Publish date:

Reels and Eels

Will Detroit soon be known as the "strike zone"? Unfortunately, I'm not talking about the Tigers. First

GM

(GM) - Get Report

, now

Northwest

(NWAC)

: The

Detroit Free Press

reports that "the

Air Line Pilots Association

, which represents 6,200 Northwest pilots, has set 12:01 a.m. Aug. 29 as a deadline for a contract settlement with Northwest." One of the Minnesota-based carrier's domestic hubs is in the Motor City.

The

San Francisco Chronicle

reels this one off: "

Hollywood Entertainment

(HLYW)

is paying a steep $100 million for

Reel.com

, an Internet video merchant."

Japan's economic woes may be on the minds of investors, but those problems are hitting closer to home for the victims of Japan's worst recession in 23 years, those recently unemployed homeless, according to a report in Friday's

Boston Globe

.

The

San Jose Mercury News

reports that

Ascend Communications

(ASND) - Get Report

has reportedly bagged

Stratus Computer

(SRA)

. Ironically enough, rumors that Ascend would be acquired by

TST Recommends

Lucent

boosted Ascend's stock price enough to provide cash for the Stratus deal.

Wow! That's quite a combination: The

Chicago Tribune

says

Procter & Gamble

(PG) - Get Report

reported a 12% increase in its quarterly profit, fueled by the launch of its fat-free

Pringles

and by its acquisition of tampon company

Tambrands

.

The heat is on for utilities as the high summer temperatures reveal problems with wholesale electricity. Wholesale electricity is going for as much as 200 times normal levels, according to a report in the

Kansas City Star

.

Novedades

reports that "three

IBM

(IBM) - Get Report

executives who were charged with defrauding the Mexico City attorney general's office by selling a faulty computer system were exonerated."

And

Extendicare

, a large nursing home operator based in Ontario, is extending itself to

Omnicare

(OCR)

in a deal worth $250 million in cash, according to the

Globe & Mail

.

Exactly how much do eels slither? More or less than your average lawyer? The

Telegraph

reports that "customs officers in Jakarta seized 1,020 cobras that smugglers were sending to China on Singapore Air. The reptiles, in 54 boxes, were listed as 'live eels' on documents, but officers at the X-ray machine became suspicious when they saw more slithering than would be seen in eels."