In equity news, The Wall Street Journal reports that Lehman Brothers (LEH: 
sentiment, chart, options) bought back some of its own stock on Tuesday in an attempt to staunch the 17%, two-day slide in the shares. Also in financials, J.P. Morgan ( JPM: sentiment, chart, options) estimated another 9.5 billion euros in write-downs for European banks, saying that the group hasn't detailed their exposure to bond insurers as aggressively as Merrill Lynch (MER) has. Finally, Merrill Lynch trimmed its price target on Bank of America ( BAC: sentiment, chart, options) to $28 from $29 and reiterated the shares at "underperform." It also cut 2008, 2009, and 2010 earnings estimates by 20 cents per share for each year.
In earnings news, Guess (GES: sentiment, chart, options) reported a first-quarter profit of $47.8 million, or 51 cents per share, up from $35.5 million, or 38 cents, in the year-ago period. Revenue rose 30% to $465.7 million. Analysts expected earnings of 46 cents per share on sales of $451.9 million.
Finally, the Yahoo! (YHOO: sentiment, chart, options) saga continues, with the company setting its annual shareholder meeting for August 1. The company had already delayed the event from early June to late July after fallout from Microsoft's ( MSFT: sentiment, chart, options) acquisition bid. The meeting is expected to receive a great deal of attention as a forum for shareholders disappointed with the way the company handled Microsoft's offer.
Opening View: Guess Reports Earnings, Bank of America's Price Target Cut
