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Bear Stearns' Bear Market

Monday, 16 Mar 2009 | 2:24 PM ET

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%

Send comments to bythenumbers@cnbc.com

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