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Goldman Sachs (GS) is making a major shift in its analyst coverage, upgrading or downgrading 17 sectors on the fear of a softening economy. Could Goldman’s move be a bellwether of things to come? Or is it just late to the party?
Goldman’s basket of upgrades consists of only large-cap biotech, defense and tobacco stocks. Meanwhile, its new basket of downgrades is made up by airlines, autos, REITs, software, oil services, metals and more.
Goldman’s ‘buy’ list: Altria (MO), AT&T (T), CVS Caremark (CVS), Gilead (GILD), Google (GOOG).
Goldman’s ‘sell’ list: 3M (MMM), AutoNation (AN), Discover Financial (DFS), Dillard’s (DDS), US Airways (LCC).
Jeff Macke didn’t get too excited about this shift to defense. Most of it seems obvious and he’s not sure how it adds value to the economic conversation.
Pete Najarian found it interesting that Goldman was split on the airlines, upgrading UAL (UAUA), advocating Delta (DAL) and downgrading US Air (LCC) and Alaska Air (ALK).
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Trader disclosure: On Nov. 26, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (YHOO), (EMC), (INTC); Najarian Owns (AMZN) Options, (EMC) Options, (YHOO) Options; Finerman's Firm And Finerman Own (GS); Finerman's Firm Owns (NYX), (TSO), (YHOO), (WMT), (AEO); Finerman's Firm Owns (MSFT) Options, (NMX) Options, (BIIB) Options; Finerman's Firm Owns SPX Index Puts; Finerman's Firm Is Short (SPY), (IYR), (IJR), (MDY),(IWM), (LEN); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; NBC Universal Is The Parent Company of CNBC
Data is a real-time snapshot *Data is delayed at least 15 minutes