Merrill Upgraded at UBS; Says Mortgage-Loss Risks Are Priced Into Stock

(Bloomberg) -- Merrill Lynch & Co. was raised to
``buy'' from ``neutral'' at UBS AG, which said the stock was
inexpensive after concern about losses in credit businesses drove
down the price of the world's biggest brokerage.

The shares rose $1.05 to $71.10 in trading before the open
of U.S. exchanges. Merrill ended last week down 25 percent this
year, compared with a 13 percent decline for the Standard and
Poor's 500 Financials Index.


Read more at Bloomberg Stocks News

SAIC in talks on cooperation with Shanghai Engine

(Reuters) - SHANGHAI, Aug 6 - The parent companies of China's biggest car maker, Shanghai Automotive Co. , and engine manufacturer Shanghai Diesel are in initial talks on a possible business alliance, an executive at one of the companies said on Monday.



SAIC Motor Corp., the parent of Shanghai Auto, and Shanghai Electric Group Co. , which controls 50.32 percent of Shanghai Diesel Engine Co. , are discussing ways to cooperate in the engine business, an SAIC official, who asked not to be identified, told Reuters.


Read more at Reuters.com Mergers News

UPDATE 1-Orbotech posts quarterly net loss as sales fall

(Reuters) - Orbotech, which makes automated inspection systems for
printed circuit boards and flat panel displays ,
posted a net loss of $3.4 million, or 10 cents per share,
compared with a year-earlier net profit of $15.3 million, or 46
cents per share.




Net loss in the second quarter included a $4.8 million
write-off of high-end PCB inventory from a previous generation,
and a $5 million write-off as the company decided against
investing further in Negevtech Ltd.


Read more at Reuters.com Market News

Citigroup Unit to Buy $1.7 Billion of Bonds Convertible Into Fujitsu Stock

(Bloomberg) -- Fujitsu Ltd., Japan's biggest
computer-services company, will sell 200 billion yen ($1.7
billion) of bonds convertible into its stock to a unit of
Citigroup Inc.

Citigroup Global Markets Ltd. will buy 100 billion yen of
convertible bonds maturing in May 2010 and another 100 billion
yen due the following year, Tokyo-based Fujitsu said in a
statement today.


Read more at Bloomberg Bonds News

Zoltek and certain shareholders to offer 4 mln shares

(Reuters) - The offering will consist of 3.6 million shares to be sold
by the company and 400,000 shares to be sold by certain selling
shareholders of the company.





Read more at Reuters.com Mergers News

Lead May Plummet as Xstrata, Doe Run Increase Production, Ending Squeeze

(Bloomberg) -- Lead, the best-performing commodity
in 2007, has peaked and may plummet for the rest of the year.

A supply squeeze that doubled prices will ease by the end
of the year, say JPMorgan Chase & Co. and UBS AG. A U.K.
refinery run by Xstrata Plc is increasing shipments, and
companies are recycling more of the metal. Doe Run Resources
Corp., the world's second-largest lead refiner, will begin full
output this month after an explosion at its Missouri smelter cut
production. Ivernia Inc. plans to resume exports from Australia.


Read more at Bloomberg Exclusive News

Mobile-8 Telecom of Indonesia Postpones $150 Million High-Yield Bond Sale

(Bloomberg) -- PT Mobile-8 Telecom, an Indonesian
mobile-phone operator that counts Qualcomm Inc. as an investor,
delayed its plan to sell $150 million of bonds because of
concerns about the financial markets.

Investors have been selling riskier assets including
investments in emerging markets on concerns losses in the U.S.
mortgage market will erode economic growth. The Morgan Stanley
Capital International Asia Pacific Index fell 1 percent to
151.34 as of 4 p.m. Jakarta time.


Read more at Bloomberg Bonds News