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.