<< Read Full Article
<< Read Full Article
An increased bid for Bear Stearns (BSC Quote) lifted financial stocks Monday as JPMorgan (JPM Quote) upped its price for the firm to appease angry shareholders.
The original $2-a-share bid was pushed to $10 with the blessing of the Federal Reserve. The Federal Reserve Bank of New York's $30 billion special financing initially linked to the transaction was altered so that JPMorgan will take on the first $1 billion of any losses suffered by Bear Stearns. Bear employees, who own almost a third of the company, vowed to fight the original $2 offer, and Morgan was hoping the new number might persuade them to vote for the deal.
Bear Stearns shares skyrocketed 90%, or $5.27, to $11.18, and JPMorgan ticked up 1.4% to $46.62. ...
Recent Comments
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,344.84 | 1,095.63 | 2,144.60 | 32.01 |
Oil *
78.55
|
|
UP
34.92
|
UP
4.14
|
UP
6.16
|
DOWN
0.30
|
10 Yr
3.20%
SPDR Gold
115.65
|
|
+0.34%
|
+0.38%
|
+0.29%
|
-0.93%
|
Data delayed 20 minutes |
Connect with TheStreet