This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Thursday's Winners & Losers: Bear Stearns Shares Bear Up Well

Bear Stearns (BSC) was among the volume leaders after the New York broker said that $1.9 billion in mortgage-related writedowns disintegrated its bottom line to a loss of $878 million, or $6.90 a share, in the fiscal fourth quarter. Just last month, CFO Sam Molinaro had pegged the writedowns at just $1.2 billion, though he has also proved prescient in adding, "[I] don't want to predict that things couldn't get worse, because things keep surprising."

The report came a day after Britain's Barclays (BCS) sued Bear over one of its troubled subprime-focused hedge funds , according to several published reports. Bear shares, following some mixed trading, closed up 0.9% at $91.42.

Bond insurer MBIA (MBI - Get Report) fared much worse, with shares tanking more than 26% on a crushing disclosure . The Armonk, N.Y., firm said it has $8.14 billion in exposure to collateralized debt obligations (CDOs) backed by high-grade collateral, 85% of which consists of other CDOs -- in other words, CDOs backed by other CDOs, or CDO squareds. A Morgan Stanley analyst said he was "shocked" at the lateness of this revelation.

Altus Pharmaceuticals (ALTU) tumbled $4.38, or 44%, to $5.50 Thursday. After the close on Wednesday, the company said that it's regaining the North American commercialization rights to ALTU-238, a once-weekly IV human growth hormone product that uses its drug delivery technology, from Genentech (DNA). Altus said it still plans to resume clinical study of the drug, which is in midstage development, in mid-2008.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ARRY $2.50 -4.58%
AZN $28.59 -0.35%
MBI $6.33 0.48%
AAPL $94.99 -0.02%
FB $99.54 -0.21%


Chart of I:DJI
DOW 16,014.38 -12.67 -0.08%
S&P 500 1,852.21 -1.23 -0.07%
NASDAQ 4,268.7630 -14.99 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs