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Investment Bank Stocks: Will Goldman Sachs’ Good News Prolong The Banks’ Upswing?
This morning, Goldman Sachs (NYSE: GS) raised $5 billion by selling shares in its company for $123 each.
The firm was the sole underwriter, meaning that it placed the shares on the market without the help of any other investment bank (oh, wait… are there any other investment banks left?)
Goldman helped its cause by pre-announcing a very good quarter – much better than analysts estimated. This follows Wells Fargo’s (NYSE: WFC) better-than-expected earnings news last week.
So has the Goldman offering signaled a near-term top for financial stocks? Or is it signaling a new bull market?
Often times a major event like this marks an…
15Apr2009 | Smart Profits Report | 0 comments | ContinuedGlobal Investing News
Goldman Targeting PE With Another Fund; Current Media Unplugs IPO Plans; Tech Mahindra Taking Majority of Satyam; Victims Push For Madoff Bankruptcy; Express Scripts Buys WellPoint Unit; Citi May Sell More Japan Assets; Oil Drops on Energy Agency Forecast
- Goldman Sachs Group Inc. (GS) created a $5.5 billion fund to purchase private-equity assets on the secondary market, Bloomberg reported. The GS Vintage Fund V – Goldman’s fifth private-equity-targeting fund – will acquire portfolios ranging from $1 million to $1 billion.
- Citing “current market conditions,” Current Media Inc., owner of youth-focused network Current TV, has withdrawn its plans for a $100 million…
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