Is Bear Stearns a Big Part of Jim Cramer’s Portfolio?
Or does Thestreet.com just have an unusually—and unwarranted—sunny outlook on life and subprime? Or a little bit of both? As of yesterday, the Bears were still riding their red-hot 52-week low. Today, their shares fell as much as 7% following the Standard & Poor’s rating change from “stable” to “negative.” CEO James Cayne took the unusual step of coming into the office, where he signed off on a press release that took issue with the S&P’s move and claimed that the agency’s questions about Bear’s hedge fund problems were "unwarranted, as these were isolated incidences and are by no means an indication of broader issues at Bear Stearns."
After that little exercise in “you want to question our authority? Okay, well how about this—we’ll undermine your questioning of our authority by questioning your authority” shares of Bear bounced off their 52-week low of $106.55 to trade up to $113.83, prompting Thestreet to proclaim the Bears to be BACK BABY! Sign of the times—no longer falling precipitously = let’s get this party started.
Bear Stearns Bounces Back [thestreet.com]
Why Not to Short Bear Stearns Here [thestreet.com]
Comments
bounced off their 52-week low of $106.55 to trade down $1.80 to $113.83
I need to improve my reading comprehension because some of these posts are darn confusing.
Posted by: chris | August 3, 2007 01:38 PM
now it works. keep up the fairly good work ms. levin.
Posted by: chris | August 3, 2007 01:41 PM
today is seriously boring in the markets
Posted by: Anonymous | August 3, 2007 01:55 PM
besides the huge HUGE announcement that Cerberus has closed the transaction wtih DCX, is there ANYTHING else going on?
Posted by: zzzzzzz | August 3, 2007 02:01 PM
BS claims a profitable July and the next two months if you wanna buy that......I dont.
Posted by: doug | August 3, 2007 02:12 PM
why expend energy ripping an article on TheStreet.com?
Posted by: constantreader | August 3, 2007 02:13 PM
b/c it's relevant?
Posted by: Anonymous | August 3, 2007 02:15 PM
on conference call ...
Analyst: At book value, are you going to be buying back stock here?
CFO: Actually, Jimmy C has just stepped out of the room, but let me try to answer that.
unbelievable! the guy showed for 5 minutes to make a comment and then took off. it's friday afternoon so this 2pm call probably conflicts with the regular golf match
Posted by: Series7.5 | August 3, 2007 02:19 PM
Was there any chance Cerberus wouldn't closes on Chrysler... they own their own bank Azora and then they've got ABle Co... they can just take down the whole cap structure if no one else would finance the deal.
The real question is what's going on with FBR. Obviously these guys have huge mortgage exposure up they're getting pretty breaking cheap? P/B of .8....? I mean if these guys don't blow up entirely its look look a pretty good value play.
Posted by: Random Banker | August 3, 2007 02:20 PM
I have no opinion on whether the site is relevant or not. The posting seemed like a cheap shot, however. BTW, I don't work for TheStreet.com and don't know anyone who does. I don't work at Bear, either, or have any position in its stock, bonds, options, you-name-it.
Posted by: constantreader | August 3, 2007 02:22 PM
BTW: this call is an unmitigated disaster. Heads will roll
Posted by: Dave Chappelle | August 3, 2007 02:28 PM
This idiot owns a huge chunk of the company and no wonder he will try to prop it up.
Posted by: Anonymous | August 3, 2007 02:30 PM
it was a funny shot, not a cheap shot. they can do cheap shots here if they want to. bang bang your dead.
Posted by: anon anon anon | August 3, 2007 02:32 PM
Cramer just went totally mental in front of Erin on CNBC. He seriously lost it.
Posted by: Calgary Schmooze | August 3, 2007 02:49 PM
i wonder how much longer cramers gonna be around
Posted by: Anonymous | August 3, 2007 02:57 PM
If any of you math majors want to have some fun with the capital destructive ability of Cayne and Co, check out the market cap values of Bear Stearns, Goldman, Morgan Stanley, JPM, Countrywide Financial etc. at 2pm (the start of the call) and 2:50pm (the end of the call). Tens of billions in market cap GONE!
Thanks Jimmy!
Posted by: Dave Chappelle | August 3, 2007 03:04 PM
Anon @2:57 - around? Do you mean death by massive aortic rupture or massive brain aneurysm? Or do you mean summary execution by GE executives?
Posted by: Calgary Schmooze | August 3, 2007 03:19 PM
It's not gone, it's been transferred to the shorts, like me.
Posted by: Bear | August 3, 2007 03:24 PM
ge execs if the aneurysm doesnt get him first
Posted by: Anonymous | August 3, 2007 03:24 PM
always figured it'd be death by spontaneous combustion
Posted by: jt | August 3, 2007 03:36 PM
Cramer's back on TV. Musta had a few dozen Diazepam in the last hour.
Posted by: Calgary Schmooze | August 3, 2007 03:49 PM
he doesn't have an IV drip hooked up yet? I could help him out with that!
Posted by: Dr. Kevorkian | August 3, 2007 03:55 PM
Cramer is way ahead of you kids. He is bucking, and has been for some time, for the new FOX biz tv network. See his ode to Rupert Murdock in "Readers May Be Wary, but Ad Executives Are Not" the nytimes, 8/1/07 at C9. (Just a little before where I was quoted) In fact he may be trying to get fired, collect the buy out and then end up in Murdoch's pocket.
Posted by: anon anon anon | August 3, 2007 04:03 PM