Bear Stearns has followed in the steps of Goldman Sachs and Lehman Brothers by releasing surprisingly strong earnings. Its $3.02 a share trounced the $2.87 average estimate. Of course the estimate was sharply reduced over the past few months. So I'll say it again, the IR folks at these companies deserve a lot of credit. Despite the upside surprises, there are some questions that seem to be deferred. An inevitable downturn in core investment banking activity looms, so all will be under pressure to come up with net income in other areas. Then again, Bear insists the deal pipeline is strong. Morgan Stanley will report next week.

For more on Bear Stearns:
- Here's an update from CNNMoney.com