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Lehman Earnings Beat Estimates

Investment banking giant

Lehman Brothers


reported a 58% rise in profits for the quarter and set a 2-for-1 stock split.

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Lehman's shares rose $9.81, or 7.3%, to $144.69 yesterday.

Lehman this morning reported net income of $457 million, or $3.37 per share, for the third quarter compared to $290 million, or $2.20 per share, a year ago. According to market research firm

First Call/Thomson Financial

, Lehman earnings were expected to reach $2.74.