It is not enough that Apple (NASDAQ: AAPL) wants to sell a lot of iPhones. Now the company is making it clear that it wants to create the dominant software systems for smartphones.

According to The Wall Street Journal, Apple "will open its App Store, an online bazaar that will attempt to do for mobile applications like games, reference guides and other software what Apple's iTunes Store has done for music."

Apple believes that it can help enhance phones so that they are more like the new PCs, bringing the power of computing to wireless devices. There are several drawbacks to the plan.

It may be a number of years before the processors or memories in handsets will come even close to rivaling what PCs can offer. Connections to the internet are also only as good as the cell grid. Coverage can come and go. With computers, that problems does not exist.

But the greatest problem may be screen size. Americans are used to larger and larger PC monitors. They are better for playing games, viewing spreadsheets and watching movies.

Who wants to have a tiny screen and even smaller keyboard for doing the majority of computing.

And what do people do when the handset battery runs out?

Douglas A. McIntyre is an editor at 247wallst.com.

MAJOR PAPERS:

• The Wall Street Journal reported that Toyota Motor Corporation (NYSE: TM) is set to revamp its manufacturing operations in the U.S. in response to rising gasoline prices that have led to a shift toward fuel-efficient models. Officials at the auto maker said key moves may include dropping plans to produce the Highlander car-SUV crossover vehicles in a Tupelo, Mississippi plant, instead producing the Prius at the plant.
• Tomorrow Apple Inc (NASDAQ: AAPL) is set to launch its second version of the iPhone but it also will be opening its APP Store to software developers--an online bazaar--with the intent of bringing more applications to the phone as it has with music via its iTunes stores. Apple's goal is to turn the iPhone into a gadget that more resembles a personal computer, the Wall Street Journal reported.

• According to sources, the South China Morning Post reported that Wynn Resorts Limited (NASDAQ: WYNN) is considering a secondary listing in Hong Kong that would raise as much as $3B. The source said that the fund-raising plan has yet to be approved that that the company is a "long way" from a share sale and "might never do it."

• In an interview, Bloomberg reported that Former St. Louis Federal Reserve President William Poole said there is an increasing chance the U.S. may need to bail out "insolvent" Federal National Mortgage Association (NYSE: FNM), or Fannie Mae, and Federal Home Loan Mortgage Corporation (NYSE: FRE), or Freddie Mac. Poole said data provided show that the fair value of Fannie Mae's assets fell 66% to $12.2B in Q2, while Freddie Mac owed $5.2B more than its assets were worth during the quarter.