WaMu blues: Stock hits 52-week low

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Just a quickie: Washington Mutual shares fell as low as $5.75 today, a 52-week low, on worries that the Fed is done cutting rates and WaMu faces further loan write-offs.

Today’s low of $5.75 per share marks an 87% decline from the stock’s 52-week high of $44.19, according to CNBC.com stats. Lemme say that again: an 87% decline in market value.

Analysis: This is a company that would otherwise be ripe for a takeover. The problem is, buyers are scarce in today’s corporate world. The two relatively strong hands in the game -- Bank of America and JPMorgan Chase -- have their hands full. There is probably a foreign buyer out there, but there are probably numerous members of Congress who wouldn’t like the idea of a foreign buyer of America’s largest thrift.

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo credit: Bloomberg News

W