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Nasdaq Surges 3%, Homebuilders Gain
Mar 24, 9:26 AM EDT |
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| Nasdaq led the rally in the U.S. stock averages with a rise of 3%. Existing home sales rose in February lifting home builders. |
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| Nasdaq surge of 3% led the U.S. stock rally. JP Morgan revised its offer to purchase Bear Stearns and agreed to purchase 39.5% of the broker at $10 per share from the previous bid of $2 per share. Existing home sales in February rose 2.9% from February but fell 24% from a year ago. The surprise rise in home sales and revised bid for Bear lifted financial, home builders, and retail stocks. European markets were closed and Brazil and Mexico added 1.9% and 1.5% respectively. Shanghai fell 5%. |
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JP Morgan Lifts Bear Stearns Bid
Mar 24, 12:45 PM EDT |
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| Bear Stearns board of directors unanimously approve the revised merger agreement with JP Morgan after it raised the offer price to $10 per share. |
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| JP Morgan agreed to purchase additional 95 million shares and revised the purchase price to $10 per share. The bank after a near revolt from Bear Stearns shareholder, agreed to lift the bid. JP Morgan will also bear the first $1 billion in losses of the $30 billion guarantee offered by the Federal Reserve Bank. Merger is anticipated to be completed on or before April 8, 2008. |
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Bear Bid Revised to $10, Tiffany Surges
Mar 24, 10:16 AM EDT |
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| JP Morgan lifted its Bear Stearns to $10 per share. The sharp rise in the bid was in response to a mounting criticism and a revolt from shareholders. |
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| U.S. stocks rose in the morning trading, extending a two-day rally. JP Morgan lifted its Bear Stearns bid to $10 per share from $2 as Bear Stearns shareholders mounted aggressive campaign to scuttle the deal. Dow, Nasdaq, and S&P 500 jumped 1% in the morning trading. Tiffany soared 13% after it reported better than expected earnings. Walgreen Co earnings jumped 5% on 10% rise in sales. |
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