PRESS DIGEST - Wall Street Journal - Oct 24

Oct 24 (Reuters) - The following were the top stories in The Wall Street Journal on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

* Cerberus Capital Management LP would look to retain a "meaningful stake" in the company that would emerge from a combined Chrysler LLC and General Motors Corp GM.N, and would likely push to breathe "fresh air" into its top management, people familiar with the matter said.

* Transportation companies are reporting sharply lower freight volumes, a sign that the pipelines of global commerce have begun to slow.

* Securities and Exchange Commission Chairman Christopher Cox said he strongly supports merging his agency with the Commodity Futures Trading Commission.

* The government's latest plan to help struggling homeowners eliminates a major bottleneck by giving mortgage investors more incentive to agree to refinancings. But lawmakers said Thursday they might go further after the November election and force reluctant investors to do more.

* Employers grappling with the financial crisis and a slowing economy are accelerating and broadening job cuts in multiple industries, potentially deepening the economic downturn.

* Microsoft Corp (MSFT.O) reported a 2 percent increase in fiscal first-quarter net income on a 9 percent rise in revenue, and lowered its financial forecasts for the rest of the year because of the gloomy economy.

* The recent flood of new Treasury securities has helped ease the stress in a major short-term secured lending market, but failed transactions continue to run high amid persistent counterparty concerns.

* Risk premiums on debt securities issued by mortgage giants Fannie Mae (FNM.N) and Freddie Mac (FRE.N) reversed course Thursday afternoon on continued confusion over the extent of the government's guarantee of these bonds.

* Samsung Electronics Co (005930.KS) said its third-quarter net profit fell 44 percent as its major divisions recorded smaller operating profits for the first time since mid-2005.

* The heads of the four largest U.S. television networks sent a joint letter Thursday to the Federal Communications Commission urging the agency to delay a vote on a plan to allow free access to vacant television airwaves.

* OPEC ministers on Friday face their toughest decision in years as they weigh the depth of a cut in oil exports to reverse falling prices, even as the U.S. and Europe wrestle with the increasing likelihood of a wrenching recession.