Investment banks downgrade ratings of each other over weak market

Affected by the weak market, several fund housed downgraded the ratings and profit forecasts of each other. For instance, Golden Sachs downgraded the investment rating of Lehman Brothers from ˇ§lead the marketˇ¨ to ˇ§in line with the marketˇ¨ and JP Morgan downgraded the per share profit forecast of Morgan Stanley from US$3.62 to US$3.38. Meanwhile, Morgan downgraded the per share profit forecast of Golden Sachs from US$5 to US$4.65. Lehman Brothers closed at US$73.52, down US$1.62, or 2.16%. JP Morgan closed at US$59.65, up 6 cents or 0.15. Golden Sachs closed at US$82.69, down US$2.13, or 2.51%.

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