Media Digest 5/3/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   UAL (NASDAQ: UAUA) and Continental’s (NYSE: DAL) boards approved a merger.

Reuters:   Investors are concerned about the Greek rescue package.

Reuters:   Buffett of Berkshire Hathaway (NYSE: BRK.B) defended Goldman Sachs Group (NYSE: GS) and was optimistic about the economy.

Reuters:   Oil remained at about $86.

Reuters:   Apple (NASDAQ: AAPL) got a good response to sales of its 3G iPad.

Reuters:   Investors are looking for Hewlett-Packard’s (NYSE: HPQ) plans for a tablet PC now that its deal to buy Palm (NASDAQ: PALM) has been announced.

Reuters:   Microsoft (NASDAQ: MSFT) joined Apple in its criticism of Adobe’s (NASDAQ: ADBE) Flash.

WSJ:   Greece said its will support new austerity.

WSJ:   Shopping-mall owner General Growth Properties said that it favors a deal by Brookfield as it exits Chapter 11.

WSJ: “The FDIC’s Sheila Bair has urged lawmakers to scrap a controversial Senate plan that would force banks to spin-off their derivatives businesses, saying it could destabilize banks and drive risk into unregulated parts of the financial sector.”

WSJ:   Interactive Data may have an LBO backed by Warburg Pincus and Silver Lake.

WSJ:   Zale will defer a payment to Citigroup (NYSE: C),

WSJ:   The CEO of Sears Holdings (NYSE: SHLD) still has interim status.

WSJ:   Auto sales probably rose sharply in April.

WSJ:   Apple will kill its Lala.com music service.

WSJ:   The advances bought to BP plc (NYSE: BP) by its CEO are being hurt by the Gulf spill.

WSJ:   The US military is becoming more active in buying metals in the world markets.

WSJ:   Companies are beginning to end salary freezes.

WSJ:   Monster (NYSE: MST) sees the job market rebounding.

WSJ:   New FCC airwaves auctions could hurt Sirius (NASDAQ: SIRI).

WSJ:   Investors still see risks in bonds from Portugal and the UK.

NYT:   Deflation could hurt Greece.

NYT:   More and more studios and TV producers are offering programming on handsets.

NYT:   Media executives are still getting rich pay packages as they cut workers.

NYT:   Academics say a Senate financial reform bill addresses the wrong parts of the problem.

NYT:   Google’s (NASDAQ: GOOG) YouTube will offer live coverage of sports events.

FT:   Goldman Sachs will alter some of its trading packages which may help it settle with the SEC.

FT:   Buffett says derivatives legislation could move up costs of financial instruments.

FT:   A rally in bonds has pushed junk bonds to near face value.

Bloomberg:   Shares in BHP Billiton (NYSE: BHP) and Rio Tinto (NYSE: RTP dropped on a large tax to be imposed on them by Australia.

Douglas A. McIntyre