CNBC is reporting that Lehman (LEH) may pre-announce earnings. Fears about huge losses in the last quarter have taken the stock from over $37 five trading days ago to under $30 early yesterday. Shares had a big rally today and closed at $33.85.

The fact that Lehman is thinking of putting out earnings two weeks before its usual date would almost certainly be an indication that the firm has done better than expected.

According to a source at the network, "CNBC has learned that one new capital-raising option now being discussed is something similar to what’s known as a "rights offering," whereby Lehman would approach existing shareholders and get them to buy stock in the company, possibly at a discounted price."

Douglas A. McIntyre