I hate to say it, but I have been talking about this for almost a year now. According to the Wall Street Journal, in 2008 $362 billion worth of adjustable-rate subprime mortgages [ARMs] will be reset, "a scenario that could significantly worsen the already serious subprime crisis", according to a report in Saturday's Wall Street Journal.

EchoStar surged $10.35, or 26%, to $50.18 on renewed buyout rumors.

Citigroup upgraded the company to "buy" from "hold" Monday based on valuation as well as "ongoing conviction" about a deal with the telecommunications provider.

John Thain, CEO of NYSE Euronext, has agreed to take the top post at brokerage house Merrill Lynch & Co., according to a person familiar with the matter.

The move is somewhat unexpected as many insiders on Wall Street were speculating Merrill Lynch's board would tap BlackRock Inc. CEO Larry Fink.