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Lehman Quarter Bodes Well
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Updated from 10:58 a.m. EDT
Lehman Brothers(LEH Quote) blew past Wall Street expectations in the third quarter, posting a 74% jump in profits that was fueled by strong gains in investment banking and stock trading.
In the quarter, Lehman earned $879 million, or $2.94 a share, compared with $505 million, or $1.71 a share, a year ago. Net revenue in the quarter was $3.85 billion, up 47% from the year-ago quarter.
Analysts were expecting Lehman to earn $2.37 a share in the quarter on revenue of $3.4 billion, according to Thomson Financial. ...
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