Lehman Brothers basically matched revenue estimates, and its $1.54 earnings per share actually beat the average analyst estimate. Of course the analysts predictions were shaved down significantly until this point. But beating lowered expectations is still okay in this environment. As expected, fixed income revenues fell nearly 50 percent, primarily due to write downs of leveraged loans and mortgage-backed issues. These losses were offset partially by gains in various hedges. Other strong points, investment banking reported strong revenues as did equity trading and investment management. More information will likely dribble out through the day. The company has scheduled a conference call that is open to the public. All in all, this was about what was expected. The hedges seemed to limited credit crunch losses. Still, you have to wonder about investment banking and whether that can be sustained. You also have to wonder if those hedges will last long enough to erode earnings in the face of a credit revival. Stay tuned to FierceFinance for full coverage of this week's conference calls.

For more:
- here's is the release.