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Monday, July 17, 2006

Media Digest 7/17/2006

Stocks: (NVS)(YHOO)(GM)(DIS)(TM)(BA)(LMT)(N)(FAL)(PD)(PHG)

According to Reuters, Philips Electronics missed Wall Street's forecasts for net profits due to low pricing of LCD displays. The company did repeat its outlook for 5% to 6% sales growth. Philips also announced a $1.9 billion share buyback.

Reuters also reports Yahoo! Finance, one of the most visited financial sites in the world, has launched a number of new features in an upgrade of its product.

The Wall Street Journal reports that GM's board will meet today to discuss the possibility of a global partnership with Renault and Nissan.

Phelps Dodge raised its bid for Inco and Inco raised its bid for Falconbridge as the three companies attempt to preserve their plan for a three-way merger. Swiss companay Xstrada is also attempting to buy Falconbridge.

Boeing said that some of the areas of its 787 mid-sized jet were behind schedule but that it should not result in a delay of its 2008 launch.

The head of Lockheed said that the company objects to fix-priced contracts for military research work. The program has been proposed by Senator John McCain.

The Wall Street Journal writes that Intel is launching its Monticeto chip, the first Itanium chip to have a "the equivalent of two electronic brains on one piece of Silicon".

The WSJ writes that the movie "Pirates of the Caribbean" was first at the box office again, helping the fortunes of Disney's studio operations.

BusinessWeek writes that Toyota Motors may be considering approaching GM with an alliance plan. The partnership would compete with Nissan and Renault's plans to join up with the US auto giant.

The New York Times writes that a new study of options backdating shows that as many as 2.000 companies may have 1996 to 2005. Based on these statistics, nearly 30 percent of companies had backdated options. The study was done by professors at the University of Iowa and Indiana University.

According to Reuters, Novartis missed profits forecasts with a 4% increase in second quarter net to $1.713 billion. The company's purchase of biotech firm Chiron hurt results.

Douglas A. McIntyre

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