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After Bear Stearn, Fannie Mae and Freddie Mac; it seems Lehman are the next ready for bailout. Lehman said it would report its fiscal third-quarter earnings, and reveal other so-called strategic initiatives, in a conference call after the market closes next Thursday (Sept 18th).
Lehman Brothers Holdings Inc. shares have plunged 30 percent, to a new low, on reports that talks with state-owned Korea Development Bank ended without any deal for a badly needed capital injection.
The way things are going, shares in Lehman Brothers (LEH) may be trading at parity with Fannie Mae (FNM) and Freddie Mac (FRE) by the time the brokerage firm shows Wall Street its new strategic plan next week.
Shares in Lehman plunged as much as 44% in heavy trading Tuesday after Dow Jones reported that Korean regulators said talks between Lehman and the state-backed Korea Development Bank had ended.
Lehman declined to comment, but investors fled the company’s shares, sending them to their biggest one-day drop since Bear Stearns collapsed in March.
The reports come a day after Lehman said it would report its fiscal third-quarter earnings, and reveal other so-called strategic initiatives, in a conference call after the market closes next Thursday (Sept 18th). Lehman shares dropped 12% in trading Monday even as the financial sector staged a relief rally following the government’s decision to take the big mortgage firms Fannie and Freddie into temporary custody.
On Tuesday, shares of Fannie were up 8 cents at 81 cents, while Lehman was down $4.55 at $9.57 - a level last seen in the wake of the 1998 collapse of Long Term Capital Management.
Crude Update:-
Oil falls as Hurricane Ike threat to market eases; OPEC shows signs of holding output steady - Oil prices sank below $105 a barrel Tuesday as Hurricane Ike appeared to be headed south of Gulf Coast energy installations and comments from Saudi Arabia suggested OPEC could decide to keep crude output steady.
-HBJ Capital Team
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