short LEH overnite

I believe they are going to preannounce earnings tomorrow. I would be shocked if someone steps up to buy them, they apparently have some major bad paper ala BSC. Its hard not to get caught up in the whole thing. Trade is not over yet so no point in beating yourself up before you close the position. Good trading.

 

Preannouncement set for 7:30 CC at 8am

 

could be another BSC or it could double in one day

well see in the morning

 

earnings, writeoffs, and most importantly, the takeover news.

 

They reporting earnings early tomorrow. Maybe they won't be to bad due to defacto access to the printing press (discount window).

 

I thought they were supposed to report earning,s on sept 18
Sept 16 goldman sach is supposed to report earnings.
Well will have to get up early tomorrow to see what happens

 

Earnings will be positive and the market will rally. No doubt!

 

what makes u say that?

 

I traded LEH back and forth scalping most of the day and to the long side. I made a few bucks and held 500 shares overnight.

My cost basis is 7.99 and closed out 300 shares at around 8.10 in after hour trading.

I can't say that I would want to be short 1K shares overnight but at the same time I didnt want to be long 500 either.

With the news that came out towards the close I think you will be fine.

Unless the news is earth shaking its not like people are going to be lining up to buy it up before you have a chance to get out.

LEH could just as easy see $5 before it sees $10 again IMHO.

Best of luck

 

I got long some LEH after hours today at 7.59 and then more at 8.14, making the average 7.86 1/2. Not a huge position but bigger than the OP's short.

Also bought some of the LEH Preferred "F" shares (LEH-F) at 9.29 today (0.04 under the water on those).

I don't think they are going to announce bankruptcy or a firesale as "strategic initiatives", but I think anything that they are going to say is definitely going to try and pump the stock, which will give an initial pop (that I'll gladly sell into) and then probably trade lower from there throughout the day.

Tradethenews also was reporting a little while ago that unconfirmed rumors are present that Goldman may buy Lehman (not sure if it would be a BSC-type deal though).

Will definitely be interesting tomorrow morning when they announce earnings and on the conference call.