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Lehman shares dip in spite of earnings surge

Lehman Brothers yesterday reported a 47 per cent jump in second-quarter earnings but its shares fell sharply amid investor fears that volatile markets and rising interest rates could cut into Wall Street's recent run of blockbuster profits.

The Wall Street bank said it earned $1bn, or $1.69 a share, in the second quarter, up from $683m, or $1.13 a share, a year earlier. Strong fixed-income trading results offset a sharp drop in debt-underwriting revenue.