Well it happened, Lehman Brothers released their quarterly earnings report and it did report the big loss that Wall Street was expecting: $2.8 Billion to be exact. What's funny, however, is that it's up by as much as 2% in early trading after the announcement.
Yes, I know that it's all about expectations and not about the absolute numbers, but Lehman didn't announce lower losses than what were expected, it announced exactly what it had suggested earlier and exactly what the Street was expecting. How can its stock price rise so much on news that it did what it said it would do and did what everyone expected it would do?
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