U.S. Stocks Rebound on Upgrades; KB Home, Nordstrom, Bank Shares Advance

(Bloomberg) -- U.S. stocks rebounded from the worst
two-day skid since 2003 after Wall Street's biggest securities
firms, led by Citigroup Inc., Goldman Sachs Group Inc. and Bank
of America Corp., said the sell-off made banks, homebuilders and
retailers relative bargains.

Nordstrom Inc., the Seattle-based luxury retailer, climbed
the most in almost two years. Wells Fargo & Co., JPMorgan Chase
& Co. and American Express Co. carried financial shares to their
biggest advance since July 12. KB Home gained for the first time
in seven days after Citigroup said ``hysteria'' has driven the
36 percent drop in shares of construction firms this year.


Read more at Bloomberg Stocks News

UPDATE 1-Teleflex to buy Arrow International for $2 bln

(Reuters) - Teleflex also said it hired Goldman Sachs to evaluate
strategic alternatives for businesses in its commercial
segment.




Arrow shareholders will receive a cash payment of $45.50
per share, representing a premium of 20 percent over Arrow's
closing share price of $37.79 on Friday. The deal was approved
by the boards of both companies and is subject to approval by
Arrow shareholders.


Read more at Reuters.com Mergers News

Put-Option Trading on U.S. Bank Shares Surges on Subprime Lending Concern

(Bloomberg) -- Trading in options to sell an
exchange-traded fund tracking U.S. financial shares yesterday
surged to the highest in a year on speculation the subprime
mortgage crisis will further erode bank and broker earnings.

The number of put-option contracts traded on the Financial
Select Sector SPDR Fund rose to 372,247, the most since July 2006
and almost quadruple the average during the prior 20 days,
according to data compiled by Bloomberg. The ETF tracks the
Financial Select Sector Index, whose 92 members include Citigroup
Inc., Bank of America Corp., Goldman Sachs Group Inc. and Bear
Stearns Cos.


Read more at Bloomberg Stocks News

Marriott earnings rise but shares fall on outlook

(Reuters) - For the second straight quarter, Marriott lowered its forecast for revenue per available room, or revpar -- a key measure of hotel performance -- from its hotels in North America. The lowered forecast reinforced concerns about a slowdown in its home market.




"Marriott's second top-line revision for 2007 offers one more support to our view that trends in the US are decelerating at a faster-than-expected clip," Goldman Sachs analyst Steven Kent said in note.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Merrill Lynch outbids Goldman on Berenice

(Reuters) - The bid by Merrill Lynch risks pushing Goldman Sachs out of
the race for Berenice days after the investment bank abandoned
plans to purchase another Italian fund, Tecla.




Goldman Sachs has offered 725 euros a share for Berenice,
which is controlled by Italian real estate group Pirelli RE
, through its Zwinger vehicle in a bid that runs until
July 20.


Read more at Reuters.com Mergers News

Hilton would pay Blackstone break-up fee

(Reuters) - Break-up fees are customary in takeover deals and are put in place to dissuade the sides from walking away.




In the filing, Hilton said Blackstone received financing commitments from a group of banks including Bear Stearns , Bank of America , Goldman Sachs , and Morgan Stanley . The filing doesn't detail the amount of debt that will be used to finance the deal.


Read more at Reuters.com Business News

UPDATE 1-Hedge fund Och-Ziff Capital files for IPO

(Reuters) - New York-based Och-Ziff said it would offer up to $2
billion worth of Class A shares representing limited liability
company interests on the New York Stock Exchange under the
symbol OZM .




Och-Ziff was founded in 1994 by former Goldman Sachs
investor Daniel Och and the Ziff family. It is well regarded in
the secretive, $1.5 trillion hedge fund world, particularly for
its acumen in distressed debt and restructuring strategies.


Read more at Reuters.com Mergers News

GateHouse Media files to sell up to 17 mln shares

(Reuters) - Goldman Sachs & Co., Wachovia Securities and Morgan Stanley
are the lead underwriters for the offering.




Read more at Reuters.com Government Filings News

Goldman Sachs Meets Match in Googleplex When Recruiting College Graduates

(Bloomberg) -- Everyone wanted to hire Qiushuang
Zhang.

Before earning her master's degree in computer science at
Georgia Institute of Technology in May, Zhang had two job offers
from Goldman Sachs Group Inc., two from Microsoft Corp. and one
from Google Inc. Then a headhunter phoned to pitch a job at
Renaissance Technologies Corp., the $20 billion hedge fund firm
led by math guru James Simons.


Read more at Bloomberg Exclusive News

S&P 500 Posts Biggest Weekly Slide Since March Amid Mortgage-Bond Concerns

(Bloomberg) -- U.S. stocks dropped and the
Standard and Poor's 500 Index posted its biggest weekly
slide since early March on concern that banks will be
saddled with losses on mortgage bonds.

Bear Stearns Cos., Lehman Brothers Holdings Inc. and
Goldman Sachs Group Inc. led financial shares lower after
the near collapse of a Bear Stearns hedge fund spurred
speculation that investors will have to write down the
value of securities containing subprime mortgages.
Homebuilders in S&P indexes plunged for a fourth straight
week after a gauge of builder confidence fell to a 16-year
low and home starts declined.


Read more at Bloomberg Stocks News

Bear Stearns CDO liquidation sparks contagion fears

(Reuters) - So far the risks seem contained, but the fallout may be
felt everywhere from leveraged buyouts, investment bank
earnings and sales of collateralized debt obligations. Those
securities have pushed sales of corporate and housing-related
debt to record highs in the past year.




Merrill Lynch & Co. on Wednesday sold only $100
million of $850 million of highly rated collateral assets it
auctioned after seizing them back from the Bear Stearns funds,
said a person familiar with the auction. Three other banks --
Goldman Sachs Group Inc. , JPMorgan Chase & Co.
and Bank of America Corp. -- have closed out their
positions with the funds. For details, click on
[ID:nN20245025].


Read more at Reuters.com Bonds News

UPDATE 2-Goldman Sachs real estate fund to buy Equity Inns

(Reuters) - NEW YORK, June 21 - Equity Inns Inc. ,
which owns mid-market hotels, has agreed to be acquired by
Goldman Sachs' real estate fund, Whitehall, in a deal
worth $2.2 billion, including assumed debt, the company said on
Thursday.




The price of $23 a share represents a premium of 19 percent
over Equity Inns' closing price on Wednesday.


Read more at Reuters.com Bonds News

Bank of America unwinds Bear hedge funds positions

(Reuters) - Goldman Sachs Group Inc. and JPMorgan Chase & Co.
entered similar agreements with the funds.




Bank of America declined to comment. Bear Stearns was not
immediately available for comment.


Read more at Reuters.com Bonds News

ABN AMRO, Atari, Epicept, Intel, Volvo, Winnebago: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8:40 a.m. New York time.

ABN AMRO Holding NV (ABN US): The subject of the biggest
bank takeover likely will beat its per-share earnings target for
2007, board member Huibert Boumeester said. The bank is
positioned to beat the target of at least 2.30 euros a share,
Boumeester said at a Goldman Sachs Group Inc. conference in
Lisbon. ABN Amro's earnings were 2.02 euros per share in 2006.
Shares rose 12 cents to $47.50 in regular trading yesterday.


Read more at Bloomberg Stocks News

U.S. Stocks Drop as Bond Yields Rise; Citigroup, Wal-Mart Shares Decline

(Bloomberg) -- The U.S. stock market plunged the
most in three months after a jump in bond yields fueled
speculation the Federal Reserve will raise interest rates.

Financial firms led by Citigroup Inc., Goldman Sachs Group
Inc. and Merrill Lynch & Co. led a third day of declines. All 16
homebuilders in Standard & Poor's indexes dropped on concern
that demand for mortgages will diminish. Wal-Mart Stores Inc.,
Macy's Inc. and J.C. Penney Co. retreated after May sales
trailed estimates.


Read more at Bloomberg Stocks News

U.S. Stocks Drop as Bond Yields Rise Above 5 Percent; J.C. Penney Declines

(Bloomberg) -- U.S. stocks fell for a third day
after the yield on the 10-year Treasury note rose above 5
percent for the first time since August.

Citigroup Inc., the biggest U.S. bank, and Goldman Sachs
Group Inc., the largest securities firm, led financial companies
lower. Wal-Mart Stores Inc., Macy's Inc. and J.C. Penney
retreated after reporting May sales that trailed estimates.


Read more at Bloomberg Stocks News

U.S. Treasuries May Rise as Yields at Nine-Month High Attract Investors

(Bloomberg) -- U.S. Treasuries may advance on
speculation yields near the highest in nine months will prove
attractive to investors.

Yields on two-year notes rose to 5 percent yesterday and
those on the 10-year bond climbed to 4.99 percent, as a report
showed U.S. service industries last month grew at the fastest
pace since April 2006. Goldman Sachs Group Inc. said yesterday
it no longer expects the Federal Reserve to lower borrowing
costs this year and increased its forecast for economic growth.


Read more at Bloomberg Bonds News

UPDATE 1-CVR Energy files for 15.5 mln share IPO

(Reuters) - The Sugar Land, Texas-based company's shares have been
approved for listing on the New York Stock Exchange under the
symbol "CVI."




Goldman Sachs & Co., Credit Suisse and Deutsche Bank
Securities, among others, are underwriting the IPO.


Read more at Reuters.com Government Filings News

VCA Antech amends credit facility to issue notes

(Reuters) - Goldman Sachs and Wells Fargo Bank arranged the amended
facility.





Read more at Reuters.com Bonds News

Altria, FEI, FX Energy, Skechers, Williams Power: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 2:40 p.m. New York time.

Alltel Corp. (AT US) rose $4.23, or 6.5 percent, to $69.44
and traded as high as $70.45. Goldman Sachs Group Inc. and TPG
Inc. agreed to buy Alltel for about $24.7 billion in the largest
leveraged buyout of a telecommunications company. Investors will
get $71.50 a share, the mobile-phone company said. The offer is
9.6 percent more than Alltel's last closing price. Including
debt, the bid values Alltel at $27.5 billion.


Read more at Bloomberg Stocks News