Advisors Merrill Lynch-investment Merrill

Stocks rise in preChristmas trading | KXNet.com North Dakota News
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Stocks rise in preChristmas trading
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Stocks rise in pre- Christmas trading Eds: Update on the latest in business:

WALL STREET Stocks finish higher in pre-holiday session

NEW YORK (AP) - Stocks rallied during a shortened session to give investors a bit of Christmas cheer.
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Advancers topped decliners by a three to one margin.

Volume was light, with about 1.2 billion shares changing hands on the NYSE.Nasdaq stock market volume was more than 721 million shares.

There was no economic data for investors to mull.

Merrill Lynch said it will get a welcome cash infusion of up to $6.2 billion from Singapore's Temasek Holdings and U.S. money manager Davis Selected Advisors.

The investment will help shore up Merrill's balance sheet, amid steep losses from the global credit crunch.

The market closed three hours early, and tomorrow is a market holiday for key markets around the globe.However, Japanese and Chinese markets will be open.

MERRILL LYNCH-INVESTMENT Merrill getting more than $6 billion in investment NEW YORK (AP) Facing steep losses from mortgage-related investments, Merrill Lynch says it is getting a cash infusion of up to 6.2 dollars from Singapore's Temasek Holdings and U.S. money manager Davis Selected Advisors.

The investment will help shore up Merrill's balance sheet.The world's largest brokerage faces steep losses from the global credit turmoil.Deteriorating mortgage-related investments and corporate loans caused the biggest loss in Merrill's 93-year history during the third quarter, suffering 8.4 billion dollars of writedowns.

Temasek, a government-sponsored investment fund, pledged up to 5 billion dollars and New York-based Davis Advisors will buy 1.2 billion dollars of Merrill stock.The deal is the latest in which an ailing U.S. investment bank has turned overseas for additional capital.

Some analysts believe Merrill might have another 10 billion dollars of writedowns coming in the fourth quarter from its battered mortgage-backed securities portfolio.Global banks have written down an estimated 105 billion dollars this year alone from exposure to subprime loans and other debt commitments.

CERBERUS-UNITED RENTALS United Rentals wants $100 million after deal falls through

GREENWICH, Conn. (AP) United Rentals says it wants 100 million dollars after a Delaware court ruled that private equity company Cerberus was not obligated to complete a 4 billion dollar buyout of the equipment-rental company that it abandoned last month.

Greenwich-based-United Rentals asked the Delaware Court of Chancery last month to force Cerberus' acquisition arms to complete the takeover.Cerberus Partners LP is the private equity owner of Chrysler and General Motors' financing' arm, GMAC.

Both United Rentals and Cerberus say the court Chancellor ruled against United Rentals Friday.

United Rentals, which rents equipment ranging from heavy machines to hand tools, says has decided not to appeal the ruling.

It has sent a request that Cerberus pay United Rentals a 100 million dollar termination fee required by the merger agreement.

MAXJET-BANKRUPTCY NEW YORK (AP) MAXjet Airways has ceased operations.The decision has left jets on tarmacs and stranded passengers on Christmas Eve after the all-business class airline filed for bankruptcy protection.

MAXjet took what it called a "drastic measure" because of soaring fuel prices and the deteriorating credit market.But analysts suggest competition from AMR Corp.'s American Airlines on one of MAXjet's key routes played a big role.

MAXjet launched in 2005 and offered "all-premium" flights between Stansted, New York, Las Vegas and Los Angeles.

MAXjet's bankruptcy filing forced the carrier to reserve hotel rooms for stranded holiday passengers who had booked return flights between New York and London.The carrier was said to be working with another airline to find alternative routes.

WYETH-TEVAS-LAWSUIT Wyeth seeks to recoup lost profit from Teva generic launch NEW YORK (AP) A patent dispute over the heartburn drug Protonix has escalated.

Drug maker Wyeth says it will sue to recover lost profits from sales of Teva Pharmaceutical's generic version.

Meanwhile, the companies are still discussing a possible settlement and Teva says it is voluntarily halting additional shipments of the generic drug for 30 days.

Teva has already been awarded a 180-day period of market exclusivity for being the first company to file for a generic version of the drug, which the Food and Drug Administration approved in August.

The companies are already embroiled in a patent infringement lawsuit over the drug.In September, a federal Judge in New Jersey denied a motion by Wyeth and its partner Altana Pharma to halt sales of Teva's generic version.
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While Teva is not disputing it infringed the patent, it is arguing the patent itself is not valid.
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The drug was licensed to Wyeth by Altana, which was recently bought by Nycomed Holding.
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The drug was licensed to Wyeth by Altana, which was recently bought by Nycomed Holding.
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(Copyright 2007 by The Associated Press.All Rights Reserved.) APNP 12-24-07 1236CST | save this article / add to your favorites list
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