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NEWS ABOUT: Lehman Brothers

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Cramer: Never Seen Wall Street This Bad

Analyst sees no end in sight for layoffs and write-downs

(Newser) - While he steers clear of the Great Depression, everything else is fair game as reference in James J. Cramer’s apocalyptic appraisal of Wall Street for New York. In Cramer's 25 years, he's seen lots of implosions, but this one is different: With thousands of layoffs at major shops, and... More »

Lehman Loses $2.8B; CEO Faces the Music

Post-shakeup, 'now my job to make sure that we execute,' Fuld says

(Newser) - A week after skipping Lehman Brothers' first announcement of its $2.8-billion second-quarter loss, CEO Richard S. Fuld took the microphone himself today to made it official, attempting to reassure analysts and shareholders in the wake of the bank's executive shakeup. "It’s now my job to make sure... More »

Lehman Axes 2 Top Execs in Effort to Stem Slide

CFO and COO both get pink slips after quarterly loss

(Newser) - Lehman Brothers, struggling to allay mounting worries about the company's balance sheet, today axed its COO and CFO. The move comes days after the bank reported a $2.8 billion quarterly loss. Joseph Gregory and Erin Callan will both remain at Lehman, but will be replaced at the top by... More »

Worries Keep Stocks Mixed

Dow ticks up as oil falls, but financials, tech cast shadow

(Newser) - Markets were mixed today, with financials and tech stock prices falling while blue chips enjoyed a bounce after Friday’s precipitous drop, MarketWatch reports. The Dow gained 70.51, closing at 12,280.32. The Nasdaq fell 15.10 to close at 2,459.46, while the S&P 500... More »

Lehman Posts $2.8B Loss, Stuns Wall St.

Investors fear that banks, securities firms still in trouble

(Newser) - Lehman Brothers shocked Wall Street today by posting a $2.8 billion quarterly loss, its first in 14 years and far worse than expected, the Wall Street Journal reports. Other downmarket reports added to investor anxiety, sent stocks falling, and boosted fears that banks and securities firms remain troubled. As... More »

Stocks Again Stuck in Neutral

Conflicting news on financials hinders the market

(Newser) - The markets finished mixed today as fears over the financial sector clashed with positive economic reports. Moody’s said it may downgrade ratings for Ambac Financial and MBIA because of continued mortgage-related losses, MarketWatch reports, helping the Dow down 12.37 to 12,390.48. The Nasdaq gained 22.66,... More »

Analysts See Oil Bust Ahead

Stronger dollar, other factors will take air out of 'classic' bubble

(Newser) - The oil price surge is just like the dot-com boom, analysts at Lehman Brothers tell the Wall Street Journal, and costs will sharply decline once the US dollar strengthens and demand dips in certain countries. Lehman claims oil is experiencing the "classic ingredients of an asset bubble," and... More »

Lehman, GM Drive Stocks Down

Liquidity rumors, poor sales sour investor sentiment

(Newser) - The markets enjoyed modest gains before dropping sharply this afternoon as rumors swirled that Lehman Brothers may face a liquidity problem and automakers reported weak May sales, MarketWatch reports. The Dow closed down 100.97 at 12,402.85, the Nasdaq down 11.05 at 2,480.48, and the... More »

Stocks Rocket to Start 2nd Quarter

Dow clears 70-year-old mark

(Newser) - The Dow leapt almost 400 points today, the best kickoff to a second quarter since 1938. Lehman Brothers and UBS announced plans to raise capital, cheering investors and convincing many that big banks can work through the credit crisis, Bloomberg reports. The Dow ended up 391.47 at 12,654.... More »

Lehman Is Selling $3B in Shares

Firm seeks to calm fears of another Bear Stearns disaster

(Newser) - Lehman Brothers is selling $3 billion in new shares to allay fears after its stock dropped 42% this year, Bloomberg reports. "We still maintain that we don't need capital, but we've realized that perception is the dominant issue in today's markets,'' said CFO Erin Callan. Lehman fell up... More »

Lehman Sues to Reclaim $350M Lost in Swindle

Says 2 workers at Japanese trading firm ran a Ponzi scheme

(Newser) - Lehman Brothers is suing Japanese trading company Marubeni, seeking to recover $350 million lost in a scam apparently engineered by two of the company’s employees. The scheme involved forged documents purportedly bearing a board member’s seal and two meetings at Marubeni headquarters, including one with an impostor posing... More »

Japanese Swindle Could Cost Lehman $250M

Forged docs from Japanese firm secured big loans

(Newser) - Possible fraud involving forged documents from a Japanese trading firm may have cost Lehman Brothers $250 million, the Wall Street Journal reports. The investment bank loaned funds to a Japanese biotech firm last year; the transaction was secured by top trading company Marubeni Corp. But the biotech firm filed for... More »

Morgan Stanley Beats Estimates With 42% Q1 Drop

No. 2 investment bank beats analysts, but earnings fall again

(Newser) - A day after posting its biggest gain on Wall Street in more than a decade—shares rose 18% to $42.86—securities firm Morgan Stanley today reported a second straight quarterly loss, as first quarter earnings fell 42% to $1.55 billion, from $2.67 billion a year ago, reports... More »

Lehman Bros. Q1 Profits Plunge 57%

But beleaguered firm still beats forecasts; stock up pre-market

(Newser) - Lehman Brothers, which yesterday lost 19% of its market value, today reported a 57% drop in net income for the first quarter and a 31% drop in net revenue. But those dire figures still beat analyst forecasts, sending the stock up 12% in premarket trading, the Wall Street Journal reports.... More »

Will Lehman Be the Crunch's Next Victim?

Shaky confidence means its biggest fear may be fear itself

(Newser) - After a collapse of confidence sank Bear Stearns last week, some traders are betting that Lehman Brothers will be the next victim of the credit crunch. Its stock went on a rollercoaster ride yesterday—plunging 40% at one point and closing down 19%, the biggest fall since the firm went... More »

Investors Ask: Who's Next?

Wall Street survived the near-collapse of Bear Stearns, but there's more trouble ahead

(Newser) - Wall Street, reeling over JP Morgan’s bargain-basement purchase of Bear Stearns, is anxiously watching to see “who’s next” to succumb to the continuing credit squeeze, reports the Financial Times. As investment banks prepare to release first quarter results this week—led by Goldman Sachs and Lehman Brothers... More »

Goldman Analysts Warn of Next Crisis

Commercial real estate outlook even worse than subprime situation

(Newser) - Commercial real estate could be the next victim of the current economic downturn, and if it is, expect it to cause another full-fledged crisis, the Wall Street Journal reports. Commercial real estate values could fall as much as 26% over the next 2 years, Goldman Sachs analysts predict, leading to... More »

Markets Rally After Early Swoon

Good numbers from consumers make for bullish afternoon

(Newser) - Thanks to two pieces of unexpectedly good news today, the markets erased early losses, the Dow climbing 44.06 to 13,517.96 after dipping to almost 13,350 this morning. Retail sales in November increased 1.2%, twice what watchers had estimated. And wholesale prices had their biggest one-month... More »

Stocks Fall on Credit Worries

JPMorgan says earnings will drop at big brokerages

(Newser) - Stocks fell again today after JPMorgan Chase predicted that profits would drop at big brokerages. Meanwhile, lower oil prices lowered earning prospects for energy companies, reports Bloomberg. "Until credit loosens up, you can't get a solid footing in the market," says a manager. The Dow was down 65.... More »

Financials Drag Dow Down

Good vibes on mortgage deals steady markets

(Newser) - Bad news in the financial sector today meant the first bearish day for the market in five sessions, as Deutsche Bank’s negative prediction for fourth-quarter earnings pushed Morgan Stanley, Merrill Lynch, and Lehman Brothers downward. The Dow fell 57.15 to 13,314.57, the Nasdaq slid 23.83... More »

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