Brad Hintz, an analyst at Sanford Bernstein, calculates a potential hit of 28% to Bear Stearns' 2008 earnings per share if income from fixed-income trading falls 20%, financial sponsor merger and acquisition driesup and it sees a 35% reduction in below-investment grade loans.
Given that much of the same equipment and techniques can be used to make both syrups, and the fact that birch sap generally starts to flow just as maple sap driesup, "it does present a tantalizing possibility, " van den Berg said.