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Originally Posted by Felix  Why tomarrow? Sorry I haven't been watching the news lately. I know the market is doing bad but are they speculating something that would make you think tomarrow is the end all day? |
JPMorgan announced they are buying Bear Sterns for $2.00 a share... about $98 off the price it was at just 2 months ago, and $28 off the price it closed at Friday.
An announcement for Lehman Brothers hasn't been made yet, but it's expected that they'll probably be sold around the same price soon. Right now their stock is at $39, about half of what it was at the beginning of the year. If they're not sold this week, immediate bankruptcy is almost expected.
CitiGroup, Goldman Sachs, WaMu, HSBC, and Huntington are all also experiencing an extremely rough ride. It can be expected they'll be announcing some drastic changes in the near future.
And that's just the finance sector.
GM, Boeing, Chrysler (though they're privately held), Ford are all looking at a rough ride. Several hedge funds are fucked, which means many big investors are going to lose A LOT.
And mother fuck! I put money into savings and the freaking inflation rate versus the ridiculously low interest rate means I'm losing money!