Daily Market Wrap - JP Morgan Ups Bid, What Nice Guys

JP Morgan Chase (NYSE: JPM) must have heard The Greek screaming bloody murder, or were you thinking the firm grew a conscious over the weekend. JPM raises its bid from $2 to $10. Why, we ask? Is Bear Stearns (NYSE: BSC) the most confusing valuation equation in history? We suspect maybe the opportunistic Morgan heard footsteps of other interested parties, perhaps some of them walk softly, carry a big stick full of U.S. treasury securities and speak Chinese? Chinese investors got a good look at BSC in the recent past, and while they might not have been interested in the stock plus $60, two bucks is a whole other story.



Home sales rose for the first time in months, and the median price actually declined less than we heard it would. Good news indeed, and welcome!

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