Equities Markets Remain Off Session Lows
Despite earnings misses by Goldman Sachs, Texas Instruments and IBM, equities markets remain well off their session lows, though still lower across the board. The Dow and Nasdaq are each lower by over 0.70% while the S&P 500 is lower by 0.50%.
Goldman Sachs Posts Huge Earnings Miss
Further evidence of weakness among global banks came in the form of a huge earnings disappointment issued by Goldman Sachs (NYSE: GS) earlier today. Goldman’s earnings missed analyst expectations by a wide margin, reporting an anemic $0.78 EPS compared to the already depressed $1.99 EPS that analysts were expecting. Even taking into account one time… Continue Reading
Forex Playbook: July 18-24 – The Bears are Back
Equities markets closed lower in trading last week, as Friday’s violent selloff knocked nearly 3% off each of the major US indexes. The Dow ended the week lower by 1% while the S&P 500 lost 1.2%. Of primary concern was the earnings release from Bank of America (NYSE: BAC), which warned of massive losses tied… Continue Reading
Goldman Sachs: First Solar Shares a ‘Top Pick’ Buy
Goldman Sachs (NYSE: GS) sees upside for First Solar (Nasdaq: FSLR), initiating coverage on the stock with a “buy” rating and an optimistic target price. Goldman analyst, Mark Wienkes, is naming First Solar a “top pick,” tantamount to a strong buy rating on the stock. (Of course, Goldman’s record with top picks has been a… Continue Reading
Goldman Sachs: British Pound to Weaken on Fiscal Policy
The recent run in the British pound will begin to lose steam, as budget cuts will slow economic growth, according to Goldman Sachs. Analysts at Goldman argue that further pound-strength may lack a fundamental basis. “At some stage the impact of fiscal tightening on growth will become visible and at that stage, weaker demand could… Continue Reading
Goldman Sachs Commodities Index at ‘Crossroads’
The Goldman Sachs Commodities Index, a widely followed measure of commodities valuations, is testing a key level in trading today. The index’s latest reading near 506.50 sits directly atop the 200-day moving average, which, by all measures, is a bullish indication of pricing to come. However, as optionMonster notes, recent price action for the index… Continue Reading
Goldman, JPMorgan, et al. Hoard Treasuries on European Fears
The biggest bond firms on Wall Street are buying Treasuries at the fastest pace since the financial turmoil some 2 years ago. Goldman Sachs, JPMorgan and the rest of the 18 primary dealers of US government securities — which transact directly with the Federal Reserve — have completely flipped what had been net short positioning… Continue Reading
Global Banks Downgraded by Bond Traders, Led by Goldman, BNP
Bond traders are pushing up yields on global banks, as concerns mount as to whether a credit squeeze will force down earnings and possibly necessitate future bailouts. The bonds of Goldman Sachs and BNP Paribas have been hit especially hard. The yield spread on bank debt over government bonds has reached 253 basis points, according… Continue Reading
Goldman Sachs ‘Top Trades’ Are Top Losers
Goldman Sachs clients who followed the bank’s recommendations have suffered big losses this year, as seven of the bank’s nine “recommended top trades for 2010″ have been losers. Among many other losing propositions, Goldman advised clients to sell the Japanese yen against the Polish Zloty — a 14 percent loser — to buy Chinese stocks… Continue Reading
SEC Widens Wall Street Probe: Morgan Stanley, Citigroup, Deutsche Bank
The SEC is widening its probe of Wall Street firms for their CDO (collateralized debt obligation) activities leading into the financial crisis. Originally focusing on the activities of Goldman Sachs, it is now being reported that Morgan Stanley, Citigroup and Deutsche Bank are being investigated as well. Charlie Gasparino with Fox Business reports: Sources tell… Continue Reading
