Reading Lehman's Silence

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We had every expectation that Lehman Brothers would make an announcement after the market closed today. Even without the report that Lehman was considering a pre-announcement, it seemed that Lehman would want to put out some information into the market after a fifty percent stock decline. But nearly an hour after the close, it seems Lehman is not going to say anything.
How you read Lehman's silence might depend on whether you are a bull or a bear. A bull could read the silence as indicating that Lehman is putting the finishes touches on a deal to raise more capital, perhaps through an asset sale. If a deal were close at hand, Lehman probably wouldn't say anything until it was signed up.
A bear might read the silence as a version of the rule, "If you can't say something nice, don't say anything at all." If Lehman's losses are as bad as expected, Lehman might not have any reason to get the information out before the scheduled announcement on September 18th. In fact, pre-announcing losses now might only stir up feelings that Lehman's actual losses could be even worse. Lehman went to the market early last time, and the resulting catastrophe wound up ousting the CFO.
The one thing we can say for certain is that nothing will come of nothing. The uncertainty which has driven many investors to sell shares of Lehman looms as large now as it did all day.

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