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Merrill Lynch & Co Inc faces a $1.5 billion third-quarter loss on its fixed-income business, driven by $4 billion in asset write-downs connected to leveraged loans and mortgages, a Goldman Sachs analyst said on Wednesday.

Austrian oil and gas group OMV upped the ante in its battle to take over Hungary's MOL on Tuesday, telling MOL shareholders it would pay $20 billion if they overruled board opposition.

Three leading hedge funds are planning a break-up of beleaguered British bank Northern Rock , according to a newspaper report on Sunday.

Two Wall Street investment banks had dramatically different success in weathering summer market turbulence as results at Goldman Sachs Group Inc easily exceeded expectations, while those at Bear Stearns Cos Inc fell far short.

National City Corp said on Monday it expects a third-quarter mortgage banking loss of around $160 million, the high end of its forecast, hurt by slumping housing demand and tighter capital markets.

Merrill Lynch & Co. Inc.'s $1.3 billion bet on subprime lending hit a sour note on Monday, when the world's largest brokerage confirmed job cuts at its First Franklin Financial Corp. unit.

Wall Street reports earnings next week but outsiders don't really have a clue what they'll be.

Stocks edged up slightly on Friday as expectations of an interest rate cut off-set concerns of a weakening U.S. housing market.

Stocks were little changed on Friday as weakness in semiconductor makers after a broker downgrade of Intel Corp was offset by strength in energy producers.

Merrill Lynch & Co warned on Friday that shaky credit markets forced the world's largest brokerage to adjust the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.

Advantage Partners is closer to winning regulator's approval for its $2.5 billion acquisition of regional lender Tokyo Star Bank Ltd after several breakthroughs in recent weeks, according to sources familiar with the matter.

U.S. stocks fell on Thursday on mounting concerns that credit market upheaval will erode bank profits and hold back consumer spending, but optimism about corporate investment helped lift technology shares.

U.S. stocks fell on Thursday as financial stocks dropped on credit worries, overshadowing earlier optimism about technology company profits. Lehman Brothers slashed earnings estimates on four top Wall Street banks, adding its voice to the chorus of widely followed research analysts warning credit turmoil would cut into bank profits.

Basis Yield Alpha Fund, a hedge fund specializing in corporate and structured credit, on Wednesday filed for bankruptcy protection in the United States amid mounting losses from U.S. subprime mortgage assets, court papers show.

Gold changed course to trade higher on Wednesday, but investors remained cautious because of weaker equities and fears about the global economy.

New evidence of damage wrought by the U.S. mortgage sector surfaced in the United States and Europe on Wednesday while banks demanded a record amount of cash at a euro zone money market auction.

A former Goldman Sachs Group Inc bond analyst pleaded guilty on Tuesday to helping lead a far-flung insider trading scheme involving tips about pending mergers and stolen copies of BusinessWeek magazine that netted more than $6.7 million in illicit gains.

U.S. stock indexes tumbled more than 2 percent on Tuesday after Merrill Lynch warned that ailing credit markets will hurt bank profits, while reports showing eroding consumer confidence and falling home prices added to concerns about the economy.

Home Depot Inc agreed to cut the price in its supply division sale to buyout firms by $1.8 billion, sources said on Sunday, as a housing market drop and a credit crunch forced all sides to renegotiate.

Profit at Merrill Lynch & Co. Inc. could take a big hit if the U.S. brokerage heavyweight cuts the value on nearly $1 billion in subprime lender assets it bought just eight months ago.

Countrywide Financial Corp Chief Executive Angelo Mozilo warned on Thursday that the housing downturn is likely to lead the country into recession, but called speculation that the largest U.S. mortgage lender might go bankrupt irresponsible and baseless.

Stocks gained on Wednesday, boosted by optimism about renewed deal activity and ongoing speculation the Federal Reserve might cut its benchmark interest rate to calm turbulent financial markets.

On the same December day Merrill Lynch & Co. Inc. paid $1.3 billion for a subprime lender, the world's largest brokerage got a rude introduction to risky mortgages.

Shares of Countrywide Financial Corp. (NYSE: CFC), the largest U.S. mortgage lender, fell 13 percent on Tuesday over investor concerns that it could fall into bankruptcy amid an ongoing liquidity crunch.

U.S. stocks fell on Wednesday, with the S&P 500 wiping out what was left of its 2007 gains, as credit jitters sparked a broad stock market sell-off. Shares of Countrywide Financial Corp. fell 16.2 percent to $20.51 on the rumors that the largest U.S. mortgage company has been unable to raise money from the commercial paper market. Countrywide officials were not immediately available for comment.

Countrywide Financial Corp shares fell as much as 9.2 percent on Wednesday after the largest U.S. mortgage lender was downgraded to sell from buy by a Merrill Lynch & Co. analyst, who said bankruptcy may be possible if liquidity worsens.

Reliant Pharmaceuticals Inc. filed with U.S. regulators on Friday to raise up to $400 million in an initial public offering of common stock.

U.S. regulators are scrutinizing the books of some top Wall Street brokers and investment banks for subprime-mortgage losses, according to a report in the online version of the Wall Street Journal.

Stocks rallied on Monday as investors snapped up beaten-down shares of financial companies after a sharp drop at the end of last week on mounting concerns about the stability of the credit markets.