Media Digest 12/5/2007 Reuters, WSJ, NYTimes, FT, Barron's

According to Reuters, OPEC will probably keep oil output at current levels.

Reuters writes that a goverment plan to help sub-prime borrowers will probably freeze their rates for five years.

Reuters writes that Home Depot (HD) will close a number of call centers and lay off almost 1,000 people.

Reuters writes that a number of retailers are using sales early to avoid discounting later.

Reuters reports that UK mortgage lender Northern Rock may be nationalized if it cannot be sold.

Reuters writes that Google (GOOG) and GPS company Tom Tom have teamed up so that the device customers can use Google Maps

The Wall Street Journal reports that BlackRock’s plan for rescuing Florida’s troubled investment fund calls for isolating distressed securities and charging a fee for large withdrawals.

The Wall Street Journal writes that New York state prosecutors subpoenaed several Wall Street firms seeking information on the packaging and selling of debt tied to high-risk mortgages.

The Wall Street Journal also writes that Nielsen will offer a service to track the pirating of copyrighted video.

The Wall Street Journal writes that Fannie Mae (FNM) cut its dividend and will raise $8 billion.

The Wall Street Journal reports that Temasek Holdings., Singapore’s state-owned investment company, is providing half the funding for a new, $2 billion China-focused private-equity fund set up by the chairman of Goldman Sachs (GS) in China.

The Wall Street Journal writes that Cisco (CSCO) hired the former CTO of Motorola (MOT).

The Wall Street Journal reports that Blackstone’s (BX) stock is being pulled down by an investment in Financial Guaranty Insurance Corp which may need a capital infusion.

The Wall Street Journal writes that GM (GM) is working on buying a large stake in a Russian auto maker.

The New York Times writes that Johnson & Johnson (JNJ) will begin to market its stents directly to consumers.

The New York Times writes that Nokia (NOK) will offer free downloads of music from Universal on its handsets.

The FT reports that China has extended a clampdown on new bank lending into next year.

The FT writes that Legg Mason say the credit markets are the worst they have been in 47 years.

The FT reports that the head of Deutsche Bank (DB) has turned down the job of running Citigroup (C).

Barron’s writes that Comcast (CMCSA) cut its outlook and its shares fell after hours.

Douglas A. McIntyre