mimblr.com

Goldman Sachs Group Inc. (GS) and Lehman Brothers Holdings Inc. (LEH), which haven’t been wounded by the credit crunch like some of their brethren, showed they remained ahead of the pack with fiscal first-quarter results that topped expectations and didn’t include any unexpected bad news.
Still, the results were well below prior-year levels as both investment banks booked roughly $2 billion in credit-related losses.
Investors applauded the results, sending the shares higher in premarket activity and recouping some recent losses. Lehman was up 19% to $37.80 while Goldman climbed 9.2% to $164.97. Both companies also saw strong trading action during the quarter, which ended Feb. 29, with Lehman calling its clients’ activity a "record."
Goldman’s net income dropped 53% to $1.51 billion, or $3.23 a share, interrupting 10 quarters in a row of higher year-over year earnings. Year-earlier net income was $3.2 billion, or $6.67 a share.
The latest results included $1 billion in losses on residential mortgage loans and securities, and nearly $1 billion in losses on credit products and investment losses, including $135 million on Industrial & Commercial Bank of China.
Revenue decreased 35% to $8.34 billion.
The mean estimates of analysts surveyed by Thomson Financial were for earnings of $2.58 a share on revenue of $7.47 billion.
"Market conditions are clearly very difficult," said Chairman and Chief Executive Lloyd C. Blankfein. "But we saw strong customer activity across many of our franchise businesses in the first quarter. Although market conditions present many challenges at the moment, they also offer considerable opportunities."
The trading and principal investments segment saw revenue decrease 46% amid the credit and investment losses. Investment-banking revenue dropped 32% on a decline in debt underwriting, while the asset-management unit recorded a 23% increase on higher fees.
As for Lehman, its net income fell 57% to $489 million, or 81 cents a share, from $1.15 billion, or $1.96 a share, a year earlier. Net revenue fell 31% to $3.51 billion. Analysts’ mean estimates were for earnings of 72 cents a share on $3.35 billion in revenue.

wiadomosci.onet.pl

In this photo released by The Metropolitan Opera, Gary Lehman and Janice Baird appear in their title roles during a performance of Wagner's "Tristan und Isolde," at the Metropolitan Opera, Friday, March 14, 2008. When Deborah Voigt, the original star, fell ill and was unable to finish the second act, Baird came to replace her. She and Lehman received enthusiastic applause at the end of the act. (AP Photo/The Metropolitan Opera, Ken Howard)
NEW YORK (AP) — Tenor Gary Lehman earned a second chance to sing in “Tristan und Isolde” at the Metropolitan Opera.
Two days after Lehman made his Met debut as Tristan in place of ailing Ben Heppner, the Met said Sunday that Lehman also will sing in Tuesday night’s performance.
The tenor for next Saturday’s matinee, which will be transmitted in high-definition to theaters around the world, remains TBA.
Soprano Deborah Voigt is scheduled to return Tuesday after leaving Friday night’s performance in the middle of the second act due to a stomach ailment. She was replaced by her cover singer, Janice Baird, who made her Met debut.
Heppner, sidelined by a virus, hopes to return for the final two performances of the revival, on March 25 and 28. Because Heppner and Voigt were to have been singing “Tristan” together for the first time, the six-performance run was close to sold out.

read_more