morning call... 05 15 2007

Bear Sterns -slash the value of a NYSE specialist unit as electronic trading reduces the need for specialists. -take a charge of $225 million, for its partial ownership of Bear Wagner. non cash charge. %550 -At the same time, it bought the rest of ownership, 40%, from Hunters Partners LLC. to better manage the business in the changing environment. Does not make sense unless it get a really cheap deal. -Shares declined 1.6% to 153.8