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Bear Stearns' Bear Market

The face of Wall Street undoubtedly changed forever last fall, with the Lehman Brothers bankruptcy, the Bank of America acquisition of Merrill Lynch, the government’s unprecedented 79.9% stake in AIG, and the shift of major investment banks (like Goldman Sachs and Morgan Stanley ) to become bank holding companies. However, before all those stunning events unfolded in the fall, exactly 1 year ago today, JPMorgan Chase agreed to acquire Bear Stearns for $236 million or $2 per share – signifying the end to one of Wall Street’s most storied franchises. (This offer was later raised to $1.2 billion or $10 per share.)

Gains Are Few and Far Between

The tumult in the markets over the past year has been well documented. The sell-off, while led by the financials, has been broad-based. Few stocks have mustered up any gains during this period. In fact, none of the 30 components in the Dow Industrials is up over the last 12 months. Additionally, just a handful of the members in the S&P 500 and Nasdaq 100 are posting gains over this same period:

S&P 500 Last 12 Months
Schering Plough +63%
Family Dollar +58%
Apollo Group +47%
Rohm & Haas +45%
Autozone +42%
Amgen +24%
Mylan +15%
Dean Foods +4%
Quest Diagnostics +4%
Wyeth +4%
PG&E +1%
People’s United Financial +0.5%

Nasdaq 100 Last 12 Months
Apollo Group +47%
Amgen +24%
O’Reilly Automotive +22%
Vertex Pharmaceuticals +18%
Ross Stores +10%
Hansen Natural +3%

As for new highs…only 2 stocks at the NYSE are hitting 52-week highs today and just 5 stocks in the S&P 500 (Mylan, Schering Plough, Family Dollar, Autozone, Rohm & Haas) are at or within 5% of striking a new 52-week high.

Hefty Declines in Financials and Broader Markets

In focus over the past year have obviously been the financials, which as a sector, has fallen 66%. From the big national banks to some of major regional banks, many have lost well over half their value in just the last 12 months:

Last 12 Months
Fifth Third Bancorp -90%
Citigroup -88%
Huntington Bancshares -84%
Bank of America -82%
Regions Financial -79%
Marshall & Ilsley -78%
SunTrust Banks -77%
Zions Bancorporation -76%
Capital One Financial -72%
State Street -68%
KeyCorp -61%
PNC -56%
U.S. Bancorp -55%
M&T Bank -49%
Wells Fargo -49%
Comerica -47%
Morgan Stanley -46%
BB&T -44%
JPMorgan Chase -42%
Bank of New York -42%
Goldman Sachs -41%

Sector and Global Performance Since Bear Collapse

As for the broader markets, here’s how the major indices and sectors have performed over the past year since the Bear Stearns collapse:

Major Indices Last 12 Months
Dow Industrials -40%
Dow Transports -46%
Dow Utilities -34%
S&P 500 -42%
Nasdaq Comp. -37%
Russell 2000 -42%

S&P 500 Sectors Last 12 Months
Financials -66%
Industrials -54%
Materials -50%
Consumer Discretionary -41%
Energy -40%
Utilities -36%
Technology -36%
Telecom -31%
Consumer Staples -26%
Healthcare -22%

Other Sector Indices Last 12 Months
Insurance -68%
Banks -66%
Cyclicals -63%
REITs -61%
Oil Services -56%
Brokers -53%
Housing -52%
Defense -46%
Natural Gas Stocks -44%
Airlines -42%
Healthcare -38%
Semis -37%
Oil Stocks -37%
Retailers -32%
Consumer -30%
Gold Stocks -21%
Biotech -18%
Drugs -18%

International Indices Last 12 Months
Americas

Mexico -37%
Brazil -35%
Canada -34%

Europe
Russia -68%
France -41%
Germany -38%
U.K. -32%

Asia Pacific
Thailand -48%
Singapore -47%
Hong Kong -43%
India -43%
Taiwan -42%
Australia -39%
Japan -38%
China -38%
South Korea -34%
Malaysia -33%

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