AND NOW HERE’S THE NEWS: The sound...

AND NOW HERE’S THE NEWS: The sound track to the upcoming Michael J. Fox/Joan Jett film, “Light of Day,” will have loads of raucous rock, in addition to songs from Jett and the Bruce Springsteen-written title song. Also included on the album will be a Fabulous Thunderbirds cut, “Twist It Off” (the band also appears in the film), and a Dave Edmunds song, “Stay With Me Tonight.” Edmunds’ new live album, which contains such hits as “I Hear You Knocking” and “I Knew the Bride (When She Used to Rock ‘n’ Roll),” also has two covers--the current single, Dion’s “The Wanderer” and Elvis Presley’s “Paralyzed.” . . . Foreigner’s Lou Gramm has a new solo album due out later this month called “Ready or Not.” His first single, “Midnight Blue,” features E Street Band guitarist Nils Lofgren. . . . The Pet Shop Boys have collaborated with Dusty Springfield on a song, “What Have I Done to Deserve This?” . . . The Style Council’s new album, due out next month, is called “New Songs and Haircuts.” . . . REO Speedwagon will also be back Feb. 1 with a new record, titled “Life as We Know It.” . . . And crack rock producer Jimmy Iovine is busy in the studio with both Patti Smith (making her long-awaited comeback) and Alison Moyet.