Winners and Sinners: LDK Solar, Thornburg, Bear Stearns, Lehman, National City
A quick look at today's biggest up and down movers.
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Bear Stearns (BSC) has led the downward plunge in today's overall market amid liquidity concerns. The company held a brief conference call this afternoon to address the situation in which its CEO Alan Schwartz blamed rumors earlier in the week, which he previously tried to quell, for leading to broad cash outflows yesterday and today as well as counterparties no longer willing to finance against assets that had been liquid. Standard & Poors cut BSC's long term credit rating to BBB, and it was also announced today that Bear Stearns will receive emergency funding help from JP Morgan Chase (JPM) and the New York Fed.
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