Lehman news is out this morning -- now we see how the market reacts

Lehman Brothers preannounced earnings (actually, big losses) this morning. Here is the press release, which details how the firm wants to spin off commercial real estate assets, how it's slashing its dividend, and how it's looking to sell a majority stake in its asset management arm. Also, here is some press coverage from Bloomberg and Reuters. Now we see how the market reacts. In pre-market trading, bonds and stocks have been all over the map -- both up and down.