We realize it's Wednesday but there really isn't much to say this evening. The only thing that stood out to us today was the odd price drop over in the NASDAQ right around lunch time. The way trading began on this end of quarter Wednesday was much like is expected, up and away, for quarter end window dressing as it is called.
That was what happened early on but there was a large selloff mostly in tech during the lunch hour which kept the NASDAQ to lower gains than the Dow for the day. It was looking like the normal tech rally would rule the day but as it turned out, the NASDAQ couldn't hold it. Going into the close the Dow made a pretty good run that the NASDAQ just couldn't keep up with.
But, not to worry, Warren Buffet is going to be buying Bear Strearns, or so the media is leaking today. The rumor is from the NY Times but is otherwise unsubstantiated. CNN Money reports:
Andy Kilpatrick, the stockbroker-author of "Of Permanent Value, the Story of Warren Buffett," said it seems like only one in twelve rumors about what Buffett's Berkshire Hathaway Inc. might buy is true.
But this time there's a connection: Buffett and Bear Stearns Chief Executive James Cayne are friends and have played bridge together in the past.
"I would believe Buffett is talking to them because they are friends, but how far it's gone, who knows?" Kilpatrick said.
The market seems to want to believe anything as Bear was up over 7% on this rumor.