Rupert Murdoch is facing off against the Federal Communications Commission (FCC) as he seeks to take control of two TV stations and three newspapers in New York -- including Newsday -- The New York Times reports. A December 2007 FCC rule allows a company to own just one paper and one television station in the same city in the top 20 markets so long as there are at least eight other independent sources of news and the station is not in the top four. (The stations that News Corp. (NYSE: NWS) controls are the fourth- and sixth-largest in the New York market).

Meanwhile, I am fascinated by the Wall Street Journal's [subscription required] coverage of the departure of its own managing editor, Marcus Brauchli, yesterday. The punch line was that everything is fine because Brauchli was simply doing what the boss wanted. Brauchli's new role? Providing "guidance to senior management in a wide range of areas," including whether Murdoch's Star-TV service in Asia should launch a business-news channel. Sounds like a good fit.

In contrast to the Journal's corporate press release on its page one, The New York Times reported that Brauchli was fired. It noted that a few weeks prior to his departure, Murdoch's henchmen indicated they were unhappy with the pace of change at the Journal. The Times wrote: "At some point, They told him, 'We don't think this is working,' and Brauchli replied that in that case, he should consider leaving."

Nucor Corp. (NYSE: NUE) shares opened higher but are now flat on the day despite an article in the Wall Street Journal over the weekend said the steel industry should continue its strong growth. The article cites growing global consumption, as well as shrinking exports from Russia and China. If you agree with the WSJ and think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on NUE.

After hitting a one-year low of $41.62 in August, the stock hit a one-year high of $76.48 last week. NUE opened this morning at $73.66. So far today the stock has hit a low of $73.24 and a high of $75.60. As of 12:20, NUE is trading at $73.92, unchanged from Friday's close. The chart for NUE looks bullish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

For a bullish hedged play on this stock, I would consider a July bull-put credit spread below the $55 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 5.3% return in just three months as long as NUE is above $55 at July expiration. Nucor would have to fall by more than 25% before we would start to lose money. Learn more about this type of trade here.

NUE hasn't been below $55 at all since January and has shown support around $67 recently. This trade could be risky if the global economy shrinks and reduces the worldwide demand for steel, but even if that happens, this position could be protected by the support the stock might find from its 200 day moving average, which is currently around $60 and rising.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in NUE.

Jerry Yang may have just figured out a way to not hose Yahoo! (NASDAQ: YHOO) shareholders. The Wall Street Journal is reporting that Yahoo! and Time Warner Inc.'s (NYSE: TWX) AOL may be close to a tie-up to combine their Internet operations. According to the report, Time Warner would make a large cash investment into Yahoo! and then Yahoo! would repurchase billions of dollars worth of shares in the mid-$30's. Just keep in mind that as of now, this all only an unverified WSJ story; nothing has been released by the companies.

This would thwart Microsoft Corp. (NASDAQ: MSFT) in a deal valuation, or at least that would be the intent. Interestingly enough, there were headlines today tying Yahoo! into running some test search-ads via Google (NASDAQ: GOOG). As long as we're talking about your cousin's sister's brother, Google also owns a 5% chuck of AOL via a prior $1 billion investment. In order to monetize the deal, AOL would have to have a liquidity event of some sort, although by now the time may have passed.

There are no assurances that shareholders would go along with an AOL/Yahoo! combination, nor are there assurances that this would net more money to Yahoo! shareholders in the end. Time Warner shareholders might even potentially be an issue. Until there are more facts out other than the Journal's un-named sources, it's just all hearsay anyway.

Frankly, it's a wonder that Bill Gates hasn't tried to get involved in this deal with his own money. He could always say he's too young to go do charity.

TheStreet.com's Jim Cramer says to ignore the inflation worrywarts; the Fed needs to keep easing to keep things in check.

"Mounting Inflation Concerns Weigh on Fed's Next Move."

Here's where we need Rupert Murdoch to exert control over the Journal. Here's where we need some real intervention from someone with business sense.

That's right, because we have seen a "mounting inflation concerns" headline about the Fed pretty much every week since the easing began. It's become something like "DA Probes Rackets," when there's nothing else to write about.

Do you realize that we have had gigantic easings right after Fed frets of inflation or when some Fed head says nothing's wrong and the fundamentals are sound? Do you realize that even under Murdoch, there is no accountability for this stuff for anyone -- neither Fed nor the WSJ?

As the newspaper industry is assaulted by bloggers on one side and readers' decreasing willingness to pay for content on the other, the industry in searching for the right model.

Current trends show companies like the New York Times (NYSE: NYT) lowering or removing the "pay wall" between users and content. The NYT recently discontinued its Times Select section, which required subscription fees, and since then, traffic to parts of the site that previously required payment has increased greatly.

So, it's not surprising to read an article today in PaidContent.org that claims similar success with a change in the model at the Financial Times' website. PaidContent.org reports claims by staff at FT.com that admit to traffic and registration increases due to a recent change in the subscription structure.

"FT.com now allows readers coming in from blogs and other aggregators to read five stories a month for free and another 30 for free upon registering with the site," says PaidContent.org. After that, users would have to pay up.

The result?

When my grandfather of blessed memory, Jack Miller, started teaching me about investing over 30 years ago, he explained to me that investors invest in stocks for a couple of reasons:

1. Potential for stock appreciation
2. Corporate payouts in the form of dividends

When he died earlier this year at the ripe old age of 95, he left behind an investing legacy that witnessed numerous bulls and bears, the Great Depression and many fads that came and went. He was a purist: investing in good companies at good prices. To his last days, he was still managing his portfolio and even learned to use the Internet to conduct primary research.

My own investment style tends to skew towards technology investing. Tech companies have traditionally chosen not to return money to investors in the form of dividends but rather invest corporate profits back into the company to bull-up on growth opportunities.

MAJOR PAPERS:

• Netflix Inc (NASDAQ: NFLX), the DVD rental firm, and LG Electronics, have formed a partnership to have movies delivered over the Internet by Netflix to also be shown on TV screens via a new device, reported the Wall Street Journal. Efforts by Apple Inc (NASDAQ: AAPL) have not worked.
• According to people familiar with the situation, Ford Motor Company (NYSE: F) is expected to indicate as early as today it will focus attention on Tata Motors as a bidder for its Land Rover and Jaguar units, the Wall Street Journal reported.

WEBSITES:

• After Intel Capital's (NASDAQ: INTC) president, Arvind Sodhani, resigned from the board of Clearwire Corporation (NASDAQ: CLWR), speculation began that Intel has some new plans in the Wimax arena that don't involve Clearwire, according to TheInquirer.net.
• Tech Crunch reported that Plaxo, an early social networking site with per-visit numbers comparable to that of Facebook, is for sale, and has hired Revolution Partners to handle the effort.

MAJOR PAPERS:

• Merck & Co (NYSE: MRK) announced this morning that it has agreed to pay $4.85B to settle a majority of the 27,000 claims related to Vioxx, its painkiller drug, reported the Wall Street Journal (subscription required).
• In a tough sales environment, Chrysler will next month offer a new series of incentives and rebates, reported the Wall Street Journal. The campaign could put pressure on General Motors (NYSE: GM) and Ford Motor Company (NYSE: F) to follow suit.

OTHER PAPERS:

• The Detroit Free Press reported that Ford CEO Alan Mulally said that the company would lay off more workers. "We will continue to reduce our employment consistent with our restructuring," Mulally said during the company's Q3 conference call yesterday.
• New Blockbuster (NYSE: BBI) CEO Jim Keyes is aiming to transition the company to a retail store from a rental service, reported the New York Post
• The New York Sun reported that the default rate among condominium owners in some of New York City's wealthiest areas is rising by as much as 25% this year, according to lawyers for condominium boards.

MAJOR PAPERS:

• According to the Wall Street Journal's (subscription required) "Heard on the Street" column, content firms such as Akamai Technologies (NASDAQ: AKAM) and Limelight Networks (NASDAQ: LLNW) are getting hammered, and there appears to be no letup in sight because while online traffic is up 60% a year over the last few years, those firm's shares are expensive and, says S&P's Scott Kessler, "There's plenty more room for [Akamai and Limelight] to fall."
• TiVo (NASDAQ: TIVO) is looking at a new revenue source -- being paid to give out market research to advertisers, reported the Wall Street Journal. The company plans to announce today that it will add demographic data, including age, income, marital status and ethnicity, about its viewers.
• The Financial Times (subscription required) reported that Ford (NYSE: F) is likely to have to pay any buyer of its Jaguar and Land Rover units because of a $2B pension deficit, according to people close to the situation.

OTHER PAPERS:

• The New York Times reported that Con Edison (NYSE: ED) was fined $18M for service disruptions in 2006, including the nine-day blackout in western Queens, NY.
• The Associated Press reported that Baidu (NASDAQ: BIDU) is considering listing on the Hong Kong and mainland China stock markets, according to the company's CEO.

MAJOR PAPERS:

• The Nasdaq Stock Market (NASDAQ: NDAQ) will acquire the Philadelphia Stock Exchange for $652M, reported the Wall Street Journal (subscription required).

OTHER PAPERS:

• Microsoft (NASDAQ: MSFT) announced yesterday that it fired Chief Information Officer Stuart L. Scott on Friday for violating company policies, although the company did not specify an exact reason for the dismissal, reported the Associated Press.
• Laurence Fink, the chairman and CEO of BlackRock (NYSE: BLK), has met with the executive search firm responsible for filling the CEO vacancy at Merrill Lynch (NYSE: MER). Fink is believed to be the leading candidate to become Merrill's CEO, according to the New York Times.

WEBSITES:

• GigaOM reported that Google (NASDAQ: GOOG) is kicking off its game-focused advertising initiative later this month, according to inside sources.

MAJOR PAPERS:

• Reacting to $90-plus a barrel oil prices, airlines, many of whom are beginning to see profits again, are passing along increases to passengers. Led by AMR Corporation's (NYSE: AMR) American Airlines, the largest carrier, increases per ticket are being increased about $20, according to the Wall Street Journal (subscription required).
• The UAW may not face stiff opposition among its rank and file member for a new four year labor contact with Ford Motor Company (NYSE: F), as local leaders in Detroit approved a tentative four year deal, reported the Wall Street Journal.

OTHER PAPERS:

• The New York Post reported that two fired Dow Chemical Company (NYSE: DOW) executives shopped the company to investors, according to industry consultants' affidavits filed by the company to support its claims that the execs breached their corporate duties.
• The Telegraph reported that CIBC World Markets' financial services analyst Meredith Whitney has called for Chuck Prince's successors to break up Citigroup (NYSE: C).
• Several private equity firms are competing to buy the 32% stake in Sony Corporation's (NYSE: SNE) Sony Entertainment Television currently held by Indian investors, reported the Economic Times.

MAJOR PAPERS:

• In a setback for U.S. foreign policy, General Musharraf of Pakistan has imposed emergency rule amidst a political crisis, tightly controlling the courts, and media outlets, in addition to holding about 500 government opponents and changing several Supreme Court justices, according to the Wall Street Journal (subscription required).
• For the first time in 20 years, the Writers Guild of America, whose members total 12,000, has failed to reach an agreement with the Alliance of Motion Pictures and Television Producers, and a strike is expected to take effect today, reported the Wall Street Journal.
• Kraft Foods (NYSE: KFT) may sell its Post cereals to Ralcorp Holdings (NYSE: RAH) for about $2.8B, according to the Wall Street Journal.

OTHER PAPERS:

• The U.K. Times reported that Vodafone Group (NYSE: VOD) is the frontrunner to acquire a 25% stake in Telekom International, a division of state-controlled Telekom Malaysia.
• Shares of British supermarket chain J Sainsbury (OTC: JSAIY) plunged 18% in London today after Qatar Investment Authority abandoned its GBP10.6B bid for Sainsbury, reported the U.K. Times.
• Google (NASDAQ: GOOG) is expected to hold a press conference today to unveil a suite of software for mobile phones that will be based on open-source technology and will be backed by some of the largest wireless industry companies in the world, reported CNet.com.

MAJOR PAPERS:

• Following Chrysler's lead to cut costs in relation to slowing sales, Ford Motor Company (NYSE: F) may cut its 2008 spending by 15%, according to the Wall Street Journal (subscription required).
• The Writers Guild of America, battling with Hollywood film and TV producers, is expected to call for a strike, reported the Wall Street Journal.
• Siemens AG (NYSE: SI) CEO Peter Loscher is getting ready to implement aggressive earnings targets for the company's senior managers, as well as thousands of job cuts, reported the Financial Times (subscription required).

OTHER PAPERS:

• According to two people familiar with the talks, the latest round of negotiations to buy Trump Entertainment Resorts (NASDAQ: TRMP) have fallen apart, reported the New Jersey Star-Ledger.
• From BusinessWeek's "Inside Wall Street" column:
  
• Investors may now be looking at AT&T (NYSE: T) as a "high-quality stock for the long haul," says Justin Hellman of Value Line.
• While many investors may be looking at Clinical Data's (NASDAQ: CLDA) possible blockbuster antidepressant drug and genetic test, they are banking on the company's Chairman Randal Kirk, who controls 40% of the stock.
• MoneyGram International (NYSE: MGI) may be looking for buyers, and John Bendall, CEO of Hermitage Capital, thinks it is worth $30 a share.
  

MAJOR PAPERS:

• Next year the sale of prescription drugs in the U.S is expected to be the slowest in years, resulting from tough regulation and cost-controls, according to IMS Health Inc., a health-care information and consulting firm, and reported by the Wall Street Journal.
• NYSE Euronext (NYSE: NYX) has paid $90M for a 1% stake in Bovespa, the owner of Brazil's largest exchange. The move is seen as an attempt by NYSE Euronext to increase its presence in Brazil, reported the Financial Times.

OTHER PAPERS:

• The U.K. Times reported that British telecom company BT Group (NYSE: BT) is expected to announce that it will cut thousands of jobs when it reports its Q2 results next week.
• Merrill Lynch (NYSE: MER) has notified pension boards that it is being investigated by the Securities and Exchange Commission, which believes the company may have violated federal regulations, reported the South Florida Sun-Sentinel.
• The Detroit News reported that Ford Motor Company (NYSE: F) and the UAW talks adjourned at 1am and will continue later this morning. Sources say that progress was made in the talks although no agreement was reached.

MAJOR PAPERS:

• In a potential breakthrough for Google (NASDAQ: GOOG) , Verizon Communications (NYSE: VZ) and Vodaphone Group's (NYSE: VOD) Verizon Wireless, and Sprint Nextel Corporation (NYSE: S) are both in talks about Google's new mobile phone operating system, reported the Wall Street Journal (subscription required).
• Congress approved a seven year extension of ban on Internet tax, voting 402-0, and President Bush is expected to sign the bill, according to the Wall Street Journal.
• Stan O'Neal may be gone, but the SEC's enforcement staff is now looking at how Merrill Lynch (NYSE: MER) informed investors about its $8.4B write-down that forced O'Neal out, reported the Wall Street Journal.
• CLP Holdings (OTC: CLPHY), Hong Kong's largest power company, is planning to bid for electricity assets in Australia, India, Singapore and other countries in Southeast Asia, reported the Financial Times (subscription required).

OTHER PAPERS:

• The Star reported that life insurance company Manulife Financial Corporation (NYSE: MFC) is open to making acquisitions in Malaysia if suitable opportunities in the country arise, according to Manulife's senior executive vice-president and general manager for Asia, Robert A. Cook.
• The U.K. Times reported that British Airways' (OTC: BAIRY) plans to create a new airline offering flights between Europe and New York have been thrown into disarray after the Federal Aviation Administration threatened to block any increase of air traffic into New York's chronically congested JFK Airport.