‘Poor Bear’ – Commentary – 18 March 2008
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Written by Anthony Truong on March 18, 2008 – 2:11 am
I apologise if you are growing tired of the Bear Stearns saga, but I had to quote an article off the New York Times website:
“Shares of Bear Stearns fell an astounding 84 percent to $4.81 a share [on Monday], though the stock traded well above the $2 a share offered in Sunday’s fire sale by JPMorgan Chase.
JPMorgan was the only major brokerage firm to enjoy a gain for the day. Its own shares rose more than 10 percent to $40.31, making it the best performer among the Dow industrials and nudging the blue-chip average to its positive close.” (M Grynbaum, 2008)
Wow… I mean, ‘phew’! Lucky the share price is above the sale price! Otherwise JPMorgan might think that it was getting a raw deal in purchasing Bear Stearns.
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