Pre-Open Movers: Bear Stearns' (BSC) Fire Sale Kills Financials (LEH, WM, MER, MS, UBS, GS, C, DB)

March 17, 2008 9:24 AM EDT

StreetInsider.com Pre-Open Movers:

Bear Stearns (NYSE: BSC) 89% LOWER; Sold for $2 per share in a fire sale to JPMorgan (NYSE: JPM) after a severe liquidity crisis.

Cardiome Pharma (Nasdaq: CRME) 33% HIGHER; announced positive interim clinical results from its 90-day Phase 2b study of vernakalant (oral). The interim analysis demonstrated statistically significant efficacy for the patient group receiving 500mg b.i.d. of vernakalant (oral) as compared to placebo.

Lehman Brothers (NYSE: LEH) 32% LOWER; Bear Stearns sold for $2 per share in a fire sale to JPMorgan after a severe liquidity crisis.

Tempur-Pedic International Inc. (NYSE: TPX) 25% LOWER; announced that its Q1 sales to date in the U.S. have been significantly below the Company's plan as a result of economic factors affecting consumer spending. Tempur-Pedic is now expecting total net sales for Q1 to decrease by a high single digit percentage compared to the prior year. The Company currently expects domestic net sales for the first quarter will result in a percentage decrease in the high teens and international net sales for the first quarter will result in a high single digit percentage increase compared to the prior year.

I-trax, Inc. (AMEX: DMX) 22% HIGHER; Walgreen (NYSE: WAG) and Putter Acquisition Sub, and a wholly owned subsidiary of the Company, entered into an Agreement and Plan of Merger with I-trax, Inc., a Delaware corporation, pursuant to which Acquisition Sub will commence cash tender offers to acquire all of the outstanding shares of common stock and preferred stock of I-trax at a price per share equal to $5.40.

Washington Mutual Inc. (NYSE: WM) 16% LOWER; Bear Stearns sold for $2 per share in a fire sale to JPMorgan after a severe liquidity crisis.

BladeLogic (NASDAQ: BLOG) 15% HIGHER; BMC Software (NYSE: BMC) signed a definitive agreement to purchase BladeLogic for $28.00 per outstanding share of BladeLogic common stock in cash or approximately $800 million, net of cash acquired.

Merrill Lynch (NYSE: MER) 15% LOWER; Bear Stearns sold for $2 per share in a fire sale to JPMorgan after a severe liquidity crisis.

Morgan Stanley (NYSE: MS) 12.8% LOWER; Bear Stearns sold for $2 per share in a fire sale to JPMorgan after a severe liquidity crisis.

UBS (NYSE: UBS) 10% LOWER; Bear Stearns sold for $2 per share in a fire sale to JPMorgan after a severe liquidity crisis.

Goldman Sachs (NYSE: GS) 9% LOWER; Bear Stearns sold for $2 per share in a fire sale to JPMorgan after a severe liquidity crisis.

Citi (NYSE: C) 9% LOWER; Bear Stearns sold for $2 per share in a fire sale to JPMorgan after a severe liquidity crisis.

Deutsche Bank (NYSE: DB) 6% LOWER; Bear Stearns sold for $2 per share in a fire sale to JPMorgan after a severe liquidity crisis.

H&R Block (NYSE: HRB) 5% HIGHER; Wilbur Ross, CEO of WL Ross & Co. LLC, announced today that the firm, through its affiliate, AH Mortgage Acquisition Co., Inc., had agreed to acquire from H&R Block the Option One mortgage servicing business and related advances for approximately $1.1 billion.

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• Deutsche Bank
• UBS
• JPMorgan
• Goldman Sachs
• Citi
• Morgan Stanley
• Bear Stearns
• Merrill Lynch
• Lehman Brothers
• Wilbur Ross

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