Lehman Shakes Bear Talk With Earnings Beat
Updated from 9:25 a.m. EDT
Lehman Brothers (LEH) posted its smallest net income in five years, but beat analysts' estimates, heartening investors who have been waiting for the next shoe to drop in a harried financial system.
Lehman posted a profit of $489 million, or 81 cents a share, for the first quarter. Net income fell 58% from the year-ago period, in which it posted earnings of $1.15 billion, or $1.96 a share. Fourth-quarter net income was $886 million, or $1.54 a share.
Still, the New York based investment bank showed some strength in investment management and mergers and acquisitions, which helped it to beat analyst estimates of about 72 cents, according to Bloomberg .
Goldman, Lehman Dropped Hot Potatoes, Didn't Get Burned
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV