GDP revised upward: The first quarter was still sluggish, with an annual rate of growth of 0.9 percent. That's up from the earlier 0.6 percent figure (healthy growth usually averages around 3 percent). As expected, housing continued to be a drag on the economy, though exports helped offset the numbers somewhat. (AP)

No more Bear Stearns: J.P. Morgan shareholders have approved the purchase of the once-powerful investment house for $10 a share. Alan Schwartz, Bear's CEO, said, "It's a sad day but we'll get through it, and we may be better off for it ... That which doesn't kill you makes you stronger. By now we all must be Hercules. ... We ran into a hurricane.... There's no anger; there's simply remorse." (WSJ)

Assessing AFTRA deal: Most of the coverage points to gains made by the American Federation of Television & Radio Artists - as well as to increased pressure on the Screen Actors Guild to capitulate. SAG leaders are not ready to sign off on a similar deal, but the guild has yet to schedule a strike authorization vote, which would require 75 percent approval. That doesn't provide much negotiating power. But keep in mind that film production is more or less on hold until a deal is done, so the studios don't want to drag this out indefinitely. (Variety)

Murdoch musings: Appearing at the All Things D conference in Carlsbad, he was sounding pretty gloomy about the U.S. economy going out the next 18 months ("I think this country is in for a very hard time"). As for politics, he's leaning towards Obama (his NY Post endorsed him for the primary). "I want to be convinced that Obama is the real thing, that [he] can really carry through. I'm open to that," he said. Murdoch also talks about newspapers and the Web. (All Things Digital)

Dior drops Sharon Stone: The actress suggested last week that the earthquakes in Sichuan Province were karmic retribution for the country’s treatment of Tibet. The state-run Chinese news agency Xinhua referred to her as a “public enemy of all mankind.” Dior, threatened with a boycott of its products, decided to pull Stone's advertising in China. No word yet on the rest of mankind. (NYT)

Scary housing stat: Every six months, the Real Estate Research Council of Southern California sends out volunteer appraisers who value the same 308 homes over and over again. Its latest report finds that Socal homes are depreciating at a 15.4 percent annual rate, the worst showing in the 43 years that the appraisals have been done. The council has the average home price at $560,260, the lowest in four years. (OC Register)

IHOP changes name: The Glendale-based company will now be known as DineEquity Inc. - not exactly mouth-watering, but a nod to the recent acquisition of Applebee's. The name change is only for the corporation - the IHOP moniker will continue.

Layoffs at Azteca: In a money-saving move, the also-ran Spanish-language network is now producing its newscasts from Mexico City. Until this week, the subsidiary of Mexican broadcaster TV Azteca had originated its U.S. news programs from facilities in Glendale. About 30 people have lost their jobs. (LAT)