Media Digest (7/19/2011) Reuters, WSJ, NYT, FT, Bloomberg

Parliament will question Rupert Murdoch of News Corp (NYSE: NWS) today (Reuters)

IBM’s (NYSE: IBM) service business rose, driving earnings up (Reuters)

Cisco (NASDAQ: CSCO) will fire 15% of its workers (Reuters)

EU leaders have not reached any meaningful conclusions on a Greek bailout (Reuters)

Brent crude rose on an anticipation of low U.S. oil stocks; gold was higher (Reuters)

Apple Inc’s (NASDAQ: AAPL) earnings forecast will be critical to investor views on whether the stock has become too expensive (Reuters)

China’s web users hit 485 million (Reuters)

Microsoft’s (NASDAQ: MSFT) fiscal year earnings expected to be a record, but shares have not risen (Reuters)

Borders Group was liquidated (Reuters)

Clorox rejected a bid from Carl Icahn (Reuters)

AIG (NYSE: AIG) may take its airplane leasing operation public (Reuters)

Utilities may be faced with huge costs to buttress nuclear plants against earthquakes (WSJ)

Apple (NASDAQ: AAPL) will probably set a deal with China Mobile (NYSE: CHL) to greatly increase sales of the iPhone (WSJ)

Greece is looking for bankers to handle government asset privatization (WSJ)

The value of Kodak’s (NYSE: EK) bonds has dropped over fears about its future (WSJ)

Baidu (NASDAQ: BIDU) has set a deal with record companies to distribute songs in China (WSJ)

Car companies will challenge 2025 mileage goals because adoption of electric cars may be slow (WSJ)

Investors want a cheaper Apple iPhone to counter Google’s (NASDAQ: GOOG) Android-based devices (WSJ)

The U.S. long bond has been affected by default concerns (WSJ)

News Corp’s board said it supports Murdoch (WSJ)

Delta (NYSE: DAL) will cut services to a number of small cities (NYT)

China has no way out of U.S. debt no matter what the risk because of the size of its holdings (NYT)

Investors moved more money into gold and the Swiss franc as U.S. debt has become more risky (FT)

Yields on Italian and Spanish bonds hit records (FT)

Facebook ad prices are up 74% as marketers move from print and TV (FT)

Calpers reported its best results in 14 years (FT)

China’s tax revenue rose 29.6% in the first half to $773 billion, and this will help it battle problems with local debt (Bloomberg)

AMD (NYSE: AMD) may post good earnings, but lack of a CEO worries investors (Bloomberg)

Douglas A. McIntyre