According to Reuters, Philips plans to buy-back $7.2 billion in shares.

The Wall Street Journal writes that former Treasury Secretary Lawrence Summers believe that the government should put together a $75 billion program to keep the economy out of recession.

The Wall Street Journal writes that the senior management at Bear Stearns (BSC) will not get bonuses this year.

The Wall Street Journal writes that Palm (PALM)  posted disappointing numbers

The Wall Street Journal writes that GM (GM) has begun the first phase of worker buy-outs.

The Wall Street Journal reports that NBC will begin to use cable and foreign shows during the writers strike.

The Wall Street Journal writes that developer claim the new Google (GOOG) handset software, Android, is full of bugs.

The Wall Street Journal writes that UBS may be on the hook for the money that was to be used for an acquisition of Genesco..

The Wall Street Journal reports that Best Buy (BBY) posted strong results avoiding the downturn in retail.

The New York Times reports that the managements of several major investment banks are considering bailing out bond insurance company ACA Capital Holdings.

The FT reports that Goldman Sachs (GS) warned that its record run could be over because of bad results in November.

The FT writes that the FCC voted to relax rules allowing companies to own TV stations and newspapers in the same market.

The FT also writes that the banks behind the SIV Super Fund say that it will be up and running within weeks.

Barron’s writes that as many as 266 companies will bid on the 700 MHz spectrum when the auction begins next month. The companies include AT&T (T) and Verizon (VZ).

CNN Money writes that Hovnanian’s (HOV) losses increased 4x in the last quarter.

Douglas A. McIntyre

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