Bear Stearns Shockwaves Send Stock Futures Falling

Brickman · Mar 17, 2008

Market corrections, collapse or what ever you like to call it like this will effect us all.

New York -- The stunning news on Sunday that JPMorgan Chase (JPM: 36.54, -1.57, -4.11%) will purchase the struggling investment bank Bear Stearns (BSC: 30.00, -27.00, -47.36%) for the fire-sale price of $236 million, or $2 a share, sent both global markets and U.S. stock futures into a free fall overnight.
Bear's sale marks the first death of a major Wall Street institution as a result of the global credit crunch and the U.S. subprime mortgage mess.

The Dow Jones Industrial Average futures fell 191 points to 11791 as of 8 a.m. EST in New York. The broader Standard & Poor's 500 Index futures lost 24.40 points at 1268.60 and the Nasdaq 100 futures fell 37 points to 1687.50.
Global markets sold off across the board on the news. Japan's Nikkei fell more than 3.7% while Hong Kong's Hang Seng Index dropped a stunning 5.18%. Europe was not much better, where London's FTSE 100 index fell 2.25% and Germany's Dax dropped more than 3.2%.

The $2 per share price for Bear reflects a dizzying 96% discount to the company's stock price of $30 a share on Friday. Even worse, a share of the company was worth more than $150 less than a year ago.
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http://www.foxbusiness.com/markets/...aves-send-stock-futures-falling_521877_2.html

Rebel Patriot · Mar 17, 2008

Affect us all?

thats quite an understatement.

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