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Stocks opened lower Wednesday as investors booed results from Morgan Stanley and a dismal outlook from economy gauge FedEx.
Morgan Stanley said quarterly earnings plunged 56 percent on trading losses and slowdown in investment banking, despite $1.43 billion of pretax gains from asset sales.
Sloppy and choppy was the market trend Tuesday, and there's signs it could continue into Wednesday with no economic data on the horizon to drive stocks.
Goldman Sachs took center stage on Wall Street on Tuesday, beating expectations and outperforming the financial sector despite lower earnings results. What follows are some of the day's highlights.
The Dow dropped Tuesday and the broader stock market continued to languish despite positive news early in the day from Goldman Sachs. What's the "Word on the Street?"
Stocks fell sharply Tuesday as a warning from Goldman Sachs that banks may need to raise another $65 billion rippled through the market, offsetting any positive impact from Goldman's earnings.
How long can this trade (long energy & materials, sell rallies in financials) work? Bulls think it can go on for some time; bears believe we are in a blow-off on energy and materials and it is only working right now because it is the end of the quarter, but will soon stop.
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?"