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Lehman stock analysis 

Lehman Brothers’ (stock quote: LEH) diversified business model, which has it dabbling in everything from bond trading and equity underwriting to M&A, may be unsustainable, some analysts say. Lehman doesn’t have a specialty of the kind that makes advisory firm Lazard distinctive. It doesn’t have the size or strength of big commercial banks like JP Morgan Chase and Bank of America. That may mean an eventual merger with a bigger suitor. “Lehman needs a bigger-balance-sheet bank that can use its skill set,” CreditSights analyst David Hendler said.

Merrill Lynch has repeatedly adviced to short Lehman, and is mantaining its position.

Asian markets advance broadly

Volatility roiled Asian stock markets Wednesday, but investors pushed indexes across the region into positive territory. The day’s trading in Asia followed a Wall Street session that ended with U.S. stocks mostly lower on signals by Federal Reserve Chairman Ben Bernanke that interest rates may rise later this year.

Wall Street headed to a higher open

Wall Street headed for a modestly higher open Wednesday as investors awaited readings on regional economic activity and U.S. oil supply and demand.

But investors have been concerned about oil prices, which rose above $133 a barrel in premarket trading on the New York Mercantile Exchange (NYSE) after dropping a day earlier. Having breached $139 a barrel last week, record-high crude has increasingly been posing both an inflationary risk and a threat to growth.