Wall Street is ready to open very rocky today as investors push the panic button after a weekend full of worrisome news. Over the weekend we were given the news that financial institute Bear Stearns (NYSE: BSC) was being bought by JPMorgan (NYSE: JPM) for a ridiculously low purchase price of $2 a share.
At $2 a share, that is an amazing 99% lower than where the stock was trading just over a year ago. The stock was rocked last week on widespread liquidity concerns. The company itself noted that liquidity concerns could impair the company’s ability to fund operations and jeopardize its financial condition.
The Bear Stearns implosion has rocked international markets, and futures and fair values are looking rough for Wall Street as well, with all the major index’s looking to open sharply to the downside.
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