The negative-to-positive preannouncement ratio for the third quarter is 4.3, the weakest since the third quarter of 2001, he added.

FORBES: FOCUS: U.S. Corporate Earning May Disappoint; Could Trip Up Stocks, Gold

Lehman is slated to unveil on Wednesday morning in New York its own plans for self-preservation, following a preannouncement of its quarterly earnings.

FORBES: For Lehman, A Deal With KDB Appears Dead