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| As of Tuesday, November 24th: |
LATEST EARNINGS RESULTS
- Americans Ditch Planes for Trains this Thanksgiving
- AIG Board OKs CEO Pay; Benmosche Agrees to Stay
- Half of Banks' Losses May Still Be Hidden: IMF Head
- Obama Reiterates Commitment to Boost US-India Ties
- FDIC's Bair Cautions on Risks in Bank Break-Up Plan
- Wednesday's Economic News Crunch Could Tilt Markets
- Call Me Crazy: Confessions of a Black Friday Shopper
- Starbucks Eyes China as Next Major Market
- Citi Mortgage Reveals Something the US Treasury Won't
- Citi Mortgage Reveals What Treasury Won't
- S&P to Hit 1,200 by Year-End: Chief Investor
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- 5 Big Bank Stocks Investors Should Consider: Strategists
- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- Nov. 24: Unusual Volume Leaders
- NBA D-League On The Rise
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Wednesday's Economic News Crunch Could Tilt Markets
- The Social Media Gaming Threat
- Obama Reiterates Commitment to Boost US-India Ties
- NBA D-League On The Rise
- Japan Export Rebound Eases Fear of New Recession
- Australia Wheat Exporters Face Challenges: GrainCorp
- Stifling Anger at Work Can Kill, Survey Finds
Goldman Sachs Group may have posted a better-than-expected quarterly earnings, but its performance in November was "horrible," according to a senior executive at the firm.
In fact, the company's performance in the last two weeks were probably among the worst in the firm's history, CNBC has learned.
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Bill Haber / AP |
"September was not good, October saw good business transaction, and November was very difficult," said Lucas van Praag, Goldman's chief spokesman.
A senior Goldman executive described November as "pretty horrible" and confirmed that the last two weeks of the month "were probably" the worse in the firm's history.
Wall Street sources say the firm's lousy November is related to problems involving the credit markets, possibly losses on its bond-trading desk related to risky mortgage-backed securities or being forced to write down losses from these bonds already on its books.
The upshot, according to Wall Street sources, is two fold: First, Goldman isn't as invincible as everyone believes, and that the credit crisis, despite predictions of a pending recovery, may not be over.
To put the news into perspective, Goldman has received accolades about shorting the mortgage-backed markets while other firms were long--meaning that they either held those securities after underwriting big mortgage-backed bond deals and failing to unload to investors, or betted wrong on their proprietary trading desks.
CNBC has learned that Merrill Lynch [MER
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] may have to add another $6 billion of losses on the $8.4 billion loss write down it has previously announced because of its exposure to such securities.
Morgan Stanley [MS
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], which reports fourth-quarter earnings on Wednesday may have to add another $6 billion, according to market sources, on the $3.7 billion it has already announced.
Goldman's [GS
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] poor ending to its fourth quarter may have contributed to its warning to analysts today when it said that while it is optimistic about the future, it believes there could be short-term weaknesses in the markets.
During the fourth quarter, Goldman's earnings rose 2 percent, capping a record year. However, the company's shares are trading lower due on concerns about its cautious outlook and what may have prompted it to warn about the challenges it is facing.
This, combined with Lehman Brothers Holdings [LEH
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] earnings reporting, which showed a 12 percent decline in earnings, is casting a pall on other financial stocks. Morgan Stanley, which reports its results Wednesday, saw its shares fall 3 percent in morning trade.
- Hewlett-Packard Profit Rises, Matches Guidance
Hewlett-Packard said a strong performance in China and improved profit margins in its services business helped drive quarterly earnings 14 percent higher.
- Analog Devices Results Beat Expectations; Shares Rise
Analog Devices reported a quarterly profit that fell from a year ago but topped Wall Street's expectations, sending shares higher in extended trading.
- Tyson Food Profit Beats Estimates
Tyson Foods posted higher-than-expected quarterly results on Monday on strength in its beef, pork and prepared foods businesses, which it expects to continue in its new fiscal year.
- Hewlett-Packard Profit Rises, Matches Guidance
- Horton Results Miss Estimates, Shares Drop
D.R. Horton, the No. 2 U.S. homebuilder, reported a much larger-than-expected quarterly loss on Friday, sending its shares down nearly 7 percent even though it also said orders increased.
- Horton Results Miss Estimates, Shares Drop
- Dell Shares Smacked as Earnings, Sales Miss Forecasts
- Gap Reports Earnings in Line With Forecasts
- Intuit Posts Narrower-Than-Expected Loss
- Sears Posts Second Consecutive Quarterly Loss
- BJ's Wholesale Profit Falls, Hurt by Falling Food Prices
- Salesforce Profit Beats Forecasts, but Shares Fall
- Autodesk Shares Fall on Disappointing Outlook
- Home Depot Profit Beats; Says Markets Under Pressure
- Target Third Quarter Profit Up, Cautious on Fourth
- Weak US Housing Market Drags on Lowe's Profit
- JC Penney Profit Falls, but Shares Up on Forecast
- Disney Profit, Sales Top Forecasts; Shares Jump
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
- Wal-Mart Holiday Forecast Light, Profit Beats
- Kohl's Profit Beats Street, But Outlook Falls Short








