Movers: Bear Stearns, Lehman Brothers, WaMu, National City, Boeing
Bear Stearns (BSC) tumbles 20.60 to 36.40 after the company's CEO says, "amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated." BSC reaches pact with JP Morgan Chase & Co. (JPM) to provide a secured loan facility for initial period of up to 28 days allowing BSC to access liquidity as needed. BSC also says it is talking with JP Morgan regarding permanent financing or other alternatives. BSC can make no assurance that any strategic alternatives will be successfully completed. The Federal Reserve says it has unanimously approved new funding arrangement for BSC, says it will keep pumping liquidity into U.S. financial system. S&P downgrades BSC to sell.
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