Lehman Brothers
New York Times Stock Falls to a 10-Year Low
As we speak, New York Times company stock is at $13.72, its lowest level since October 1998.
Times stock fell 7 percent yesterday, and it's down another 2 percent today after Lehman Brothers analyst Craig Huber wrote in a note to clients yesterday predicting that Times stock would only continue to fall. He cut his price target for the stock to $8 from $11 and wrote, "New York Times shares should follow its weakening fundamentals over time." That's because everything in the world of newspapers is tanking:
Ad revenue at the flagship New York Times likely will drop 9.1 percent this year, more than the 7. read more »
Leadership at Lehman
With Lehman Brothers bruised and staggered from its $2.8 billion loss in the second quarter, analysts and financial pundits have been writing rough-draft predictions that the bank may soon be joining Merrill Lynch, Citigroup and Bear Stearns as an institution in free fall, an institution that, despite its best efforts, simply could not overcome the unforgiving gravity exerted by the mortgage-backed securities meltdown. And while Lehman’s posting of its first quarterly deficit since going public 14 years ago is cause for concern, the bank’s shareholders, and Wall Street at large, began to breathe a bit easier this week as the firm’s chief executive officer, Richard Fuld, stepped up to take sole responsibility for his firm’s troubles. read more »
15 CPW Alert! Lehman Lady Lands $6.5 M. Pad
The first and only woman to gain entry into the 15-member boys club that is the Lehman Brothers’ executive board has now penetrated one of the city’s most exclusive buildings. Erin M. Callan, the recently appointed Lehman CFO, paid $6.5 million for a 31st-floor condo at 15 Central Park West, city records show. read more »
Pssst! The Manhattan Office Market's About to Have a Busy Summer
It’s been a sleepy year so far in the Manhattan office-leasing world, which is to be expected. Vacancy rates are at a huge low and average rents are at an all-time high.
But brokers are quietly saying it’s going to be a very busy summer and, indeed, things are picking up. Take midtown recently: In April, leasing activity there nearly tripled what it was in March, according to stats from brokerage CB Richard Ellis; companies leased 1.84 million square feet of office space versus 660,000 square feet in March. read more »
