Lehman Brothers shares fell 4.3 percent on Thursday after a newspaper reported the bank had tried to sell a stake of itself to South Korean or Chinese parties and failed, and a Citigroup analyst reduced his estimates for the sector.
Lehman's share decline came amid a broader drop in financial stocks after oil prices rose and investors' concerns about write-downs mounted.
Citigroup analyst Prashant Bhatia cut his estimate for Lehman's third-quarter results to a loss of $3.25 per share from his prior estimate of a loss of 41 cents per share. He said he expects $2.9 billion of asset-related write-downs for the bank.
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