Newspaper wrap-up: Best Buy (BBY) looking to buy Covad?

MAJOR PAPERS:

The FDA is soon expected to issue an alert to physicians about "serious risks" regarding the use of drugs to diagnose heart problems while using ultrasound imaging machines, reported the Wall Street Journal. The key drug is Bristol-Myers Squibb's (NYSE: BMY) Definity and General Electric Company's (NYSE: GE) Optison.
According to the Wall Street Journal's "Heard the Street" column, there's no quick recovery in sight for AMR Corporation (NYSE: AMR), as significant revenue gains are not apparent and the company is saddled with high costs.
JPMorgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) are expected to reveal combined losses of about $3B on holdings of mortgage securities and leveraged loans when they report Q3 results this month, reported the Financial Times.

OTHER PAPERS:

A consortium led by Goldman Sachs Group (NYSE: GS) is believed to be the frontrunner in the GBP4B auction of Southern Water, the utility that supplies water to more than 1 million households in the Southeast, reported the U.K. Times.
Rumors are reportedly circulating at telecom company Covad Communications (NYSE: DVW) that Best Buy (NYSE: BBY) is seeking to buy the company, a source told Broadband Reports.

Tags: amr, bac, bank of america, BankOfAmerica, bby, best buy, BestBuy, bmy, bristol myers, BristolMyers, broadband reports, BroadbandReports, covad, dvw, financial times, FinancialTimes, ft, ge, general electric, GeneralElectric, goldman sachs, GoldmanSachs, gs, jp morgan, jpm, JpMorgan, newspaper, paper, periodical, uk times, UkTimes, wall street journal, WallStreetJournal, wsj

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