After the initial rebuff of Swiss-based pharmaceutical giant Roche's offer to acquire the 44% of Genentech (NYSE: DNA) stock Roche does not currently own, DNA is coyly encouraging the completion of a deal at a higher price.

Genentech is among the leading biotech companies in the world. It is engaged in the discovery, development, manufacturing and commercialization of pharmaceutical products intended for treatment of previously untreatable illnesses.

In 1990, Roche acquired a 56% stake in the company. Since that time, the relationship between the two companies has been a model for similarly structured combinations.

Roche's offer of $89 per share for DNA was characterized by DNA as significantly undervaluing the company.

But this was hardly a "hit the road, Jack" response. DNA's board of directors has been encouraging the two sides to continue discussions, and recent comments suggest that the deal could come together soon.

It was looking like we were about to have a good day at about 8:35 EST this morning after seeing flat CPI. But the day ended up long enough and bad that it feels like that CPI report came out a week ago because it was such a long day.

But today was all about Bear Stearns (NYSE: BSC), and you've already heard the news. If you have ever wondered what a run on the bank looks like and what a major institution on verge of implosion looks like, you just saw it today. Bear Stearns closed down over 45% to $30.85 on over 185 million shares. Free marketeers don't want a bailout.

It's bad enough out there that even someone out of the National Bureau of Economic Research is worried about a severe recession. If you want any good news on the day, it would be that the market didn't close on lows and it wasn't widespread panic falling out into every sector.

• DJIA 11,951.09 (-194.65; -1.60%)
• S&P500 1,288.14 (-27.34; -2.08%)
• NASDAQ 2,212.49 (-51.12; -2.26%)
• 10YR-TBond 3.4210% (-0.113%)
• The VIX closed at 31.16, up 3.87
• List of 52-week lows was a monster long list.

Another earnings season crunch is under way, and here are a some highlights of this past week's earnings coverage here at BloggingStocks:

• Advanced Micro Devices (NYSE: AMD) reported losses 9 cents greater than Wall Street estimates.
• Altria Group Inc.'s (NYSE: MO) profits were down, but the company raised its full-year earnings guidance.
• Bank of America Corp. (NYSE: BAC) fell short of expectations, profits down 32%.
• Boston Scientific Corp. (NYSE: BSX) almost tripled Wall Street's earnings estimates.
• Citigroup Inc. (NYSE: C) had warned to expect a disappointing results, and earnings per share fell 57%.
• Coca-Cola Co. (NYSE: KO) beat estimates, sending the share price to a 52-week high.
• Domino's Pizza Inc. (NASDAQ: DPZ) fell short of expectations, profits falling 55%.
• eBay Inc.'s (NASDAQ: EBAY) otherwise good results were hurt by Skype-related losses.
• Gannett Inc.'s (NYSE: GCI), earnings beat expectations but revenue fell short.
• Genetech Inc. (NYSE: DNA) beat estimates by a penny, but analysts' concerns linger.
• Google Inc. (NASDAQ: GOOG) had a spectacular third quarter. See our live blog of the conference call.

Usually when a company is able to beat analyst estimates for earnings the stock gets rewarded on Wall Street, but that is not the case today for pharmaceutical giant Genentech Inc. (NYSE: DNA). The company reported its third quarter numbers last night, beating estimates by a penny, but the stock is being sold off by traders today, dropping 1.9% in early morning to$75.94 down $1.56.

Analysts had been expecting to see the company show earnings of 72 cents a share, and the actual results came in at 73 cents a share for the quarter. This past quarter the company was able to experience a 22 percent earnings jump, so why is the stock lower today?

The main reason why analysts are are beating up the stock today is concern over the company's ability to maintain its current momentum. Analysts are fearing that the company is not going to be able to continue to shine in the light of increased competition and a saturated market place.