Media Digest 5/29/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   GM (GM) is close to bankruptcy after a deal with bondholders.

Reuters:   Banks are lobbying Washington on derivatives rules.

Reuters:   Dell’s (DELL) profits fell but beat estimates.

Reuters:  Iacocca will lose his car and pension in the Chrysler bankruptcy.

Reuters:   RH Donnelley filed for Chapter 11.

Reuters:   Data boosted recovery hopes and May stocks will end near highs.

Reuters:   Wall St. faces pay puzzles among TARP rules.

Reuters:   The Fed’s Fisher said the recovery will be very slow.

Reuters:   Yahoo!’s (YHOO) North American content head left the company.

WSJ:   With Treasury yield up the Fed may do nothing to effect the economy.

WSJ:   Mortgage rates rose hurting prospects for a housing recovery.

WSJ:   Dell (DELL) warned that the PC market has not hit bottom.

WSJ:   Microsoft’s (MSFT) Bing search engine is taking aim at Google (GOOG).

WSJ:   High prices are keeping OPEC output steady.

WSJ:   Google (GOOG) released several new software tools.

WSJ:   P&G (PG) will expand its lower cost line-up.

WSJ:   India had 5.8% GDP growth.

WSJ:   Time Warner (TWX) set a spin-off of AOL.

WSJ:   Unilever will test mobile coupons.

WSJ:   The new Palm (PALM) Pre will access Apple (AAPL) iTunes.

WSJ:   The housing picture is brightening in California.

WSJ:   The US will urge China to consume and not save.

WSJ:   Chinese banks are spending now buy may have to pay later due to low loan quality

WSJ:   Corporate profits still have a long way back.

WSJ:   Singapore’s Temasek sovereign fund lost almost $40 billion.

WSJ:   The big Treasury auction went well.

WSJ:   The demise of Detroit does not stop the race for sales.

WSJ:   Germany is delaying an Opel financing plan.

WSJ:   Target (TGT) shareholders backed management over Ackerman.

WSJ:   Electronic Arts (ERTS) is making a big play for online services.

NYT:   Delphi is in talks to emerge from bankruptcy.

NYT:   More homeowners are facing foreclosure.

FT:   Hopes are rising for a fast GM (GM) bankruptcy exit.

FT:   Chrysler’s deal with Fiat is close to closing.

FT:   Microsoft (MSFT) and Yahoo! (YHOO) are facing off over innovation.

FT:   US  lawmakers are skeptical about having one regulator for the bank system.

FT:   New debt fears are arising over commercial property.

Bloomberg:   Japan’s factory output plunged the most in 56 years.

Bloomberg:   Fiat’s chief is perplexed over changes in the rules for buying Opel.

Douglas A. McIntyre