Investment house Bear Stearns(BSC Quote) sent financial stocks in a downward spiral Friday after hemorrhaging more than half its value after news of a bailout involving the New York Federal Reserve Bank and JPMorgan Chase(JPM Quote).
Just two days after he tried to dispel credit rumors on CNBC, Bear CEO Alan Schwartz did an about face and said in a statement that the company's liquidity position in the last 24 hours "had significantly deteriorated." In rare move, the Fed allowed Bear access to the discount window mid-month through JPMorgan, providing the company 28 days of secured funding. The stock had collapsed 39% to $34.62, a loss of $22.53.
Also falling off a cliff was payday loan company Advance America, Cash Advance Centers (AEA Quote) after it was cut to equal-weight from overweight at Stephens Inc. The analyst said the Spartanburg SC-based company is fully exposed to any changes in state regulations and that risks have increased over the past year. The slumped a whopping 15% to $6.06.
Shares of BlackBerry maker Research In Motion(RIMM Quote) lost $3.96, or 3.8%, to $101.69 despite news that India, one of the biggest cell phone markets in Asia, is considering not banning BlackBerry services. ...
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