The market is getting a small bounce in early trading, but the gains look paltry compared to yesterday’s selloff. The financials are one of the few groups that are lower this morning, despite some announcement’s by Lehman Bros. (LEH) that it is taking bold steps to strengthen its balance sheet. (LEH was down an eye-popping -45% yesterday)The brokerage firm posted a $3.9 billion loss for the third quarter, and announced several initiatives: its cutting the dividend to $0.05 from $0.68; it plans to sell a 55% stake in its investment management business (maybe $3 b[...]
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[Source: The Money Blogs]
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