Turney Duff chronicled his spectacular rise and fall on Wall Street in "The Buy Side." Here, he offers 10 tips for those young traders climbing the Wall Street ladder now.» Read More
Goldman Sachs Group said Thursday that quarterly profit surged 79 percent, blowing away expectations of weak results, as the investment bank generated its second-highest revenue ever despite turbulent summer markets.
As suspected FedEx beat estimates for their first quarter but lowered full year guidance. Recall that they introduced fiscal 2008 guidance last quarter of $7.00-$7.40, but today lowered it to $6.70-$7.10. CEO Frederick Smith said that the global economy was solid "outside the U.S." but that "financial market volatility and high energy costs" increased uncertainty around the economic outlook.
Chatter on the street is that Goldman Sachs can't help but beat Wall Street's estimates when it reports earnings tomorrow. For that reason, it's one of the few in the brokerage group still holding onto gains at the close. Goldman stock closed up 2.5%. Bear Stearns, also reporting tomorrow, fell 3%. Morgan Stanley was down 2% after a disappointing report this morning, and Lehman was down a half a percent. Merrill Lynch though was 1% higher.
Morgan Stanley said on Wednesday its third-quarter earnings fell as the broad selloff in mortgage and corporate loan markets this summer delivered a $940 million blow to the broker.
A relatively tame inflation number and no mean surprises in Lehman Brothers earnings this morning is giving support to stocks ahead of the Fed's momentous decision today. Traders are also watching oil prices crack yet another record level.
Trading should stay tentative ahead of the Fed's Tuesday afternoon announcement. But before that news, Wall Street will have to navigate the first big earnings from the brokerage industry and some important economic data, including inflation measure, producer prices.
A slew of big brokerage houses report earnings next week with Lehman Brothers leading the pack Tuesday morning. One research firm has put out an interesting method of trading the financials – one with high risk, but high potential returns.
Cramer said there are three possible outcomes. These are his strategies for playing each one.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Merrill Lynch warned on Friday that shaky credit markets forced the world's largest brokerage to reduce the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
Fasten your seatbelt. Investors face a number of market-moving events next week, including a Federal Reserve meeting on interest rates, major bank earnings and "quadruple witching" in options and futures markets.
A former Morgan Stanley financial analyst and her husband, an ex-hedge fund analyst at ING Group, pleaded guilty to insider trading charges on Wednesday.
Stocks closed broadly lower and the Dow saw a triple-digit loss amid mixed signals from the Federal Reserve and weak economic data. "I think the market is going through a tremendous amount of uncertainties," said John Manley, private client strategist at Smith Barney.
Stocks ended another volatile week on a positive note as investors were cheered by President Bush's plan to help distressed homeowners and Fed Chairman Ben Bernanke's stance that the central bank will act as needed to address credit concerns.
Stocks closed mostly lower after a day of choppy trading as investors worried whether Federal Reserve Chairman Ben Bernanke would signal a possible interest rate cut during a speech Friday morning. Volume was very light but without extreme volatility," said Scott Fullman, director of investment strategy, for IA Englander.
Tomorrow is the end of the month, significant for several reasons, including: 1) end of the quarter for a number of brokerages, including Morgan Stanley, Bear Stearns, and Lehman Brothers, and 2) a large amount of asset-backed commercial paper (ABCP) will be rolling over.
Merrill Lynch threw cold water on the financial sector Tuesday by downgrading Bear Stears, Citigroup and Lehman, citing their exposure to problems in the credit markets. The three were downgraded to "neutral" from "buy," which helped pushed financial stocks lower.
It's finally happening: analysts are lowering estimates on investment banks, just a few days before the quarter closes for many of them. Merrill Lynch's Guy Moszkowski downgrades Bear Stearns, Lehman Bros. because of their greater dependence on debt markets; they note that Merrill and Morgan Stanley are more diversified.
The major indices traded in a narrow range today, with volume on the light side. Indeed, we have gone from 3 billion share days at the NYSE to 1 billion share days in less than a week and a half. Housing and brokerage stocks were the weak links today. In brokerage, Bear Stearns and Lehman both down about 4%; Goldman Sachs out with a note over the weekend noting that "Bear Stearns will see the greatest reduction in earnings this quarter given its high concentration in mortgages."
An end to Wall Street's streak of rising profits in the third quarter is built into investorexpectations, but the top brokerages' results will still face scrutiny next month to see just how they value assets bloodied by the summer market meltdown.
An end to Wall Street's streak of rising profits in the third quarter is built into investor expectations, but the top brokerages' results will still face scrutiny next month to see just how they value assets bloodied by the summer market meltdown.