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Markets to open lower

Published on June 12, 2007

Markets to open lower

June 12, 2007

Futures are drifting south and are indicating that US market will open lower. As usual, before making any decision about trade transactions, it is a good idea to let the market settle for at least 30minutes.

Lehman posted good results and said its second-quarter net income rose 27% from a year earlier and beat analyst forecasts, but the housing slump and continued weakness in residential mortgages weighed on its fixed-income business. Its quarterly earnings rose to $1.27 billion, or $2.21 a share, from $1 billion, or $1.69 a share in the year-ago period. Lehman said net revenue rose to $5.51 billion from $4.41 billion a year earlier.

Analysts polled by Thomson Financial had been looking for profit of $1.88 a share on revenue of $4.97 billion.

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