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Newspaper wrap-up 6-27-07: iPhone making news just ahead of release

MAJOR PAPERS:

The Wall Street Journal (subscription required) highlighted the struggles of Southwest Airlines (NYSE: LUV), a company that is dealing with the competition catching up to them in a tough competitive environment. CEO Gary Kelly said, "The threat to our future is real."
Citigroup Incorporated (NYSE: C) is expected to pay $700M for Automated Trading Desk, an electronic trading firm, reported the Wall Street Journal.
News Corporation (NYSE: NWS) and Dow Jones and Company Inc (NYSE: DJ) have reached a preliminary understanding for a way to safeguard the editorial independence of the Wall Street Journal and the other Dow Jones publications, which had been the key road block to a deal, reported the Wall Street Journal.
Walter Mossberg, the Wall Street Journal technology guru, spent two weeks testing Apple Inc's (NASDAQ: AAPL) new iPhone, and said it was "a beautiful and breakthrough handheld computer."

OTHER PAPERS:

Also regarding the iPhone, according to Newsweek, Steve Jobs said of the high expectations for the iPhone, "I think we're going to blow away the expectations."
The New York Post has learned that Nordstrom Inc (NYSE: JWN) has apparently reached a deal to sell its Faconnable chain to a Lebanese private equity firm.