US bank profits more than halved (BBC)

[eppur_se_muova]

Lehman Brothers and Goldman Sachs both saw their profits more than halved in the first quarter of 2008.

Lehman's net income was $489m (£242m) in the first three months of 2008, compared with $1.15bn in the same period of 2007.

Goldman Sachs's net income fell to $1.51bn (£750m) compared with $3.2bn in the first three months of 2007.

Both results were better than expected and shares soared. Lehman Brothers was up 46% and Goldman Sachs gained 16%.

Analysts feared the impact of the credit crunch would be worse.
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more: http://news.bbc.co.uk/2/hi/business/7302622.stm

[Zynx]

1. Considering that Lehman had fallen by more than in half from their 52-week high

the fact that they are still earning money in this environment and standing is proper cause for the shorts to scream for mercy and get crushed.