Movers: Lehman, Wachovia, WaMu, TW Telecom, Avery Dennison
Lehman Brothers (LEH) shares drop S&P's Ratings Services places its ratings on LEH and all related entities on CreditWatch with negative implications, and now believes LEH incurred a "substantial net loss" in the third quarter. Earlier, Dow Jones reported that South Korea's Financial Services Commission Chairman Jun Kwang-woo said Tuesday that talks between state-run Korea Development Bank and LEH have ended. He declined to say what conclusions, if any, had been reached, the report said. Separately, Ladenburg says LEH's failure to get a deal done is hurting stock; it lowers estimates.
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