Business: Business today

MERRILL CEO APOLOGIZES: Merrill Lynch & Co. chairman and chief executive David Komansky apologized for e-mails sent by some of the firm's research analysts that denigrated stocks Merrill recommended investors buy. Komansky said the e-mails "fall far short of our professional standards and some are inconsistent with our policies." Regulators have widened investigations into whether analysts gave favorable ratings to win or retain investment-banking clients. Merrill's market value has dropped $8.5-billion since the investigation was announced April 8.

AETNA MOVING FORWARD: A slimmer Aetna is starting to find its way back to profitability, chief executive John Rowe told shareholders at the annual meeting a day after it posted a huge loss because of an accounting change. Rowe also publicly apologized for the old Aetna, which insured slaves for their owners in the 19th century. Rowe said the board of directors learned two years ago of Aetna's role in the slave trade and apologized for it then. "They were deeply disappointed and embarrassed. Today, I wish to reiterate a sincere apology for the actions of our company in its earliest days," Rowe said. "Slavery is morally wrong and reprehensible." Aetna, FleetBoston Financial and railroad giant CSX are named in a reparation lawsuit by Deadria Farmer-Paellmann of New York.

DYNEGY SHARES TANK: Shares of Dynegy Inc. skidded a second day after the energy trader lowered earnings estimates for the year and disclosed a government inquiry into a gas contract. Shares fell nearly 30 percent Thursday and another 22 percent Friday to close at $14.90, down $4.31, on the New York Stock Exchange. Dynegy said it filed with the Securities and Exchange Commission a change in how it accounted for cash flow associated with a natural gas contract. The changes will not affect its balance sheet, Dynegy said. Houston-based Dynegy almost bought Enron late last year before it collapsed.

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