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Brokerage shares drop as S&P cuts ratings

NEW YORK (Reuters) - Shares of Lehman Brothers, Morgan Stanley and Merrill Lynch fell sharply after Standard & Poor’s cut the credit ratings of the three banks.

Lehman shares were hurt most, falling 7.9 percent to $33.90. Morgan Stanley stock was down 3.7 percent to $42.60 and Merrill Lynch shares fell 4.9 percent to $41.78.

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