Blackstone Cracks Deal Print

Yikes

The stock price of Bear Stearns is understandably under pressure. Although they have been able to push out some of their near-term pain, their franchise’s reputation will suffer from the decisions they have made over the last week. Take a page from Goldman, guys.

How hard will it be for Bear find counterparties or raise money in their alternatives platform? Plenty, I would imagine. Non-existent risk controls combined with bad attitude is not exactly a prescription for long-term success.  Good luck with that, Bear.

But the market has bigger problems than a bunch of dinosaurs who are making questionable decisions at the end of long careers.

Blackstone (BX-NYSE) cracked the offering price.

There are many golden rules in the big money crowd. But selling a stock that cannot hold an important print is a no-brainer.

Maybe the stock is merely flushing out the weak hands who jumped in on Friday. But the cartel needs to band together and keep that puppy above $31.

It might only be another chink in the stock market’s armor. But the chinks are starting to add up, and the bulls are struggling to keep their head above water.

I would expect more in the way of fireworks fireworks going into the fourth of July. I hope Mr. Market does not consider napalm part of the celebration.

The quarter end markup might have to be postponed.

Until September.
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The content contained represents the opinions of 1440 Wall Street. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely for the entertainment of the reader, and the author. No position in securities mentioned

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