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Friday, August 18, 2006

Media Digest 8/18/2006 Reuters, NYT, WSJ

Stocks: (DELL)(MRK)(F)(CMVT)(BA)(NHZ)(BMY)

According to Reuters, Dell's net income was down 51% to $502 million. The computer company also said the the SEC was looking into the way that the company recognizes its revenue.

Reuters writes that a federal court found that cigarette companies were liable for breaking anti-racketeering laws for hiding the dangers of smoking. However, the court also said that the companies could not be forced to fund a multi-billion anti-smoking campaign.

Reuters writes that Merck lost two important legal battles over whether its drug Vioxx causes health problems. One of these overturned a ruling in the drug company's favor.

According to the Wall Street Journal, Ford is considering closing more factories, laying off more workers, and cutting salaries in a move to further reduce costs.

WSJ reports that the board of Bristol-Myers "stopped short" of supporting its CEO. The company is facing a probe about whether it violated patent laws.

Comverse Technology voided the employment contracts and revoked the stock options of three former employees involved in the options backdating scandal, according to the WSJ.

Raider Nelson Peltz will likely boost Heinz's focus and brands and costs. He won two board seats at the company, writes the WSJ.

The New York Times reports that Boeing will cancel its project to add high-speed internet to airplanes.

Douglas A. McIntyre

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