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Winners and Sinners: Bear Stearns, MF Global, Lehman Brothers, National City

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A quick look at today's biggest up and down movers.

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Bear Stearns (BSC) is up 65% to $7.97, despite JP Morgan's (JPM) takeout price of $2.00 per share.

There are concerns shareholders may balk at the deal's low share price (like 9% owner Joe Lewis), and short covering is partly responsible for the move.

Professor Jason Roney also notes reports that BSC bondholders are buying up equity shares to gain enough voting clout to push the deal through. In essence, investors are sacrificing equity value to make sure they don't lose out on bond investments.


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