UPDATE 1-GM shares rise after Merrill Lynch upgrade

Newswire

(Recasts, adds details, analyst comment and byline, updates share price) By Poornima Gupta DETROIT, May 24 (Reuters) - General Motors Corp. shares rose more than 7 percent and its bond price got a slight lift on Wednesday after Merrill Lynch raised its rating on the automaker on signs that its cost-cutting program was moving faster than expected. Merrill Lynch analyst John Murphy raised his rating on the stock to "buy" from "neutral" and also raised his estimate of GM's 2007 earnings ...

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