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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.
Goldman's Earnings Shine
“A lot of the things that are helping them [Goldman Sachs [GS
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]] now are things they did proactively that they’re now benefiting from ten years ago. I mean getting big in commodities when they did, getting big in prime brokers when they did… Not chasing the mortgage market as aggressive as their competitors did.”
- Jeff Harte, Sandler O’Neill managing director
Corn Crisis
“I think this year we’re on the verge of a disaster in row crop production, not only in corn, Becky, but in soy beans… This could end up being an epic story in food prices, in grain price inflation as well as just what’s going to happen down the road as far as governmental policy on food, fuel and feed.”
- Jim Bower, Bower Trading
Corzine on Markets, Economy
“They [Goldman Sachs [GS
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]] have a very diversified approach about how they go about putting their revenues together. And so they’re not dependent on any one given area. And if you look at the numbers that came out this quarter, you’ll see it broadly distributed in areas that hadn’t always let the firm… Well, I think that the write-downs we already have are limiting a lot of financial institutions from using their balance sheet to be agressive or be active in markets... And, we have fairly strict capital rules or leverage rules. And, to get beyond where we are now, we got to have some more capital infusion.”
- Gov. Jon Corzine, (D) New Jersey
Maria's Market Message
“Morgan Stanley [MS
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] earnings, the report to watch on Wall Street tomorrow. Ahead of the quarterly numbers, Morgan shares were down about two percent on the day.”
- Maria Bartiromo, Closing Bell anchor
Stop Trading, Listen to Cramer!
“I like Halliburton [HAL
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] and Nabors [NBR
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]... They’re land. What I like about land drilling is that if natural gas is at $12, the average mining cost is at $3. These guys are making a fortune.”
- Jim Cramer, Mad Money host
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