Updated from 9:25 a.m. EDTLehman 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