Business at a glance: Existing home sales plunge

Existing home sales fall twice as much as forecast

Sales of previously owned homes plunged 27 percent in July, reaching the lowest level since at least 1999. Sales fell twice as much as forecast, dropping to 3.83 million on an annualized basis, figures from the National Association of Realtors showed. The median forecast of economists was 4.65 million.

Dell may sweeten 3Par offer after HP bid

Dell Inc. is readying a sweetened offer for data-storage provider 3Par Inc. after its earlier bid was bested by a $1.6 billion proposal by Hewlett-Packard Co. The offer may be sent in the coming days. Last week, Dell had agreed to pay about $1.15 billion. It couldn't be determined how much Dell planned to boost its price. HP said Monday it's willing to pay more than twice what 3Par's shares were worth before Dell's bid was announced.

Nike's Tiger Woods Apparel line snubbed by consumers

Tiger Woods fans have put up with the philandering, the text messages and the domestic spats. Now comes what may be the hardest thing of all to tolerate: Losing. Woods has played through the year without a single tournament win, putting him at 83rd on the PGA Tour's money list. As his performance slumps, so have sales of his apparel line through Nike Inc., according to retailers Golfsmith International Holdings Inc., Roger Dunn Golf Shops and Golf Discount Superstore. Golf apparel sales overall are on the rise, signaling consumers are returning to the course, just not to Woods. Nike gets about 10 percent of its golf sales from the Woods brand, whose shirts, jackets and pants are among the most expensive clothing the sportswear maker sells.

Wells Fargo builds CMBS business once led by Wachovia

Wells Fargo & Co. is plunging back into the commercial mortgage-backed securities market that helped fell Wachovia Corp., the bank it bought in 2008 for $12.7 billion.

Wells Fargo added more than 20 bankers and support personnel during the past three months to increase loan originations and bundle them into CMBS, said Ed Blakey, who's leading the effort with John Shrewsberry. Wells Fargo anticipates selling bonds, though the executives declined in an Aug. 16 interview to give a date

Stiglitz says Europe at risk of double-dip recession

Nobel Prize-winning economist Joseph Stiglitz said the European economy is at risk of sliding back into a recession as governments cut spending to reduce their budget deficits. "Cutting back willy-nilly on high-return investments just to make the picture of the deficit look better is really foolish," Stiglitz, a Columbia University professor, told Dublin-based RTE Radio.

Grand Cherokee in U.S. probe for fuel tank defects

Chrysler Group LLC's Jeep Grand Cherokees for 1993 to 2004 are being investigated for possible fuel-tank defects after 55 fire-related deaths in crashes, the National Highway Traffic Safety Administration said. The investigation was requested by the Center for Auto Safety, a Washington group founded by consumer advocate Ralph Nader. The center said the gas-tank placement and lack of shielding led to leaks or ruptures in rear-end collisions.

Nokia, Intel open lab to work on 3-D for mobiles

Nokia Oyj and Intel Corp. opened a joint research center in Finland that will focus initially on developing 3-D software and "virtual worlds" for mobile devices. Applications could include gaming, meetings in virtual worlds, manipulation of real-world objects, and video calling with the use of holograms, they said. The Oulu center will employ about "two dozen" people and the partners have committed to it for three years.

Buffett loses stock-picker backup as Simpson retires

Berkshire Hathaway Inc.'s Warren Buffett, the 79-year-old chief executive officer, is losing an emergency stand-in with the retirement of money manager Lou Simpson. Simpson, who picks stocks at Berkshire's Geico Corp. car insurance unit, plans to leave his position at the end of the year, Debbie Bosanek, an assistant to Buffett, said. The retirement strips Buffett of an executive he has called a "Hall of Fame" investor as the billionaire prepares Berkshire for his own eventual departure.