Media Digest 7/3/2009 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters:   Smart investors are starting to cherry- pick stocks.

Reuters:   California may agree on a budget to stop using IOUs.

Reuters:   Some stock funds are still making up for lost ground.

Reuters:   The US housing market may be in early recovery.

Reuters:   US unemployment spiked in June.

Reuters:   Rio Tinto (RTP) wrapped up its rights offering.

Reuters:   J&J (JNJ) bought a $1 billion stake in Elan and will get a piece of its portfolio of experimental drugs to treat Alzheimer’s disease

Reuters:   The business jet market faces a slow recovery.

Reuters:   If TALF is pulled the asset-backed securities market may falter.

Reuters:   Dividends focused funds are doing especially well.

Reuters:   The fate of GM is in the hands of a bankruptcy judge.

WSJ:   Madoff feeder funds in Austria may have gotten $40 million in kickbacks.

WSJ:   The Justice Department confirmed it is investigating a deal between Google (GOOG) and book authors.

WSJ:   The government closed seven banks bringing the 2009 total to 52.

WSJ:   Some investors are moving back into REITS.

WSJ:   Oracle (ORCL) may cut up to 1,000 jobs.

WSJ:   Siemens (SI) settled with The World Bank and paid $100 million.

WSJ:   Boeing’s (BA) plane output is remaining steady.

WSJ:   Dish Network (DISH) won a stay in a legal action by Tivo (TIVO).

WSJ:   Stagnant pay is hurting consumer recovery.

WSJ:   The White House is still looking at whether more stimulus is needed.

WSJ:   The EU may take a hard line on derivatives.

WSJ:   The Treasury plans to sell $136 billion in paper next week.

WSJ:   Asia banks face rising prices if they stimulate economies too much.

NYT:   The SEC may reinstate short selling rules.

NYT:   The Shanghai Composite is up 68% this year.

NYT:   The US is making the hurdles higher for private equity to buy US banks.

NYT:   Exelon raised its bid for NRG to $7.43 billion

FT:   A “rogue” broker was blamed for a big spike in oil prices.

FT:   US advertisers are trying to avoid behavioral targeting laws.

FT:   China oil companies are talking with oil company Reposal about buying crude joint ventures.

Douglas A. McIntyre