A new tropical storm, Fay, has formed in the northern Atlantic Ocean but doesn't pose a threat to land. The National Hurricane Center in Miami reports Fay was about 450 miles southwest of the Azores on Sunday. There are no coastal watches or warnings in effect. Fay is expected to dissipate by the end of the week. Meanwhile, Tropical Storm Odalys has formed southwest of Mexico's west coast. It's expected to strengthen into a hurricane by Monday. The storm's center is about 1,245 miles southwest of the southern tip of Baja California. There are no coastal watches or warnings for either storm.