Ever since JP Morgan (JPM) and Bear Stearns (BSC) raised the Bear takeover price to $10, the stock has been trading above $10. Is this because the smart money thinks the bid will go up again? No. It’s because JP Morgan has been buying stock in the open market to assure that it will be able to close the deal at $10, the NYT says. (And also, presumably, because some not-so-smart money is still expecting a deal-price increase).
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