would be offered for free, or at a highly subsidized price, to people who sign up for extended subscriptions. From CNN:

The project has proved to be a more complicated undertaking than expected. Tribune had set a mid-August deadline to begin testing the tablet in Chicago and Southern California, but it will miss that target, said three of the people. "They're having to reinvent many wheels," said a person familiar with the matter. "If it turns out to be a failure, it'll be a fantastically interesting failure."

News Corp. board meets today: It'll be the first time that directors have been together since the company's phone-hacking scandal, though no big announcements are expected. Earnings will be released on Wednesday. (WSJ)

Live Nation sees improving concert business: The Bev Hills-based concert promoter, which merged a year ago with Ticketmaster, benefited in its most recent quarter from rising attendance and higher spending on concessions. (LAT)