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Lehman CFO, COO Out, Stock Down; Capitulation Bottom?

Lehman Brothers Holdings Inc. (LEH) announced this morning that it will be replacing its CFO Erin Callan and COO Joseph Gregory. This is the first piece of good news in quite some time and though it doesn’t overshadow the fact that the investment bank expects a loss of $2.8 billion in the second quarter and had to dilute stockholders by about 30% in issuing 143 million shares plus $2 billion worth of convertible preferred stock, you have to believe this is a positive move to the extent that it combats negative investor perception even if the pre-market action did not agree - Lehman traded lower by $2.20, or 9.26%, to $21.55. It’s possible the market is not satisfied and was looking for the CEO to get axed too, but the selling is overdone with Lehman on pace to trade about 50 million shares in the first 30 minutes of trading. The stock is exhibiting signs of a classic capitulation bottom.

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