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...

WEB SITES:

• 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.

Full Disclosure: I was a huge Joe Montana fan back in his glory days with the 49ers, and I still have a huge poster of him on the wall in a closet.

Joe Montana's place as one of the greatest quarterbacks of all-time is secure but, sadly, the same cannot be said about his skills as a hedge fund honcho. According to a piece in The New York Post, "HRJ Capital, a California investment firm that counts the Hall of Fame quarterback on its roster, saw almost all of the gains ratcheted up so far this year at one of its hedge funds get wiped out as the housing crisis tackled the markets."

The fund of funds (a hedge fund that invests in other hedge funds) lost 12.3% in the first two weeks of August because of investments in hedge funds that had subprime exposure. Montana also has a couple former teammates with him at the firm, Ronnie Lott and Harris Barton.

Should investors in his fund be worried? Of course not! This is Super Joe! The Comeback Kid!

I wonder if he owns HanesBrands (NYSE: HBI), which plastered Montana's face all over television commercials in the early 1990s, and paid him a nice endorsement fee.

Wednesday on Jim Cramer's MAD MONEY, the loud-but-excited analyst discussed a spinoff of Hanesbrands Inc. (NYSE:HBI) fom Sara Lee Corp. (NYSE:SLE).

The question on investor's minds should be, naturally, does a spinoff make sense? To give a little background, Cramer referred back to the GM-Delphi spinoff, opining that the two auto units were too tangled to properly unwind. In this case, it may be a bit simpler; after all, he asked, does it make sense for a cupcake and meat company to own an underwear company? Nope, said he, the two units needed to be under a different roof. Can HBI make you money? Cramer says, "yes."

Hanesbrands shares traded up 2.3% to $23.18 in after-hours trading after Cramer's well-reasoned recommendation, especially after he referred back to several prior deals, including the Freescale spinoff, the Coach spinoff, and the Darden spinoff.

He did say that Sara Lee forced it to take on a lot of debt, but the company's lower margins may improve since manufacturing has been moved internationally.

In a call-in Cramer said he thinks Under Armour, Inc. (NASDAQ:UARM) is going higher. In another call Cramer said Jos. A Bank Clothiers, Inc. (NASDAQ:JOSB) is a "stay away" story.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.

Sara Lee Corporation (NYSE:SLE), manufacturers of Ball Park Franks, Jimmy Dean sausage, and Sara Lee fatty baked snacks, has completed the spin-off of its Hanes division to form a separate company, Hanesbrands, (NYSE:HBI), which began trading yesterday, September 6. Current Sara Lee shareholders received one share of Hanesbrands stock for every eight shares of Sara Lee. The Hanesbrands moniker includes some very common names: Hanes underwear, made famous by Michael Jordan in his series of "you have been briefed" ads; Bali and Wonder bras; as well as L'eggs and Just My Size hoisery.

Several years ago, Sara Lee Coroporation management decided to reduce the range of the portfolio of brands that had grown to cover snack foods, beverages, as well as household and body care products, and a line of intmate and casual clothing. One does have to wonder whoever thought it was a good idea to merge fatty snacks with an underwear company in order 'to achieve transformational synergies' or some such business lunacy. Probably best not to think about the image too long.

Approximately 95 million shares of Hanesbrands stock were distributed to Sara Lee stockholders in the transaction. Sara Lee Corporation received $2.4 billion for the stock from Hanesbrands. In its first day of trading, Hanesbrands stock closed at $22.20, up $1.90, with 3.7 million shares trading hands.