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Stocks gave up early gains Tuesday as investors weighed better-than-expected earnings from Goldman Sachs and a sharp jump in wholesale inflation. Oil climbed more than a dollar, trading between $133 and $134 a barrel.
Goldman Sachs Group said earnings fell 11% as turmoil in financial markets hit trading and slowed investment banking, yet the firm again exceeded expectations.
Goldman Sachs spacerturned in another stellar performance under difficult circumstances with an earnings report that far exceeded expectations. Return on equity was 20% when other investment banks are posting losses. 52% of the revenues were from trading operations which are volatile and risky and that's why these stocks trade at what seem to be low price to earnings valuations. My guess is Goldman is picking up business by default as traders can easily justify doing business with Goldman.
Investment banking's so-called "trillion-dollar man" says he's undecided about whether brokerage stocks are bargains, despite their current low prices.
Goldman Sachs has nearly completed a long-awaited rescue of a $7 billion structured investment vehicle, sources said, just as it adjusts to the credit crunch by laying off hundreds of bankers.
For the first time since it went public in 1994, Lehman Brothers has posted a quarterly loss. But Morningstar's Ryan Lentell says you should still consider brokerage shares.
While numbers were lower for many units compared to the second quarter of last year, there was a clear improvement from the last quarter. For example, Investment Banking was 2 percent lower than the second quarter of 2007, but 44 percent higher than the first quarter of 2008.
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Many option traders wanted to put their hands around the call options in Goldman Sachs on Monday, reflecting optimism about the prospects for favorable earnings from the investment bank.
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Stocks finished mixed amid volatile oil prices and a weak manufacturing report from the Fed.
The Dow finished Monday’s session modestly lower as investors continued to worry about the course of the economy. What's the "Word on the Street?"
As the world watched Tiger Woods and Rocco Mediate take it down to the wire at the US Open, the Dow was struggling with its own rivalry: Banks were trying to lead a rally, while a handful of stocks were dragging on the blue-chip index. Oil ended down at $134.34 abarrel.
Lehman Brothers Holdings' chief executive expressed confidence in the investment bank on Monday, sending its shares up as much as 9 percent even as it posted its first quarterly loss as a public company.
Now that Lehman's out of the way, all eyes are on Goldman Sachs and Morgan Stanley. What should you expect?
Goldman Sachs Group laid off investment bankers last week as it reacts to slowing markets and a slump in merger activity, according to people familiar with the situation and Wall Street recruiters.
Stocks bounced back from an early slide as banks recovered and strength permeated techs, housing and retail stocks. The market had opened lower as oil neared $140 a barrel and after a report from the New York Federal Reserve on regional manufacturing activity showed a worse-than-expected contraction. Lehman shares rose after the firm reported a loss on target with its pre-announcement.
What's bubbling in the options market? General Electric and financials, according to one tracker.
Stocks opened lower on Wall Street Monday as oil neared $140 a barrel and after a report from the New York Federal Reserve on regional manufacturing activity showed a worse-than-expected contraction. Lehman shares rose after the firm reported a loss on target with its pre-announcement.