Wachovia (WB) Locks Barn Door After Horse Gone, Cuts Lehman (LEH)

What do you do when a bank has been crumbling since early 2007? If you’re Wachovia (WB), you decide that, after yesterday’s 30%+ dilution with the stock down 60+%, it’s no longer going to outperform the market.

Wachovia cuts Lehman (LEH) citing these reasons:

  • the larger capital raise
  • poorly marked assets
  • lack of confidence

Wachovia cuts Lehman Brothers (LEH) from Outperform to MARKET PERFORM.

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