Media Digest 5/23/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

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According to Reuters, Ford (F) has given up on its plan to make a profit in 2009.

Reuters reprots that Yahoo! (YHOO) nominated its board and delayed its annual meeting.

Reuters writes that Merrill Lynch (MER) has set up a group to sell bad assets.

Reuters reports that home price dropped and jobless rates hit a four-year high.

Reuters reports that Gap (GPS) earnings rose 40%.

Reuters reports that McDonald’s (MCD) will absorb some of its food commodities costs instead of passing them on to customers.

The Wall Street Journal writes that the oil industry will try to do more drilling on land currently protected by the government.

The Wall Street Journal reports that China PC sales lifted PC company Lenovo results

The Wall Street Journal writes that rising oil prices could hurt corporate profits in the second half.

The Wall Street Journal writes that oil found off the coast of Brazil may make it a major oil exporter.

The Wall Street Journal writes that Time Warner (TWX) has emerged as one of the leading bidders for The Weather Channel.

The Wall Street Journal reports that the CEO of Sony (SNE) told his managers to "get mad" in a bid to return the company’s lead in consumer electronics.

The Wall Street Journal reports that Moody’s moved analysts off rating some investment banks when the firms requested a change.

The New York Times writes that the strike at American Axle is coming to an end.

The New York Times writes that S&P may downgrade its ratings on nine airlines.

The FT reports that some Asian countries will cut oil subsidies to protect profits of state-owned companies.

The FT writes that Pimco is taking on huge amounts of mortgage debt.

Bloomberg writest that part of the upward pressure on oil was caused by traders covering bets that crude would fall.

Douglas A. McIntyre