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Friday, August 22, 2008

Korea to Buy Lehman

No, not NORTH Korea.

U.S. Stock Futures Rise on Speculation Lehman May Be Purchased: “U.S. stock-index futures advanced, indicating the Standard & Poor's 500 Index may trim its weekly decline, on speculation Lehman Brothers Holdings Inc. may be acquired and as oil's decline buoyed the earnings outlook for airlines and automakers.

Lehman, the brokerage that's lost almost 80 percent of its value this year, surged 12 percent after Reuters reported Korea Development Bank said it may purchase the firm.”

Yup. That’s pretty much it. The big fat green candle you see in the S&P 500 futures contract (ES) early this morning is because Lehman may get bought…

Lehman (LEH) is up over 15% now.

6 comments:

JD said...

Good thing a major US bank being bought by Koreans seems bullish to the masses... idiots. When this recession is over they'll be lucky if they don't need to stamp "Foreign Owned" into their underpants. :S

Ben Bittrolff said...

JD,

Hahaha...
Uh oh. I just got my paycheck. It was in Yuan.

Toro said...

"No, not North Korea."

LOL

Rebecca Wilder said...

It's amazing - markets will bounce on just about anything these days...even rumors that Korea is to buy Lehman. Just like when Barron's published it's share of speculative reporting, The End Game Nears For Fannie and Freddie (August 18, 2008), shares of Fannie and Freddie plummeted 22%.

Interesting, though, that the markets blew off the Russia/Georgia conflict.

Alessandro said...

Ben,

your "short the dumb rally" call looks increasingly good.

So we are looking at the third lower high after the bear wedge broke down... Are we aready done with the "naked-short" suker rally?

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