Media Digest 7/25/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Microsoft (MSFT) backed its internet spending plan and said it was done with negotiations with Yahoo! (YHOO).

Reuters reports that the CFO of Wachovia (WB) is leaving.

Reuters reports that Honda (HMC) posted a surprise profit gain.

The Wall Street Journal writes that shareholders of Cleveland-Cliffs wan the company put up for sale.

The Wall Street Journal writes that NY State filed fraud charges against UBS (UBS) for its marketing practices for auction-rate securities.

The Wall Street Journal says the ad industry expects cuts in auto and financial spending.

The Wall Street Journal writes that Vonage (VG) will bring in a new CEO as it nears a re-financing.

The Wall Street Journal reports that the Nokia (NOK) settlement with Qualcomm (QCOM) may lead to a similar settlement between the chip company and rival Broadcom (BRCM)

The New York Times reports that Microsoft will expand its ad sales deal with Facebook.

The FT writes that US financial stocks suffered their largest one-day decline since 2000.

The FT reports that Wal-Mart (WMT) has entered into labor agreeements with two Chinese unions.

Bloomberg reports that about half of Ford’s (F) products will be based on Mazda designs by 2010.

Douglas A. McIntyre