April 1, 2008 | Leave a Comment
Attached/linked please find And That’s The Week That Was, the Brounes & Associates market/economic commentary for the week ended March 28, 2008. Never let it be said that JP Morgan Chase would kick a man (shareholder) when he’s down. Last week, the major bank undoubtedly looked to take advantage of Bear Stearn’s financial “challenges” with its feeble (Fed orchestrated) bailout offer of $ 2/share. This week, it increased its offer to $10/share (though still may be making out with a pretty good deal). Speaking of deals, the current credit crisis may be hindering Clear Channel’s move toward privatization as some key banks began balking over financing terms. The economic numbers of the week depicted continued sluggishness as recession seems more and more the likely scenario. Investors still can’t seem to make heads or tails of the times as volatility in the form of triple digit price moves remains very much the norm for the markets these days. Looking for a distraction? March Madness is upon us (and the Horns are still alive and kicking).
Coming up in the week ahead: Construction Spending (Tuesday), ISM - Manufacturing (Tuesday), ISM - Services (Thursday), Unemployment Rate (Friday), Nonfarm Payroll Additions (Friday)bail out, bear stearns, clear channel, economics, investment