Lehman Brothers Holdings Inc. (LEH) Beats the Street
Lehman Brothers Holdings Inc., the No. 4 investment bank, on Tuesday said third-quarter profits fell less than expected, as strength in stock trading and investment banking offset losses from the struggling mortgage market.
The report provided investors a crucial first glimpse at how Wall Street fared in the fallout from the mortgage crisis, which started when borrowers with poor credit began defaulting at a sharply higher rate earlier this year. Optimism about the financial sector pushed shares of investment banks higher, with Lehman up $1.27 to $59.89 at the market open.
Lehman Brothers -- the first of four to report results this week -- said quarterly profit fell 3.2 percent to $887 million, or $1.54 per share, from $916 million, or $1.57 per share, a year earlier.
The report provided investors a crucial first glimpse at how Wall Street fared in the fallout from the mortgage crisis, which started when borrowers with poor credit began defaulting at a sharply higher rate earlier this year. Optimism about the financial sector pushed shares of investment banks higher, with Lehman up $1.27 to $59.89 at the market open.
Lehman Brothers -- the first of four to report results this week -- said quarterly profit fell 3.2 percent to $887 million, or $1.54 per share, from $916 million, or $1.57 per share, a year earlier.
Labels: LEH, Lehman Brothers Holdings Inc.
posted by Stock Administrator @ 12:04 PM
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