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Goldman Sachs (NYSE: GS) Really Does Rule The World
In Wednesday’s edition of the Invest With An Edge newsletter (to which you really should subscribe if you haven’t already), our Quote of the Week came from Goldman Sachs CEO Lloyd Blankfein. He said “We’re very important… I’m doing God’s work.”
Yes, Blankfein really said this. Follow the link above if you don’t believe it. Even more amazing, he said it to a reporter, during a scheduled interview, knowing whatever he said was on the record.
Now I will admit that in context, Blankfein had a point. The financial system provides funding for new businesses and jobs for people. Most would agree these are…
16Nov2009 | Invest With An Edge | 0 comments | ContinuedEarnings Great, Revenues…Not So Much (JPM, BAC, C, GS)
The Dow Jones Industrial Average has bounced back and forth across the 10,000 line since closing above it a week ago. The up days have been due to generally good quarterly earnings and a falling U.S. Dollar. The bad days have been due to some big name misses. Today it was a downgrade of Wells Fargo (WFC) and news that the “Pay Czar” was cutting compensation by 50% at seven large firms that caused the late-day decline in stock prices. Energy has been particularly strong the last few days, reminding us of those halcyon days back in 2006-2007. With crude…
22Oct2009 | Invest With An Edge | 0 comments | ContinuedDow 10,000 for the 26th Time
Today JPMorgan Chase (JPM) reported quarterly earnings of 82 cents a share, up from nine cents for the same period last year. Even the most optimistic analysts had expected no more than 65 cents for the quarter. Needless to say, shares in JPM and its peers rose nicely on the news. Pundits who were forecasting the death of Wall Street just a few months ago are now re-thinking that prediction.
We do not find the JPM news so surprising. As we have said before, it is very difficult for a bank not to make huge profits when its cost of funds is…
15Oct2009 | Invest With An Edge | 0 comments | ContinuedMarket Updates: eBay (EBAY), Goldman Sachs (GS), Bank of America (BAC), Ford Motor (F)
Brazil stocks opened lower on Tuesday, extending their streak of declines to four consecutive sessions, as concerns over global economic strength overshadowed upcoming data expected to signal U.S. recovery. Signs the U.S. economy, the world’s biggest, is slowly picking up should help reassure investors that the worst of the nation’s economic recession is behind. The Institute for Supply Management’s August survey will probably say on Tuesday that industrial production expanded for the first time since after the recession began. However, Brazilian investors remain uneasy over what they see as insufficient evidence behind the 56 percent surge in the Bovespa from…
1Sep2009 | Jutia Group | 0 comments | ContinuedGoldman Sachs (GS) High-Frequency Trading Profits
Goldman Sachs Group Inc. (NYSE: GS) disclosed recently that it had 46 “$100 million trading days” in the second quarter of 2009. That was a record number, even for one of the biggest players on Wall Street.
When the U.S. economy is facing collapse and merger and acquisition volume is way down, it seems odd that investment banks like Goldman had record quarters.
Well, here’s the secret: They’ve found a new way to skim more of the cream off the top of U.S. economic activity. It’s called “High-Frequency Trading” (HFT).
High-frequency trading uses the speed of supercomputers to trade faster…
17Aug2009 | Money Morning | 1 comment | ContinuedRecession Near Its End?
Investors are being flooded with economic reports, many of them contradictory in nature. From that confusing gaggle, two indicators hint at an upbeat outcome:
- The torrid stock-market rally that’s been dominating headlines in recent weeks.
- And so-called “first-time jobless claims.”
Let’s look at stock prices, first.
Is The Rally For Real?
Many of the indicators from recent reports are known as “lagging indicators,” because they are snapshots of the past. That’s true of unemployment, retail sales, gross domestic product (GDP), and most others. But the stock market is “forward-looking,” meaning it tends to factor in expectations about future corporate earnings, income growth, inflation, unemployment and…
11Aug2009 | Money Morning | 0 comments | ContinuedMarket Updates: Goldman Sachs (GS), IBM (IBM), Viacom (VIA), Verizon (VZ)
Goldman Goes to Defends Energy Trading; Consumer Confidence Falls on Job Worries; Home Price Erosion Continues to Slow; Congress Works to Ban Incentive Pay, Give Shareholders a Voice on Bonuses; IBM Expands Its Data-Crunching Business;
- Goldman Sachs Group Inc. (NYSE: GS) representatives are yesterday (Tuesday) defended their commodities trading business on Capitol Hill, where regulators may set limits on speculators in the sector. The Commodity Futures Trading Commission (CFTC) said that the energy trading community may have played a major role in the volatility of energy prices over the last few years, and may need to expand its oversight of the practice.…
Ignore The Hair-Brained Media: Four Tips To Combat The Limp Economy
Want to see an example of lazy, misleading journalism?
Look no further than some financial media outlets, who promptly heralded the end of the recession after some good earnings reports from the likes of Goldman Sachs (NYSE: GS) and Intel (Nasdaq: INTC).
But Goldman investors should thank the men and women at the company’s trading desks for their profits, as the bulk of the company’s gains came from trading, not underwriting. A meaningful increase in debt and equity underwriting would have signaled some health in the markets.
Intel also blew its earnings estimates away, but the firm’s profits were still 75% lower than the same…
20Jul2009 | Smart Profits Report | 0 comments | ContinuedJPMorgan/Goldman Sachs Profit Mirage
It takes more than two to make a trend.
JPMorgan Chase & Co. (NYSE: JPM) yesterday (Thursday) became the second major U.S. investment bank – following Goldman Sachs Group Inc. (NYSE: GS) – to this week report windfall profits for the second-quarter. That’s helped fuel a four-day advance in U.S. stocks that’s seen the Dow Jones Industrial Average surge 7%.
Unfortunately, these two decidedly positive developments don’t necessarily indicate that better days have arrived for the U.S. banking sector.
To the contrary, many analysts – including Money Morning Investment Director Keith Fitz-Gerald – say these profits are merely a mirage created by an obscure accounting…
17Jul2009 | Money Morning | 0 comments | ContinuedGoldman Sachs (GS) Reports Sizzling Earnings, Financial Sector Still Lagging
Goldman Sachs Group Inc. (NYSE: GS) said yesterday (Tuesday) that it posted record earnings in the second quarter, but that’s not necessarily an indication that better days have arrived for the U.S. banking sector.
Goldman’s revenue in the three months ended June 26 was $13.8 billion, compared with $9.43 billion in the first quarter and $9.42 billion in the second quarter a year earlier. Net income rose to $3.44 billion, or $4.93 a share.
But analysts say investors should consider those results to be uniquely Goldman’s and not indicative of what we’ll be seeing from the greater financial sector. Traders said Goldman…
15Jul2009 | Money Morning | 0 comments | Continued
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