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Newspaper wrap-up 1-30-07: Sony blames PS3 for profit shortfall

MAJOR PAPERS:

The Wall Street Journal (subscription required) reported that Saudi Arabia is cutting oil output by an additional 158,000 barrels a day, part of a broader campaign by OPEC to shrink inventories and shore up prices.

Also in the Journal, Delta Air Lines (OTC: DALRQ) said that if it defeats U.S. Airways Group Inc's (NYSE: LCC) hostile takeover it won't rule out possibly merging with another airline.

The Financial Times Deutschland (subscription required) reported that Dow Chemical Company (NYSE: DOW) is in talks with Gazprom over a joint development.

OTHER PAPERS:

The Economic Times noted that Standard & Poor's raised India's debt rating to investment grade for the first time in 14 years on the strength of record growth and foreign exchange reserves.
The New York Times wrote that Sony Corporation (NYSE: SNE) profits fell on losses for PlayStation 3 as the company faulted a strategic decision to set the price of PS 3 below the cost of production as a way to bolster market share.
The Investor's Business Daily's "New Issue America" column highlighted Mellanox Technologies, a tech startup that is expected to come public the week of February 5 with an offering price of $12-$14.