The Summer Olympics are only days away and what the Chinese had hoped would be their coming out party to celebrate all that is good, may instead become quite the opposite.

The air pollution in Beijing is so bad that even reducing automobile traffic by 50% has not helped much. China is now considering a 90% reduction according to news reports. Athletes are staying in other countries until the games begin so that they may train somewhere they can breathe. There are also reports that many athletes involved in stamina events will be forced to wear masks to protect themselves from the particulates in the air.

Now Reuters is reporting that "Some International Olympic Committee officials cut a deal to let China block sensitive websites despite promises of unrestricted access, a senior IOC official admitted on Wednesday."

So the world media will not be able to do their jobs in a manner they are accustomed to. But who are we actually referring to? Western media, of course, because half the world still limits access to information to some degree.

Director and producer Steven Spielberg resigned his non-paying artistic director advisory role for the 2008 Summer Olympics Games in Beijing because he has become disenchanted with China's lack of effort to use its influence in Sudan to end violence in the Darfur region.

The Chinese want to be players on the world stage without accepting the responsibility that goes along with it, and that was not acceptable to Spielberg. There has been growing pressure around the world on the Chinese, who purchase most of Sudan's oil and sell them weapons, to exert political and economic pressure on the government of Sudan. While Spielberg is only one more voice in a long list condemning Chinese actions and the lack there of, he is a very prominent voice.

Governments, Olympic athletes, religious leaders and shareholders have been complaining that China was not doing enough, if anything to curb the violence. This was an issue with Berkshire Hathaway (NYSE: BRK.A) shareholders at their 2007 annual meeting. While stating that he sold off BRK's interest in PetroChina (NYSE: PTR) based on valuation, Warren Buffett was completely divested in a matter of months and the stock has fallen almost 40% from its highs.

The management at GE (NYSE: GE) is once again considering the future of its NBC Universal entertainment business. According to the FT, the matter will be reviewed after the Beijing Olympics. The reason for that is profits. "The games allow GE to boost sales of its aviation, medical technology and other businesses in China. GE is forecasting $500m in extra sales from Olympics-related contracts, excluding NBC," the FT writes.

Wall Street analysts believe that NBC Universal may be worth as much as $40 billion. GE would have tax considerations if the unit was sold or spun-off as would its public shareholders.

But, the entertainment unit has been a financial dog. It usually performs worse that the overall GE numbers, which means that is probably pulling down the parent's overall valuation. GE has become known for its financial services, medical, and infrastructure businesses. The chorus about how NBC does not fit in goes on and on.

A spin-out or sale of the unit may not make the most sense. NBC may be worth more in pieces. It broadcast unit, stations, cable programming, and studios really are discrete operating entities. Selling them to the highest bidder may be the best way for GE to make money.

Douglas A McIntyre is a partner at 24/7 Wall St.

Last December, over 100 stocks were featured in our Top Picks for 2007 report. Now, at mid-year, we turn to the 20 advisors whose picks showed the strongest gains to get an update on their previous picks, as well as a new favorite stock for the second half of the year.

Ian Wyatt, editor of The Growth Report, chose LJ International Inc. (NASDAQ: JADE) as his favorite stock for 2007. Its 173% gain as of 6/1/07 has made it the number one performer among all stocks in our Top Picks for 2007 report. Here is Ian's original recommendation for JADE and his current favorite stock for the rest of 2007.

Updating his recommendation, the advisor now says, "LJ International continues to capitalize on China's extraordinary growth and accompanying demand for luxury goods -- specifically high-end jewelry -- by expanding its network of ENZO branded jewelry stores.

"Since 2004, when LJI began opening retail jewelry stores in China, it has opened more than 45 stores, established a presence in all of China's major cities, including Hong Kong and Macau, and established itself as China's #1 foreign branded jewelry retailer (Hong Kong and U.S. based), ahead of Tiffany & Co.

"The company has plans to more than double its network to 100 stores by year-end 2007, ahead of the Beijing Olympics. These stores generate robust sales, and, more impressive, nearly half of the existing stores are already profitable. Continued growth of its retail operations will enhance LJI's profitability since ENZO gross margins are twice those of the wholesale business.

If mere athletic talent sold product, kids would be lining up for Tim Duncan's shoes, since he is the best player in the NBA. But it doesn't. It takes a combination of extraordinary athletic accomplishment and charisma to push a brand over the top. Three such athletes, Amanda Beard, LeBron James and Tiger Woods, are front and center in this week's news.

Two are at the peak of their pulling power. LeBron James (Nike, NYSE: NKE, Coca-Cola's (NYSE: KO) Powerade) fresh from an astonishing game five of the NBA Eastern conference playoffs, is dominating the sports page, if not the San Antonio Spurs. The Cleveland franchise has gained $185 million in value since his signing, and the $90 million he received from Nike seems like a bargain now. When his contract expires in 2008, he could demand -- $250 million? $500 million? It is possible, by the end of the career, he could be the first $1 billion athlete?

If Tiger doesn't beat him to it. Beginning tomorrow, Tiger Woods (Nike, Buick, General Motors, NYSE:GM) starts his pursuit of the 2007 U.S. Open. He's inked a 5-year, $40 million deal with Nike, and $25 million from Buick. Unlike LeBron, Tiger can look forward to another 30 years of playing, with lots of green jackets and green cash to come.

Yesterday I was raked over the hot coals by several readers that feel we are doomed by a housing bubble that I would not accept. See: Housing Truth from Main Street; which turned out to be quite a controversial post.

I stand by most of what I wrote. However, there were plenty of valuable insights that are worth reflection among the ranting and raving. A particular comment by David Gross, although not very deep is important for its simple summary of many comments. It stimulated a response from me that I thought was worthy of a separate post and further discussion.

David's Comment