Media Digest 9/11/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

NewspaperAccording to Reuters, Washington Mutual (WM) fell 30% to a 17-year low.

Reuters reports that billionaire Carlos Slim has bought 6% of The New York Times (NYT).

Reuters writes that Northrop Grumman (NOC) may get a $5 billion deal to build an aircraft carrier for the US Navy.

Chrysler will introduce seven new models by 2010, according to Reuters.

Reuters reports that Apple (AAPL) settled a shareholder suit for options backdating for $14 million.

The Wall Street Journal reports the exports have supported a number of US regions due mostly to the fall of the dollar.

The Pension Benefit Guaranty Corporation is pressuring Delphi and GM (GM) to fund the troubled auto parts company’s pension, the Journal says.

The Wall Street Journal reports that Fannie Mae (FNM) sold a record $7 billion of two-year notes as investor demand for the offering exceeded expectations.

The Wall Street Journal says that Bank of America (BAC) will buy back $4.5 billion in auction-rate securities.

The Wall Street Journal reports that India’s Infosys expects weak growth in its current fiscal year.

The Wall Street Journal reports that Imclone (IMCL) rejected a bid from Bristol-Myers (BBY).

The Wall Street Journal writes that advertising has slowed at Time Warner’s (TWX) AOL.

The Wall Street Journal reports that the Russian stock market has been plunging.

The Wall Street Journal reports that the Pentagon canceled a $40 billion tanker competition, a victory for Boeing (BA).

The New York Times says that problems with falling real estate have spread to China.

The New York Times reports that Saudi Arabia will ignore an OPEC production cut.

The New York Times says that banks are increasingly offering small businesses credit cards rather than lines of credit .

The FT writes that money is flowing out of equities and bonds in emerging markets.

The FT reports that banks could face billion of dollars in credit derivatives contracts losses from Fannie Mae (FNM) and Freddie Mac (FRE).

Bloomberg reports that the Fed may increase loans to bankers and brokerage firms.

Bloomberg writes that the administration is trying to figure out how to put Fannie and Freddie’s $5.2 trillion in debt into the federal budget.

Douglas A. McIntyre