Here’s an unreality check to give some perspective of the carnage on Wall Street: The market cap of biotech upstart ImClone Systems is nearly double that of General Motors. ImClone, the company whose insider trading scandal made Martha Stewart infamous, is trading today around $65 a share. Don’t hold us to precise numbers in trading this volatile but that translates to a market value of about $5.6 billion. The $70-a-share that Eli Lilly agreed to pay to acquire the company early this week values it at $6.5 billion, including shares now held as options by insiders. GM, meantime, hit an intraday low of $2.26 a share yesterday, a level that hasn’t been seen since 1951. It has been trading this afternoon...
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