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Financial stocks continued to slip Tuesday, as Lehman Brothers(LEH Quote) continued to suffer from negative sentiment.
JPMorgan analyst Kenneth Worthington cut his earnings estimates for Lehman through 2009, saying he expects $4 billion in writedowns in the third quarter. The investment bank is reportedly shopping its Neuberger Berman asset management unit, but Worthington does not think a sale is likely. Lehman has been under pressure all year as it struggles to overcome losses related to the credit market and mortgage market meltdown. The stock slumped 13.1% to $13.07.
The NYSE Financial Sector Index declined 151.71 to 6,032.53 in recent trading. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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