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According to the,  Lehman did a phenomenal job at damage control, most likely learning their lesson from Bear Stearns.

Goldman and Lehman beat estimates, but that is not as positive as the press is making it seem. Estimates were lowered. If you lower the fence, it doesn't mean you jumped higher to get over it.  They lost a lot of money on illiquid securities. The Fed's work has backstopped companies against liquidity runs, but after Bear Stearn's, the banks trust each other even less than they did last week.

We are sure to get a dead cat bounce here. I am still quite bearish on the investment banking industry, though. The revenue and earnings prospects have diminished significantly, and the cause of this mess (devalued housing) is still on a sharpening downward slide. The key is to look at the results of the mortgage insurers, mortgage bankers, and homebuilders to see where the bankers will be the following quarter. 

I also believe the leveraged loan, consumer finance and high yield markets will start showing evidence of the cracks that have been forming over the last year or so.