Media Digest 10/23/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, former Citigroup (C) CEO Sandy Weill may start a fund to invest in distressed financial companies.

Reuters writes that Amazon (AMZN) turned in a weak forecast hurting its stock.

Reuters reports that weak economic data in Japan lead to more recession fears

Reuters reports that GM (GM) and Chrysler may have few options if their merger talks fail.

Reuters reports that banks in China are posting slower growth and more problem loans.

Reuters writes that Baidu’s (BIDU) net was up 91%, helped by the Olympics.

Reuters reports that results from Travelers (TRV) pleased investors while Allstate (ALL) posted a loss.

Reuters reports that oil companies are taking a cautious approach to 2009 as prices fall.

Reuters reports that Pulte (PHM) reported a narrower loss but said the housing market was getting worse.

The Wall Street Journal reports that the administration is working on a $40 billion bill to help homeowners facing foreclosure.

The Wall Street Journal reports that some Bain Capital investments have lost a significant part of their values.

The Wall Street Journal writes that Sumner Redstone said he would not sell CBS (CBS) or Viacom (VIA).

The Wall Street Journal reports that the net at Boeing (BA) was hurt by its striking machinists’ union.

The Wall Street Journal reports that CEOs of 175 large companies have seen their net worths fall a total of over $42 billion.

The Wall Street Journal writes that credit card losses will get worse next year.

The Wall Street Journal reported that layoffs rose sharply in September.

The Wall Street Journal reports that Credit Suisse (CS) results swung to a loss.

The Wall Street Journal reports that Calpers may have to tap California public employers to cover heavy losses.

The Wall Street Journal reports that lower oil prices may help companies in the industry negotiate drilling rights in foreign countries.

The Wall Street Journal reports that the Cerberus bet on auto companies is proving costly.

The Wall Street Journal reports that AIG (AIG) has agreed to freeze executive payouts.

The Wall Street Journal reports that Goldman Sachs (GS) will cut 10% of its jobs.

The Wall Street Journal reports that Microsoft (MSFT) is sending software to China the will affect the PCs of pirates.

The Wall Street Journal reports that Samsung has reached a deal with NetFlix (NFLX) that will allow for delivery of high-def films over the internet.

The Wall Street Journal reports that the CEO of Moody’s (MCO) said the firm’s profit push might hurt the quality of its earnings.

The Wall Street Journal reports that crude hit a 16-month low.

The Wall Street Journal report that TicketMaster (TKTM) will buy artist-management company Front Line

The Wall Street Journal reports that restaurant companies Ponderosa and Bonanza filed for Chapter 11 bankruptcy.

The Wall Street Journal report that Merck (MRK) will cut jobs after posting losses.

The Wall Street Journal reports that EMC’s (EMC) data storage business sales slowed.

The Wall Street Journal reports that Comcast (CMCSA) will increase broadband speeds to better compete with phone companies.

The New York Times reports that hedge funds are facing an unprecedented shakeout.

The New York Times reports that Sony (SNE) cut its profit forecasts.

The New York Times reports that Bush called a 20-nation summit on the economy.

The New York Times reports that OPEC met with the president of Russia but got no promises on oil supplies.

The New York Times reports that some members of Congress want the government bailout to help people get car loans.

The FT reports that the capital injection from the Treasury may increase consolidation among banks.

Bloomberg writes that the Fed may lower rates to 1% and increase its holdings of mortgage bonds to lower costs for homebuyers.

Douglas A. McIntyre