Media Digest (5/23/2011) Reuters, WSJ, NYT, FT, Bloomberg

European debt concerns have dragged stocks down. (Reuters)

Foxconn said a third person had died following an explosion in a plant  where Apple (NASDAQ: AAPL) iPads are made. (Reuters)

GT Solar may be a takeover target. (Reuters)

Congress will probe hedge fund SAC for allegedly illegal options trades. (WSJ)

Private equity firms and hedge funds are buying toxic debt from US banks. (WSJ)

VW plants in Tennessee have lower labor costs than most domestic and Japanese companies. (WSJ)

China’s PMI fell. (WSJ)

Dell (NASDAQ: DELL) is cutting back its efforts to make consumer electronics devices other than PCs. (WSJ)

Spain’s ruling Socialists lost a number of key local elections. (WSJ)

Sales of the Research In Motion (NASDAQ: RIMM) Playbook may be better than expected. (WSJ)

National gas prices may rise as drillers cut activity. (WSJ)

Luxembourg says Greece should sell of more assets. (WSJ)

An IPO by Prada will help activity on the Hong Kong market. (WSJ)

Wynnn (NASDAQ: WYNN) says it will push aggressively into China. (WSJ)

State attorneys general have increased investigations into how banks packaged and sold mortgage loans. (WSJ)

The China Development Bank is in negotiations to buy a part of big US private equity firm TPG. (WSJ)

A fungus could threaten cocoa crops in Latin America. (WSJ)

Stock options exercises could push down the price of LinkedIn. (WSJ)

A huge accumulation of foreclosed homes on bank balance sheets could further damage l real estate markets when they are put up for sale. (NYT)

Some cities with more than one PBS station may need to consolidate operations. (NYT)

Another Iceland volcano has erupted and may hurt airline traffic. (NYT)

Sony (NYSE: SNE) full year results may be hurt by hacker activity on its PS network and the Japan earthquake. (FT)

Short sellers are likely to target LinkedIn shares. (FT)

Google (NASDAQ: GOOG) expects a large pickup in display ads, particularly multimedia and mobile formats. (FT)

An S&P warning on Italy’s debt may increase concerns about contagion. (Bloomberg)

Douglas A. McIntyre