Media Digest (5/11/2012) Reuters, WSJ, NYT, FT, Bloomberg

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Facebook’s initial public offering is already oversubscribed. (Reuters)

JP Morgan (NYSE: JPM) books a $2 billion trading loss, and the figure could rise by another $1 billion. (Reuters)

China’s industrial production and retail activity slow to multiyear lows. (Reuters)

Germany tells Greece it must rely on its reforms and not more bailout alterations. (Reuters)

Yahoo!’s (NASDAQ: YHOO) CEO says he never supplied its board with a resume. (Reuters)

Sony’s (NYSE: SNE) shares fall to a multidecade low after it posts a huge annual loss. (Reuters)

AT&T (NYSE: T) and Leap Wireless (NASDAQ: LEAP) are said to have discussed a buyout. (Reuters)

Chesapeake Energy (NYSE: CHK) has huge liabilities from $1.4 billion off-balance-sheet commitment. (WSJ)

China wants the Big Four auditors to turn over their local activities to native firms. (WSJ)

Credit Agricole’s earnings are hurt by positions in Greece. (WSJ)

T-Mobile says it had severe customer losses last quarter. (WSJ)

Intel (NASDAQ: INTC) says demand from corporate customers remains good. (WSJ)

Top CEOs lobby Congress on concerns about the nation’s increased debt. (WSJ)

Bank of France data shows France will have zero GDP growth in the first half. (WSJ)

An FDA advisory committee backs a new obesity drug from Arena Pharmaceuticals (NASDAQ: ARNA). (WSJ)

Mortgage rates continue to fall to all-time lows. (WSJ)

Corn prices fall as the U.S. increases estimates for crop sizes. (WSJ)

Microsoft (NASDAQ: MSFT) and Facebook join forces to create a new version of Bing to better compete with Google (NASDAQ: GOOG). (NYT)

Policy markets discover that the U.S. manufacturing industry needs subsidies to survive. (NYT)

Moody’s issues warnings about capital reserves to many global banks. (FT)

U.S. banks may be hurt by a series of credit agency downgrades that could happen in the next month. (FT)

An FTC review could delay Facebook’s deal to buy Instagram. (FT)

Spain may be given more time to handle its debt if it submits to reviews and audits of its financials. (FT)

UK consumer confidence falls, according to the National Building Society. (Bloomberg)

Douglas A. McIntyre