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Prominent analyst loses Lehman job

Stock-market analyst Elaine Garzarelli, widely heralded for predicting the 1987 stock market crash, lost her job Wednesday, ending a 10-year tenure at Lehman Brothers Inc.

Garzarelli, 43, has been both celebrated and reviled as a "permabull" in the difficult 1994 market environment, in which even professional traders have had trouble making money consistently.

Garzarelli was recently voted the No. 1 quantitative analyst by Institutional Investor Magazine for the 11th consecutive year.

Although Garzarelli acquired considerable fame for her 1987 market call, some market professionals have complained that her recent recommendations have generally underperformed the S&P 500. Recently, the fund she personally managed at Lehman was merged with another Lehman fund.

Lehman spokeswoman Joyce Oberdorf said that Garzarelli left her position "in order to pursue other opportunities and challenges" in what was decribed a mutual decision. "She will not be replaced."