- Merrill Lynch's $4.65 billion second-quarter loss was almost twice what analysts had predicted; the firm also wrote down an additional $9.5 billion in connection with subprime losses. [Bloomberg]
- Citigroup's posted a better-than-expected loss of $2.5 billion for the quarter, which Vikram Pandit is spinning as progress since the bank lost $5.1 billion last quarter. [NYT]
- Troubled mortgage financing giant Freddie Mac is weighing selling up to $10 billion in new shares to raise capital. [WSJ]
- AMD president and COO Dirk Meyer will succeed Hector Ruiz as the chip maker's CEO. [WSJ]
- Both Google and Microsoft issued rare disappointing earnings. [Bloomberg]
- Investors swindled by Samuel Israel III's Bayou Group are trying to recoup their losses from Goldman Sachs, Bayou's prime broker. [NYT]
- Teva is acquiring rival Barr Pharmaceuticals in a $7.46 billion deal. [WSJ]
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