I couldn’t resist Lehman’s dip late in the day today, so I decided to pull the trigger and buy Lehman Brothers (LEH). The low of the day was $21.17 right after the open, but then it shot right back up to as high as $24.55. Once LEH pulled back again later in the day, I decided then that it was time to buy.
Their earnings are coming out on Monday, and Lehman is expected to report a $2.8 billion loss; however, I am not alone in wanting to pick up LEH at this price. “Billionaire investor Maurice “Hank” Greenberg, through a spokeswoman on Thursday, said he is buying shares in Lehman Brothers Holdings Inc. as planned, in the wake of the company saying it expected to post a $2.8 billion quarterly loss and announcing management changes.” When asked how much he is going to invest, Greenberg replied “a pretty good size stake.” Also, the CEO of BlackRock Inc. bought Lehman shares earlier this week and told CNBC on Wednesday, “Lehman is not a Bear Stearns situation.”
“Lehman is taking steps to scale down its risk,” according to Reuters, “[i]t decreased assets by about $130 billion in the second quarter, and has raised $10 billion of common equity and equity-linked capital in recent months. Lehman’s holding company has about $100 billion of cash and assets it could easily sell or finance.” Brad Hintz, an analyst at Bernstein, stated “Lehman was taking the steps it needs to make its balance sheet bulletproof.”
Last quarter, the day before Lehman’s earnings were to be reported, LEH traded as low as $20.25. The next day, when their earnings actually came out, LEH closed at $46.49. Lehman reports their second quarter resulsts this Monday, June 16th at 8:15 AM EST, with their conference call following at 10:00 AM EST.
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