MAJOR PAPERS:

• U.S. mall owner and operator General Growth Properties Inc (NYSE: GGP) is reportedly shopping its portfolio for capital to pay off $18.7B of debt coming due over the next four years to potential joint venture partners, according to the Wall Street Journal.
• The Wall Street Journal also reported that Merrill Lynch & Co Inc (NYSE: MER) is expected to reported another quarterly loss this week, as well as up to $8B in new write-downs, a person familiar with the matter said. This would bring its total to more than $30B since October.
• The Financial Times reported that General Electric Company (NYSE: GE) is planning to invest up to $2B in China in acquisitions and other deals in order to double its revenues in the country...

• Barron's Online said Gildan Activewear Inc (NYSE: GIL), the leading maker of undecorated t-shirts and sweatshirts for the U.S. wholesale market, might be worth a look. All of the company's shirts are now made in Gildan-owned factories in Central America and Caribbean, allowing Gildan to achieve cost benefits of offshore manufacturing before competitors like Hanesbrands Inc (NYSE: HBI). Gildan has recently broadened its market with the acquisitions of two sock makers.

General Growth Prop(NYSE:GGP) share price is near its 32-month low. GGP is the 2nd largest U.S. based publicly traded Real Estate Investment Trust with 200 regional shopping malls in 45 states. GGP declared a dividend of $0.50 per share, payable January 31, 2008. GGP February option implied volatility of 57 is above its 26-week average of 37 according to Track Data, indicating larger price risk.

Boston Properties(NYSE:BXP) share price is near its 18-month low. BXP, an owner and developer of office properties in the United States, closed at $85.42. BXP will report Q4 EPS on January 29th. Mortimer Zuckerman is Chairman of the Board of BXP. BXP has a market cap of $10.1 billion with long term debt of $5.4 billion. BXP February option implied volatility of 40 is above its 26-week average of 28 according to Track Data, suggesting larger risk.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com