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Tuesday, July 11, 2006

Media Digest 7/11/2006


According to Reuters, Alcoa's stock fell 4% as its revenue missed Wall Street expectations. Profits rose 62% due primarily to higher prices for aluminum.

Reuters says that Lucent will have weaker than expected third-quarter earnings based on lack of demand for network equipment in North America.

Reuters says that LG Philips had a quarterly loss due to a drop in prices of liquid crystal displays and panel TVs.

Reuters also reports that the US House of Representatives will consider a bill that would prevent companies like Wal-Mart from owning a bank.

The Wall Street Journal reports that Time Warner would give up $1 billion in operating profit through 2009 under a plan that would have AOL offer its online service for free. AOL would hope to replace subscription revenue with advertising dollars.

The WSJ expects Borders Books to name the former head of Sak's as CEO.

The WSJ writes that CNET will restate earnings for three years due to stock options accounting that was incorrect for those years.

The WSJ also reports that Kimco will purchase Pan Pacific Retail for $2.9 billion.

The WSJ also writes that the CEO of PCCW will sell his holdings in the company to a Hong Kong banker for $1.18 billion. The moves will prevent two private equity groups from buying most of the company's assets for a much larger sum.

The WSJ also reports that online brokers such as Charles Schwab and TD Ameritrade are cutting trading fees for customers as banks and start-ups put pressure on pricing.

The New York Times reports that Sun Microsystems will launch three new servers lines in the hope of resurrecting the company's server sales. All of them use the Opteron processor from Advanced Micro Devices.

The New York Times also reports that Revlon's second quarter loss nearly tripled to $95 million.

Douglas A. McIntyre

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