The same reason why Bear Stearn was worth $10.00 despite the $2.00 low blow...that's why Wamu can be expected to go to $3.00 range from here at the $0.30 cent range. History repeats iteself. With Wamu & Lehman it's like the flea-market, everyone is low-blowing everyone, it's cutthroat, but when the dust settles they have to get market value for the assets and the name and building from BSC alone was worth $7.00 a share last spring. So the $2.00 BSC bid offer was just an opening note of a much longer $10.00 opera. And so too here with Wamu we could see the dust settle and $4.00 a share come out to the commons.
Still though, like my dad says, calling this stocks PPS is like reading chicken bones or gazing into a crystal ball.
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