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NEW YORK (Dow Jones) — South African equities, which were particularly hard hit during last week’s sell-off, are trading at the largest discount to global emerging markets since 2003, leading one UBS analyst to see value in the current weakness. Among them are mining company Anglo American, diversified resources company BHP Billiton (BHP) , retailer Ellerine Holdings, and oil and gas company Sasol Ltd ( SSL) . Donald Elefson, portfolio manager of Excelsior Emerging Markets Fund (UMEMX) , takes a much more cautious view on South Africa . In the long term, “I definitely see value [in South Africa ] because of their competitive position to benefit from the further development of the rest of Africa ,” Elefson said. The iShares MSCI South Africa Index Fund (EZA) , which tracks the performance of the South African market, gained 3% to close at $125. read more

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The S&P 500 lost the most since September 2002, while the Dow Jones Industrial Average's weekly slump was the biggest since March 2003. Chrysler and Alliance Boots Plc failed to find buyers for $20 billion of buyout loans, fueling concern the engine that drove stocks to all-time highs — a record pace of takeovers — will sputter. Treasuries had the biggest weekly advance since September after the slump in housing drove investors to seek the relative safety of government debt. Overdue payments cut second-quarter profit by $388 million, the company said, adding to signs late payments on consumer loans are spreading from borrowers with poor or limited credit histories to people with more reliable repayment records. read more

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Canada's biggest phone company, which agreed to be taken over last month by a group of investors that includes the Ontario Teachers' Pension Plan, was cut to ”hold'' from ”buy'' by Citi Investment Research's Patrick Graham. Shares of the maker of the BlackBerry e-mail phones have still risen 210 percent in a year as it sales and profits surged and analyst raised their forecasts for demand for the wireless devices. Measures of raw-materials and energy shares, which have paced the Canadian market's four-and-a-half-year rally as global demand lifted demand for metals, crude oil and other commodities to records, have dropped 6. The owner of New York's World Financial Center said in a statement that second-quarter profit more than doubled to $79 million, or 20 cents a share, from $30 million, or 9 cents, on asset sales and higher rents for lease renewals. Excluding costs such as severance, profit will be 4 cents to 12 cents a share, the Toronto-based company said yesterday in a statement. read more

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The sell-off spread globally as the cost of credit-default swaps to insure corporate debt climbed to the highest in more than two years after a hedge fund in Australia said it suspended withdrawals and financing for two of this year's biggest leveraged buyouts was delayed. Concern the housing slump is worsening also weighed on stocks after new home sales dropped more than forecast in June and four homebuilders posted losses because of declining land values. The world's second-largest office-supplies retailer reported a decrease in second-quarter profit as the housing slowdown and higher fuel costs caused customers to visit stores less and buy fewer items. The largest provider of software and services companies use to deliver Web content maintained its 2007 sales and profit forecasts, disappointing investors who expected an increase, said Kaufman Bros. read more

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Main High Tech Gadgets Tech Stock Sectors Fortune 500 Tech 100 Fastest-Growing Techs The Browser Blog Technology Business News Business 2. Main Fortune Small Business 100 Small Cap Investing – Top 50 Ultimate Resource Guide 5 Best Bosses Which States Love Small Biz? Main Best Companies to Work For Best Places to Live America’s Hottest Jobs Fortune 500 Global 500 Fortune 500 archive Best Places to Retire 20 Great Cos. Shares of German industrial conglomerate Siemens AG (SI) also retreated after the company agreed to sell its VDO Automotive unit to fellow German firm Continental AG for 11. read more

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National Australia Bank, Australia's biggest lender, dropped 42 cents, or 1 percent, to A$40. Commonwealth Bank of Australia, the second-largest, fell 62 cents, or 1. Woodside, Australia's second-biggest oil producer, slipped 67 cents, or 1. Santos, the third-largest, fell 27 cents, or 1. read more

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Buying stocks simply because they trade for less than $10 remains one of the “lowest” — but most tempting — forms of investing out there. Here at the Fool, we do our darnedest to diagnose and prevent the critical stock-affliction known as ” cheap-osis ” — the belief that a stock’s per-share price, on its own, tells you whether a stock is cheap or expensive; attractive or unattractive; a winner or a loser. So, with the help of our Motley Fool CAPS intelligence database, we’ll screen for stocks trading at less than $10 which also have enough investment merit to earn a CAPS rating of five stars. Additionally, all three Wall Street firms covering HealthGrades on CAPS — Roth Capital , RBC Capital Markets , and MJSK — also rate it an outperform. Department of defense and Sprint Nextel, EFJ has grown its top line at a compounded rate of 23% over the last five years — though operating cash flow has been spotty. The stock hasn’t performed well over the past couple of years, but with established partners like CISCO , Intel , and Broadcom helping to strengthen its Secured Communications business, EFJ might be worth a closer look on CAPS . read more

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Main High Tech Gadgets Tech Stock Sectors Fortune 500 Tech 100 Fastest-Growing Techs The Browser Blog Technology Business News Business 2. Main Best Companies to Work For Best Places to Live America’s Hottest Jobs Fortune 500 Global 500 Fortune 500 archive Best Places to Retire 20 Great Cos. Investors, who will digest financial results from 172 companies in the Standard & Poor’s 500 index, will also be on the lookout for any development in credit markets, where a broad sell-off on Friday spilled over to stocks, capping a week that also revealed the impact of the meltdown in the subprime mortgage market on financial shares. One bright light for next week could come from the energy sector, where 16 of the S&P 500 energy companies will report earnings, including Exxon Mobil , ConocoPhilips (COP) and Chevron Corp. read more

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