Media Digest 7/23/2008 Reutes, WSJ, NYTime, FT, Bloomberg

According to Reutere, Yahoo! (YHOO) profits were down, but the company maintained its full-year forecast.

Reuters reports that Wachovia (WB) posted huge write-offs and losses for the last quarter.

Reuters writes that some members of the FCC have voted on the Sirius (SIRI) merger with XM (XMSR), but no final decision has been made.

Reuters reports that the founder of Schwab (SCHW) will step down as CEO but remain as chairman.

The Wall Street Journal reports that Washington Mutual (WM) posted a huge loss but its shares rallied.

The Wall Street Journal reports that NY State will file fraud charges against UBS (UBS)

The Wall Street Journal reports that investors are focused on Apple (AAPL) founder Steve Jobs health.

The Wall Street Journal writes that VMWare (VMW) posted slower growth.

The Wall Street Journal writes that McDonald’s (MCD) earnings may give an indication of whether the US economy is hurting fast food sales.

The Wall Street Journal writes that high food costs are hurting the turnaround at Sara Lee (SLE).

The Wall Street Journal writes that Apple (AAPL) is stepping up its retail push in China.

Carlos Ghosn of Nissan said the auto industry faces more troubles.

The New York Times reports that trouble at Fannie Mae (FNM) and Freddie Mac (FRE) could push up mortgage rates.

The New York Times reports that a federal task force found that speculation was not a major reason for the rising price of oil.

The FT writes that the US Treasury’s plan to rescue Fannie Mae and Freddie Mac could cost $25 billion.

The FT writes that Microsoft (MSFT) has cut a deal to get original short films to run on the Xbox.

Bloomberg reports that CostCo (COST) expects earnings well below estimates.

Douglas A. McIntyre