Goldman Sachs shares tumbled in pre-market trading after the company reported earnings that beat Wall Street views, but revenue came in shy of what analysts had been expecting.The financial giant said its net income was 78 cents a share in its second quarter, compared with $4.93 a share this time last year.Excluding one-time items, Goldman earned $2.75 a share, topping analysts’ estimates.Sales for the most recent quarter reached $8.84 billion, down from $13.76 billion in the same period last year.Analysts who follow the company projected Goldman Sachs to earn $2.08 a share on revenue of $8.94 billion.Last week Goldman resolved a major headache by paying $550 million to settle the SEC case. The fraud charges stemmed from Goldman’s marketing and packaging of the Abacus collateralized debt obligation.Weakness in its trading and investment banking divisions also weighed on earnings.Goldman said earnings were also impacted by a $600 million expense related to the UK tax.”It’s a pretty significant slowdown in their overall business: Investment banking revenue was down 36 percent year over year, and fixed income, currency, and commodity trading was down 35 percent,” said Walter Todd, portfolio manager at Greenwood Capital Associates.
Posts Tagged ‘Shares’
Goldman Sachs reports lower second-quarter earnings
July 20th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Business Investment, Collateralized Debt Obligation, Commodity Trading, Currency, Estimates, Fixed Income, Fraud Charges, Giant, Goldman Sachs, Headache, Investment Banking, Marketing, Net Income, Portfolio Manager, Pre Market, Second Quarter Earnings, Shares, Slowdown, Wall Street 
Comments OffTesla Motors raises $266 million in IPO
June 30th, 2010 Before You Invest Tesla Motors (TSLA) zoomed out of the gate Tuesday, closing at $23.89 per share, 40.5% above its $17 offer price on its first day of public trading.This closely watched IPO was a success, especially in a day filled with broader market turmoil.It was just a couple of weeks ago that Tesla raised its offering to 11.1 million shares, hoping to bring in $178 million. Investors are apparently really excited about this thing.”Demand from investors appears to be outstripping concerns that Tesla has lost money since its inception and that it offers just one model for now, the wallet- and passenger-unfriendly Roadster,” writes The New York Times.
Posted in Finance Fraud Tags: 1 Million, Inception, Investors, Ipo, Lost Money, Market Turmoil, New York Times, Roadster, Shares, Success, Tesla Motors, Wallet Comments OffCBOE to price IPO; list on Nasdaq in June
April 28th, 2010 Before You Invest (Reuters) — The Chicago Board Options Exchange plans to price its initial public offering on June 14 and list shares for trading on Nasdaq OMX the following day, it said in regulatory filings.The CBOE, the largest U.S. options market, set a per-share price floor of $25. At that price, the offering would value the exchange at $2.5 billion.The market will provide a share-price range for the offering in the days leading up to June 1, when the company will officially start its road show, it said in documents filed on Tuesday and Wednesday.
Posted in Finance Fraud Tags: Cboe, Chicago Board Options, Chicago Board Options Exchange, Initial Public Offering, Ipo, June 14, Nasdaq, Omx, Options Market, Regulatory Filings, Reuters, Share Price, Shares Comments OffGoldman gets whacked, shares drop 10% on SEC charges
April 16th, 2010 Before You Invest Shares of Goldman Sachs Group Inc. dropped 10% Friday after the Securities and Exchange Commission announced fraud charges against the company.The SEC alleges Goldman (GS) and one of its executives defrauded investors “by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S.
Posted in Finance Fraud Tags: April 20, Cdo, Collateralized Debt Obligation, Decline, Derivatives, Financial Crisis, Fraud Charges, Goldman Sachs, Goldman Sachs Group, Goldman Sachs Group Inc, Housing Market, Investors, Key Facts, Last Time, Mortgages, Sachs Group Inc, Sec Charges, Securities And Exchange, Securities And Exchange Commission, Shares Comments OffCosi facing Nasdaq delisting
March 22nd, 2010 Before You Invest (Crain’s) — Cosi Inc. of Deerfield, Illinois said Monday that it could be booted from the Nasdaq for failing to meet the exchange’s listing requirements.The Deerfield-based sandwich chain said it received a letter on March 16 stating that is has failed to comply with the $1 minimum bid price.
Posted in Finance Fraud Tags: 12 Months, Appeal Panel, Bid Price, Cosi Inc, Deerfield Illinois, Franchised Restaurants, Global Market, Investors, Nasdaq Delisting, Nasdaq Market, Proposal, Sandwich, Share Price, Shares, Stock Market, Stock Nasdaq, Tenths Comments OffEx-Cazenove broker accused of insider trading
February 21st, 2010 Before You Invest A former partner at JPMorgan offshoot Cazenove is accused of receiving cash at race courses in the UK in exchange for insider information. The Financial Services Authority (FSA) has launched legal proceedings against Malcolm Cavert, a 65 year-ancient stockbroker, who stands accused of 12 counts of insider trading, alleged to have taken place between April 2003 and March 2005.He is reported to have received profits from deals in the form of cash handed over in envelopes at race courses across the UK.
Posted in Finance Fraud Tags: Bank Information, Bertie, Business Partner, Cazenove, Different Companies, Envelopes, Financial Services Authority, Fsa, Insider Information, Insider Trading, Investment Bank, Legal Proceedings, Offshoot, Profits, Race Courses, Shares, Stockbroker, Trading Partner, Two Thirds, Unknown Source Comments OffJPMorgan Chase chief gets $10m in shares
February 6th, 2010 Before You Invest Jamie Dimon, JPMorgan Chase’s chief executive officer, has taken $10 million in shares after exercising stock options that have accrued over the course of ten years.He has taken on an additional 250,000 shares – a go he had to make before the stock expired in March.The windfall comes on top of his 2009 pay packet, which is set to be revealed in the next few days and is estimated to stand between $15 and $20 million, reports the Financial Times.JPMorgan Chase shares have increased in value by around 60 per cent over the course of the past 12 months but company insiders indicated that Mr Dimon has no immediate intention of selling his stock. It is believed that he is also likely to forgo a cash bonus for the second year in a row to help fend off potential criticism of JPMorgan Chase’s pay practices.Last month, industry analysts predicted to the Telegraph that the firm’s bonus pot will stand at around $29 billion.
Posted in Finance Fraud Tags: 10 Million, 12 Months, Cash Bonus, Chief Executive Officer, Company Insiders, Few Days, Financial Times, Industry Analysts, Intention, Jamie Dimon, Jpmorgan Chase, Pay Packet, Pot, Shares, Stock Options, Telegraph, Windfall Comments OffCitigroup Loses $7.6 Billion on Costs to Repay U.S.
January 19th, 2010 Before You Invest (Bloomberg) — Citigroup Inc., the U.S. bank that is 27 percent owned by the Treasury Department, finished a three- quarter profit streak with a $7.6 billion loss on costs to exit the government’s bailout program.The fourth-quarter loss of 33 cents a share was narrower than the record loss of $17.3 billion, or $3.40 a share, a year earlier, New York-based Citigroup said today in a statement.
Wells Fargo sells $12.25 billion in stock to repay TARP
December 16th, 2009 Before You Invest Wells Fargo priced nearly 490 million shares at $25 each to raise billions of dollars to repay the government for funds it received through the Troubled Asset Relief Program. The government still has Wells Fargo warrants, which are estimated to be worth roughly $723 million at auction, said Linus Wilson, an assistant finance professor at the University of Louisiana at Lafayette.more at http://www.bloomberg.com/apps/news?pid=20601208&sid=ap0b0cFFTVIY
This Day in Wall Street History 1886: Record day for trading
December 15th, 2009 Before You Invest Turbulence reigned over Wall Street on this day in 1886, as a record 1.2 million shares changed hands in a day of frantic trading.Source: History.com
Posted in Finance Fraud Tags: Day Trading, Shares, Source History, Turbulence, Wall Street, Wall Street History No Comments »
