Citigroup's bombshell that it faces as much as $11 billion more in credit losses has made one thing clear: No one really knows what's hidden in the subprime bond basement.  Mortgage Losses May Hit $200 Billion

  Citigroup's problems deepened as it was unable to assure investors a potential $11 billion write-down for subprime mortgages won't grow, and its nearly pristine credit rating was downgraded.

  Credit markets face another $250 billion in defaults over the next two years, indicating that the worst of the subprime crisis is yet to come, the head of the world's biggest bond fund told CNBC on Monday.

  Time Warner confirmed a CNBC report that Dick Parsons is stepping down as CEO and will be replaced by Chief Operating Officer Jeff Bewkes.

  Barry Diller's IAC  plans to spin off HSN, which includes HSN TV and hsn.com; Ticketmaster; Interval International, which will include its CondoDirect unit; and LendingTree, which will include its RealEstate.com site.

  Sun Microsystems reported a quarterly profit on Monday compared with a year-earlier loss amid strong sales of its high-end computers.

  Merrill Lynch's  board of directors has alerted BlackRock chairman Larry Fink that he can take over as CEO if he so choses. Fink, according to sources close to the matter, has said he will take the next two weeks to decide.

  Confirming its long-rumored foray into the mobile market, Google said Monday it is developing a free cell phone software package so the Internet search leader can more easily peddle ads and services to people who aren't in front of a PC.

  The hour's business headlines, with CNBC's Darby Dunn

  U.S. film and television writers went on strike Monday, after last-minute talks aimed at averting the Writers Guild of America's first walkout in almost two decades collapsed.

  Beazer Homes USA  said it expects to take non-cash charges for inventory impairments and land option abandonments of $230 million, according to preliminary fiscal fourth-quarter results.

  Activision posted a small second-quarter profit, compared to a loss a year earlier, as revenue at the second-biggest U.S. videogame publisher jumped on sales of titles like "Transformers" and "Guitar Hero."

  U.S. retail gasoline prices have rebounded to summertime levels following the five-week bull run that has lifted crude oil prices to over $96 per barrel, according to retail surveys released this week.

  An increase in new orders helped drive the U.S. services sector to a faster-than-expected growth rate in October, but economists warned the data didn't foretell that economic growth would pick up soon.