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Lehmans Volatility

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by Felix Salmon
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Sep 08 2008 11:25am EDT

Lehman's Volatility

On Friday, before the Frannie bailout was announced, Lehman Brothers closed at $16.20 a share. On Monday morning, it opened at $17.62: a healthy pop. Within an hour of the open, however, it had sunk all the way down to $13.60. That's a $4 drop -- or 30% of the current share price.

Do not ask why, no one knows. Is it something to do with the prospects for a Korean takeover receding? Maybe. Maybe not. All that's certain is that the stock market is very volatile these days, and that highly-leveraged companies like Lehman are more volatile than most. The big picture, when it comes to Lehman stock, is clear: it's sinking. The intraday picture is nothing but noise.

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