Movers: Merrill Lynch, U.S. Steel, Amgen, Alcatel-Lucent
Merrill Lynch (MER) announces "substantial" sale of U.S. ABS CDOs to affiliate of Lone Star Funds for $6.7 billion. Also agrees to terminate ABS CDO hedges with SCA's XL Capital Assurance, et al. Also, MER announces that it plans to raise $8.5 billion through public offering of common stock. Temasek Holdings agrees to purchase $3.4 billion of common, MER's executive management team will purchase about 750,000 shares. Oppenheimer maintains underperform, but applauds MER's "purging" of assets. S&P upgrades to hold from sell.
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