- Pre-Market Indications

Wednesday, September 10, 2008

Before the bell: Stocks mostly down; LEH, GFIG, FDX, TXN, AAPL

Lehman Brothers Holdings Inc. (NYSE: LEH), which caused great concern yesterday and its stock plunged 45%, said it will announce its Q3 results today, a week early, in an attempt to calm investor concern about its capital needs following the failed talks with Korean Development Bank. Lehman will also outline plans to shore up its balance sheet. It could spin-off its prized investment management business and sell devalued mortgage assets. Already the stock is up nearly 25% in pre-market trading as of 7:20 am. Lehman has just announced a $3.9 billion loss during the third quarter due to wrong-way bets on mortgage securities and other risky assets.

Another deal that fell through caused GFI Group Inc. (NASDAQ: GFIG) tumbled 17% to $7.99 in extended trading yesterday. Tullett Prebon Plc, the second- biggest broker of transactions between banks, and GFI, the largest interdealer broker of credit derivatives trades, ended merger discussions after failing to reach an agreement on terms.

Apple Inc. (NASDAQ: AAPL) shares closed nearly 4% down Tuesday after Steve Jobs, joking about the obit that was accidentally published, announced several new iPod models and a deal with NBC Universal, a unit of General Electric (NYSE: GE) to sell programming on the iTunes store. Despite the jokes, Jobs health remained in focus, and many say he looked better than in the previous event and more energetic. The market wasn't that impressed though with the event as most of the announcement were largely expected. AAPL shares have been trading up 1% in pre-market action.

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