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Ahead of the Bell: MF Global rises on boost to 'Overweight'

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May 7, 2008

NEW YORK—Shares of futures and options broker MF Global rose Wednesday after a Lehman Brothers analyst upgraded the stock, saying the current price includes the impact of losses compiled by a rogue trader.

Roger Freeman lifted his rating on the company's shares to "Overweight" from "Equal-weight," saying the company's losses are priced in, as is the risk of other problems, including client losses or money being withdrawn from MF Global's funds.

On Feb. 28, MF Global Ltd. said a rogue trader compiled $141.5 million in losses for the company. The stock has lost more than half its value since that time, falling as far as $7.34 before recovering to close at $14.12 Tuesday.

The stock picked up 88 cents, or 6.2 percent, to $15 in premarket electronic trading.

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