PRESS DIGEST - Wall Street Journal - July 10

July 10 (Reuters) - The following were the top stories in The Wall Street Journal on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* Apple Inc (AAPL.O) plans to open its App Store, an online bazaar offering mobile applications, coinciding with Friday's release of the new iPhone. Apple CEO Steve Jobs said he believes the iPhone represents a rare launch of a new computing "platform."

* The Bush administration has held talks about what to do in the event mortgage giants Fannie Mae (FNM.N) and Freddie Mac (FRE.N) falter, according to three people familiar with the matter, as the stock prices of both companies continue to fall sharply.

* Yahoo Inc (YHOO.O) will introduce a tool for Web developers Thursday that is designed to expand the scale of its struggling search business and help create new competitors to Google Inc (GOOG.O).

* U.S. drivers have cut back their use of gasoline to levels not seen in five years, data show. Meanwhile, supplies of gasoline are building. The weaker demand, combined with plentiful supplies, could lead to lower prices at the pump.

* Merck & Co (MRK.N), Eli Lilly & Co (LLY.N) and Pfizer Inc (PFE.N) are teaming up to create new drug-discovery methods, which the companies say could save them large sums by reducing the failure rate of clinical trials.

* Wachovia Corp WB.N named Treasury Undersecretary Robert Steel as CEO, hiring an outside executive with credibility on Wall Street and in Washington.

* Movement into and out of U.S. cities slowed sharply last year as the housing bust forced more Americans to stay put, according to new Census Bureau data.

* In the midst of unresolved contract negotiations with the Screen Actors Guild, Hollywood studios are weighing whether to declare an impasse and, in some cases, are preparing to push ahead with planned projects despite a possible strike.