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Friday, August 11, 2006

Midday Media August 11, 2006 Reuters, NYT, WSJ


The Wall Street Journal reports that retail sales rose 1.4% in July, which was above most forecasts and showed that the economy is still healthy.

The WSJ also writes that the head of Bally Total Fitness stepped down. The company said that it was no longer for sale and issued a lower forecast for the balance of the year.

The WSJ reports that Analog Devices missed forecasts for its last quarter and issued guidance below Wall St. expectations. The company, which makes cell phone chips and silicon for other consumer electronics devices, said sales rose 14% to $664 million. The company's stock fell 15% to $26.50.

The WSJ also writes that Apple will delay its 10Q for the period ending July 1 as the maker of Macs and iPods probes the financial consequences of the timing of options grants. The company could not give a date for when results would be restated and released.

Reuters reports that Ford is unlikely to sell a majority interest in its financial services arm. The company does not think it can get a "generous" buyer, and also thinks its current cash reserves are adequate.

Reuters also reports that Sabre Holdings, which owns the Travelocity website, has signed a five year deal with JetBlue to offer the airlines fares on its website.

The New York Times reports that investment banking firm Keefe, Bruyette and Woods has filed for an IPO. The company plans to raise $100 million.

The New York Times DealBook reports that shares of FileNet are trading above the $35 per share the IBM has offered for the data management company. The value of the entire offer is $1.6 billion. The shares trading in excess of the offer may mean that the market believes that a competitive bid is a possibility.

Douglas A. McIntyre

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