The! Biggest! News! of! the! Day! - Not Wal-Mart Same-Store Sales or iPhone Expectations

Here are some of the contenders for today's biggest...news...of...the...day...

• Upbeat reactions to the recent weakness as it is said "don't let it make you think the stock market is done hitting record highs this year"...
• Disappointing same-store sales from Wal-Mart Stores (WMT)..."The company also said rising gas prices have hurt its core shopper"...
• A look into Apple's (AAPL) iPhone with the tag line "The new must-have smartphone may be a $10 billion business—and could send Apple shares even higher"...
• A report that says IBM used a corporate tax loophole to save "about $1.6 billion last month"...
• Reactions to the 10-year Treasury yield pushing above 5 percent...including comments from our very own Richard Sparks - "The market is slightly worried about interest rates rising and the fact the Fed does not seem to be willing to entertain the thought of cutting rates any time in the near future" ...

While those are all stories worth watching, I think it is obviously clear that the biggest story is this - Just add water - students invent alcohol powder...as part of a school project, "Dutch students have developed powdered alcohol which they say can be sold legally to minors"...all you have to do is add "water and you have a bubbly, lime-colored and -flavored drink with just 3 percent alcohol content"...

Getting past the parental angst, perhaps the most curious aspect is this - "The students said companies interested in making the product commercially could avoid taxes because the alcohol was in powder form. A number of companies are interested, they said."

How long do you think it takes for the government to get in on that action?