Media Digest 5/21/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, Microsoft’s (MSFT) Steve Ballmber said his company will not bid for Yahoo! (YHOO).

Reuters writes that HP’s (HPQ) operating margin rose to 10% in the last quarter.

Reuters writes that Lehman (LEH) will cut 1,300 jobs.

Reuters reports that GM (GM) reaced a deal with striking worker in Kansas.

Reuters reports that another hedge fund joined Carl Icahn’s bid to controll Yahoo!.

The Wall Street Journal writes that AIG (AIG) ex-CEO Hank Greenberg may face SEC charges.

The Wall Street Journal writes that Time Warner (TWX) plans to spin-out Time Warner Cable (TWC) and get a $9.25 billion dividend in the process.

The Wall Street Journal writes that its new editor will be Robert Thomson, the paper’s former publisher.

The Wall Street Journal writes that Barnes & Noble (BKS) is considering a bid for Borders (BGP).

The vice-chairman of the Fed said that the economy is still in rough shape.

The Wall Street Journal writes the the slowdown has taken its toll on Target’s (TGT) earnings.

The Wall Street Journal writes that CBS (CBS) will stream more of its shows on the internet.

The New York Times writes that several forecasts say the worst is ahead for the US economy.

The New York Times writes that Merck (MRK) has agreed to a settlement over its Vioxx advertising.

The New York Times writes that shoppers are sticking to buying only basics.

The New York Times reports that Honda (HMC) will sell a new gas-electric car next year.

The FT writes that a bug in a computer model caused Moody’s (MCO) to rate certain debt with its top ratings.

The  FT writes that AIG (AIG) plans to raise $20 billion.

Bloomberg reports that hedge funds using swaps are facing a four-fold rise in junk bond defaults.

Douglas A. McIntyre