Is a Bear headed for extinction?
Thursday, March 13th, 2008It seems Bear Stearns (BSC: chart, web, Y!) is in a bit of a pickle. At one point today they were staring their largest one-day percentage drop since the October 1987 stock market crash in the face. Why? Exposure to mortgage securities.
The stock fell 7.4% to $57 but traded as low as $50.48, representing a decline of more than 16%. The last time the Wall Street firm’s shares had a bigger one-day percentage loss than that was Oct. 19, 1987.
They’re also worried about margin calls on mortgage-backed securities, most notably …
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