First of all, why are you using PPS instead of percentages to compare movements?
Second of all, the market is full of fakeouts. Did you see MGM pumped up to 14$ before their share issuance brought them down to 7$ / share? What about BAC which got pumped to 15$ a share before dropping to 9 for a share issuance? Not saying that this is definitely the case with BLK, but its possible.
Anyway, I think this deal is beneficial to both BCS and BLK. - BarCap / Lehman will benefit because it will be lifted from regulations against trading with BGI - Blackrock + BGI will become a very powerful market leader... and BGI will perform better than before as a result. And Barclays will get a 20% stake in this. - Barclays will remove any doubts about it needing additional capital if the economy worsens