Media Digest (8/19/2011) Reuters, WSJ, NYTimes, FT, Bloomberg

Hewlett-Packard (NYSE: HPQ) may spin off its PC business because it bought enterprise software firm Autonomy for $10.3 billion. (Reuters)

News Corp. (NASDAQ: NWS) begins to prepare for the possibility that James Murdoch may leave. (Reuters)

Google’s (NASDAQ: GOOG) Google+ begins to effectively compete with Facebook. (Reuters)

Bank of America (NYSE: BAC) to cut 3,500 jobs. (WSJ)

Sprint-Nextel (NYSE: S) may buy the part of Clearwire (NASDAQ: CLWR) that it does not already own. (Reuters)

A sell-off of European banks leaves regional leaders in need of a solution to financial firm balance sheet trouble. (WSJ)

Treasury yields fall to 1.9872%, an all-time low. (WSJ)

Inflation rises in the U.S. in July, despite the slowdown. (WSJ)

Research In Motion (NASDAQ: RIMM) begins its music business. (WSJ)

Liberty Media ends talks to buy Barnes & Noble (NYSE: BKS) but will invest $104 million into the book reseller. (WSJ)

Another pipeline bursts in the flood zone in flood regions in the Plains states. (WSJ)

Target (NYSE: TGT) to launch a new website. (WSJ)

Caterpillar (NYSE: CAT) says machine sales slowed. (WSJ)

Exxon Mobil (NYSE: XOM) keeps its billion barrel oil discovery in the Gulf of Mexico a secret for several years. (WSJ)

Foster’s once again turns down an offer from SABMiller. (WSJ)

Volkswagen says that demand for its cars worldwide remains strong. (WSJ)

Investors have begun to sell junk bonds, a possible warning from another key sector of the markets. (WSJ)

AIG (NYSE: AIG) will use money from the sale of its Taiwan union to pay back the U.S. more money. (WSJ)

Exchange rates hurting profits at EU-based companies. (WSJ)

Gold hits a record above $1,800. (WSJ)

Revenue at Sears Holdings (NASDAQ: SHLD) does not rise as it offers discounts to draw customers. (NYT)

Mortgage rates fall to a 50-year low. (FT)

Coca-Cola (NYSE: KO) to put $4 billion into China operations. (FT)

The defense industry faces as much as $1 trillion in federal expense cuts. (FT)

The wave of M&A in wireless could help RIM shareholders finally get a large return on their money. (Bloomberg)

Douglas A. McIntyre