According to Reuters, Oppenheimer cut is earnings forecasts for Merrill Lynch (MER) and UBS (UBS) a day after cutting Citigroup (C) and Bank of America (BAC).

Reuters reports that the Meriwether hedge fund is down 28% so far this year.

Reuters reports that Tata Motors say it purchase of Jag and Rover from Ford (F) will improve its balance sheet.

Reuters writes that the buyers of Clear Channel (CCU) have sued banks to close the $19 billion deal.

Reuters writes that earnings at Oracle (ORCL) missed some estimates and the stock fell.

Reuters also reports that Motorola (MOT) will split itself into two companies.

The Wall Street Journal writes that Comcast (CMCSA) and file sharing company BitTorrent will work together.

The Wall Street Journal reports that AMD (AMD) has launched its new family of chips.

The Wall Street Journal reports that Paulson want the Fed to have more power over securities firms.

The Wall Street Journal writes that Citigroup has settled a large lawsuit over the Enron collapse.

The Wall Street Journa reports that Nokia (NOK) is making a number of moves to take handset share in the US.

The New York Times writes that home equity loans may be the next round in the credit crisis.

The New York Times reports that Congress is demanding details about the Bear Stearns (BSC) deal.

The New York Times writes that Take-Two (TTWO) has rejected an offer from Electronic Arts (ERTS).

The New York Times reports that oil moved up sharply to $106 a barrel.

The FT writes that Rambus (RMBS) won a major patent suit

Bloomberg writes that taxpayers may be liable for billions of dollars from Fed and Treasury efforts to help financial firms.

Douglas A. McIntyre

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