Media Digest 5/7/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, Cisco (CSCO) has a good quarter but was cautious about the future.

Reuters reports that Sprint (S) and Clearwire (CLWR) will announced a $12 billion project for national broadband service.

Reuters writes that Paulson thinks the markets are emerging from their crunch.

Reuters reports that the Fed will seek to pay interest on bank reserves.

Reuters writes that one of the Fed’s members said inflation is having a corrosive impact on the economy.

The Wall Street Journal reports that the West is concerned about Russia’s new sovereign wealth fund and where it may try to invest.

The Wall Street Journal writes that analysts are now predicting $150 oil which would drive gas prices to $4.50.

The Wall Street Journal writes that Disney’s (DIS) results defied the economic slowdown.

The Wall Street Journal reports the Countrywide (CFC) promised to improve its practices as its testified before Congress.

The New York Times writes that Take-Two (TTWO) probably sold about $500 million of it Grand Theft Auto IV game in the first week it was out.

The FT writes that Dubai will begin to invest in emerging markets due to concerns in the West that its fund may want to influence policy in companies in which it invests.

The FT writes that Goldman predicted oil could move above $200.

Bloomberg writes that Countrywide is pulling home equity loans in Las Vegas.

Douglas A. McIntyre