Lehman posts better-than-expected 3Q |
| CNNMoney.com - Sep 18, 2007 |
Lehman Brothers Holdings Inc., the nation's fourth-largest investment bank, on Tuesday said third-quarter profit fell less than expected, as strength in stock trading and investment banking offset losses from the struggling mortgage market.
The report provided investors a crucial first glimpse at how Wall Street fared in the fallout from the mortgage crisis, which started when borrowers with poor credit began defaulting at a sharply higher rate earlier this year. Shares rose $1.61, or 2.7 percent, to $60.23 in premarket electronic trading. Other investment banks were higher as well.
The New York-based investment bank -- the first of four to report results this week -- said quarterly profit fell 3.2 percent to $887 million, or $1.54 per share, from $916 million, or $1.57 per share, a year earlier.
Read Full Article from CNNMoney.com
- Posted: 2007-09-18 09:32:42
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