NEW YORK — In an up-and-down day of trading after the announcement that financial giant Bear Stearns would be acquired for $2 per share by JPMorgan Chase, most supermarket stocks traded down. Pleasanton, Calif.-based Safeway hit a new 52-week low when it dipped below $28 per share during the day. It closed down about 3%, at $28.27. Food retailing’s only gainers were Kroger Co., Cincinnati, which traded up 1%; Arden Group, Los Angeles, which traded up 2.7%; and Wal-Mart Stores, Bentonville, Ark., which traded up 0.26%.
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