Media Digest 10/29/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, global stocks rose on possible rate cuts but the economic outlook is grim.

Reuters reports that the Fed is expected to cut rates with Japan likely to follow.

Reuters reports that Sony (SNE) profits were off 90%.

Reuters writes that Toshiba’s profits fell sharply.

Reuters reports that GM (GM) may have a case for aid under the government bailout program.

Reuters reports that GMAC may seek status as a bank to more easily get federal money.

Reuters reports that Wal-Mart (WMT) is preparing to pick-up market share in the downturn.

Reuters writes that a consumer group is opposing the Google (GOOG) deal to sell ads for Yahoo! (YHOO)

Reuters report that Boeing (BA) workers are looking at ratifying their new contract in light of the recession.

Reuters reports that Motorola (MOT) will cut jobs and focus on Google’s handset software.

The Wall Street Journal writes that pharma sales to consumers are expected to be less robust that previously forecast.

The Wall Street Journal reports that the large gain in VW’s stock hurt several hedge funds which were short the shares.

The Wall Street Journal reports that big car retailers are writing off the value of the Detroit car sales rights.

The Wall Street Journal reports that developers are beginning to test Microsoft (MSFT) Windows 7.

The Wall Street Journal reports that the slide in oil may cause OPEC to cut again.

The Wall Street Journal reports that Google paid $125 million to settle claims with book publishers which should allow a number of books to be available online.

The Wall Street Journal reports that many small biotech firms will go bankrupt this year hurting the drug pipeline to Big Pharma

The Wall Street Journal reports that Gannett (GCI) will cut hundreds of jobs at local papers.

The Wall Street Journal reports that the publishing arm of Time Warner (TWX) will cut hundreds of jobs.

The New York Times reports that credit card companies will make cuts in capital they make available to consumers.

The New York Times writes that "at least 400,000 people, and perhaps as many as a million, can’t access their savings in the Reserve Fund, the nation’s oldest money market fund,"

The FT reports that output from the world’s oil fields is declining more rapidly than expected.

The FT writes that ad agencies predicted a tough year ahead.

Bloomberg reports that the Fed may cut rates to 1%.

Bloomberg writes that home prices will hurt the US economy more than stocks.

Douglas A. McIntyre