I’m creating a news-oriented blog that will feature a large number of links to stories on external websites. Ideally I’d like to create new entries with headlines that link directly to those external stories rather than linking to an internal blog post that contains a link to the external website within the body of the post. Any suggestions? Thanks in advance.
Reported on Movable Type 4.2

Use custom fields to add the url and then you can change the template to use the custom field url as the link.
Check out Feeds.App. It might give you some of the functionality you would need, since it's supposed to be very good for downloading news feeds and integrating them into your blog.