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Tuesday, September 05, 2006

Media Digest 9/5/2006

Stocks: (F)(INTC)(CVX)(YHOO)(NWS)(WMG)

According to Reuters, the CEO of Ford wrote to the companies employees telling them that the company needs a new business model. Ford may have to accelerate cost cuts in the face of falling unit sales.

Reuters writes that a report in the Financial Times says that Intel will cut 10% of its 100,000 person workforce today.

Reuters reports that Airbus replaced the head of its troubled 380 superjumbo jet project.

The Wall Street Journal reports that Chevron is expected to announce the first successful oil production from a dell water region of the Gulf of Mexico.

The WSJ writes that French company CGG plans to buy Veritas, a provider of geophysical information for $3.1 billion in cash and stock.

The WSJ also reports that worldwide semiconductor sales hit $20.1 billion in July, up 12% from a year earlier, according to the Semiconductor Industry Association.

The WSJ writes that the treasurer of Yahoo! has left to become CFO of video portal You Tube.

The WSJ also writes that News Corp unit MySpace is partnering with Snocap to allow MySpace users to buy music from independent bands. The move is a possible challenge to the Apple iTunes business.

According to the New York Times, the Warner Music Group, Viacom, and the Universal Music group are the finalists in bidding to buy BMG's Music Publishing company.

Douglas A. McIntyre

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