Stock trading actively: The Goldman Sachs Group, Inc. (GS)

Goldman Sachs quarterly profit surges 80 per cent Add to ...

Bank of America's net income rose 81.5 percent to $4.9 billion in the first three months of the year, from $2.7 billion the same period a year ago.

Growing investment banking fees helped Goldman Sachs to nearly double its quarterly profit but the Wall Street lender missed analysts' estimates after failing to capitalise on a trading boom.

Earlier, Goldman Sachs reported first quarter earnings that came up short, missing estimates by a distance.

Consumer banking revenue rose 5% year over year to $8.3 billion on the back of strong growth in deposits, although mortgage banking income ticked lower.

Goldman's trading desks struggled in the first quarter, a sharp contrast to its competitors who all reported gains in trading last quarter and set investors' expectations that Goldman would perform just as well or better.

Goldman chairman and chief executive Lloyd Blankfein said the environment was "mixed" and client activity was "challenged".

Yet Goldman failed to get the same trading bump as rivals J.P. Morgan and Citigroup last week. Oppenheimer Holdings Inc. reiterated an "outperform" rating and issued a $256.00 price target (up previously from $252.00) on shares of Goldman Sachs Group in a report on Tuesday, January 24th.

Trump lets states block some Planned Parenthood money
A mother and daughter attend Democratic presidential candidate Hillary Clinton's speech at the Planned Parenthood Action Fund in Washington, U.S.

Goldman shares were down 2.8 percent at $219.95 in premarket trading.

Despite strong gains in USA stocks at the beginning of this year which boosted the markets revenues of most big banks, Goldman Sachs did not benefit from trading almost as much as investors had expected during the quarter. FMR LLC now owns 9,910,801 shares of the investment management company's stock valued at $2,373,141,000 after buying an additional 3,722,471 shares in the last quarter.

Analysts on average had expected earnings of $5.31 per share, according to Thomson Reuters I/B/E/S.

Investment-banking revenue, which includes fees from underwriting as well as advising on mergers, climbed 16% in the quarter.

Firm wide, the bank's had net revenue of $8.03 billion compared with $6.34 billion in the same period a year earlier. Given that its peers found universal success in trading during the first quarter, Wall Street wasn't happy to take that answer at face value, perhaps believing that the decline in trading income may be more than just a one-time occurrence. Goldman's shares tumbled 4.2 percent to $216.80.

Until Tuesday, Goldman Sachs stock was arguably the poster child for the Trump Bump: During the stock market rally since the President was elected, the bank had contributed more to the rise of the Dow Jones industrial average than any other company.

Goldman has historically relied more on trading than other big banks, but has been trying to shift to relatively stable businesses like investment management and lending.

Related News:

  • Georgia officers fired after 'assaulting' suspect

    The officer said the vehicle appeared to stall, and he got out to speak to the driver and could smell marijuana. Hollins was charged with marijuana possession, obstruction of a police officer and several traffic citations.
    Colorado has backed off plans for marijuana clubs

    Colorado has backed off plans for marijuana clubs

    House members say new taxes are needed to close the $2.7 billion gap between what the state government spends and what it raises. The prospects for the Green Mountain State legalizing marijuana this year grow exceedingly dim.

    Trans man outed on Survivor against his wishes by fellow contestant

    He said he began watching " Survivor " at a time when he was dealing with both depression and transitioning. Zeke Smith , a contestant on CBS's Survivor, has been publicly outed as transgender by another contestant.
  • Cleveland Facebook video homicide suspect could be in Indiana

    In his last video, Stephen said he "snapped" and will continue killing until he is caught. Debbie Godwin says her father was retired and had 10 children. "That's all he was doing".
    Vettel fastest in 1st session at Bahrain GP; Hamilton 10th

    Vettel fastest in 1st session at Bahrain GP; Hamilton 10th

    Another impressive lap from Hulkenberg secured him the fifth-best lap and a place in the shootout for Renault. Ferrari's Sebastian Vettel was a bit disappointed with third.
    IEA says global oil market now close to balance

    IEA says global oil market now close to balance

    The combination of factors could keep a lid on oil prices, which have risen in the past six months after a three-year slump. Meanwhile, it said, OPEC's oil production fell by 365,000 barrels a day in March as Nigeria and Libya suffered outages.
  • Rian Johnson debuts teaser trailer for 'The Last Jedi'

    Now I can't wait for the first proper full trailer for The Last Jedi , likely coming at some point this summer. The Last Jedi follows up where 2015's cultural and box office titan Star Wars: The Force Awakens left off.

    Italy's Emma Morano, the world's oldest person, dies at 117

    A celebration entitled, The woman who saw three centuries, was held in Verbania in honor of her 117th birthday. The world's oldest living person is now believed to be Violet Brown , a Jamaican woman born on March 10, 1900.
    Arrest made in connection to murder of Princeton jogger Vanessa Marcotte

    Arrest made in connection to murder of Princeton jogger Vanessa Marcotte

    The announcement comes almost two months after the district attorney said a DNA profile of a suspect had been developed. Early said that he anticipates bringing a murder charge against Colon-Ortiz as the investigation progresses.
  • Kristaps Porzingis skipped Knicks exit meetings out of frustration

    Kristaps Porzingis skipped Knicks exit meetings out of frustration

    An Anthony trade would essentially turn the keys of the franchise, at least the on-court product, over to Kristaps Porzingis . NY went 31-51, falling well short of expectations with its third consecutive 50-loss season.
    Jaguar F-PACE takes World Car of the Year crown for 2017

    Jaguar F-PACE takes World Car of the Year crown for 2017

    The new World Car of the Year has contributed to record sales growth by attracting new customers to the brand. Jaguar launched the F-Pace SUV in India a year ago with two engine options and four trim options overall.
    Price of gold surges to five-month high

    Price of gold surges to five-month high

    Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.50 per cent to 842.41 tonnes on Tuesday. Palladium slipped 0.2 percent to $799.45 after touching its weakest in more than a week at $784.72 in the previous session.


Most liked

No need for Trump's approval to use massive bomb
Nicholson said thorough surveillance was conducted in the area to ensure no civilian casualties. Earlier, President Doland Trump praised America's military for firing the bomb in Afghanistan .

Tillerson Says US and Russia Remain Divided on Syria
Russian Relations is at a low point", Tillerson, who is in Moscow for meetings, said at a joint news conference Wednesday. Earlier this week, Turkish doctors also said that test results conducted on victims confirmed that sarin gas was used.

Despite Legal Battles, Arkansas Could Still Execute 7 Inmates. But Should It?
Protesters started flooding the state capitol in Little Rock on Friday to urge Hutchinson to block the executions. He ran twice unsuccessfully for state Supreme Court - including a bid for chief justice in 2004.

Kashmir students clash with Indian troops; many injured
They engaged in intense clashes with the security men across the Valley during which scores of students' sustained injuries. A spokesman of Kashmir University said all university examinations scheduled for tomorrow have been postponed.

Russia Relations May Be At An 'All-Time Low'
We're not going to use it", he told Agence France-Presse. "A successful ouster of a dictator is for me very hard to remember". The statement was made soon after Russian President Vladimir Putin gave the same assessment earlier in the day.

Milan's Cristián Zapata pounces late for dramatic derby draw with Inter
But it had been Inter who drew first blood with their first goal before halftime in a derby match since Walter Samuel in 2012. Elsewhere, Cagliari beat Chievo Verona 4-0, Torino drew 1-1 against Crotone and Bologna's match at Palermo ended 0-0.

4 bodies found in N.Y. park near area of gang violence
Commissioner Sini had not yet shared with the public why and how his officers were alerted to the horrific crime scene. Sources said the bodies were beginning to decompose and that MS-13 is believed to be behind the slayings.

Is this a new Trump? Abrupt reversals may reflect experience
Trump said the first topic the two leaders discussed was North Korea , and that he appreciated Xi's deep knowledge. Even Chinese solar panels are flooding the USA market, pushing domestic solar producers out of business, he said.

Justin Rose, Sergio Garcia tied for Masters lead heading into final round
Couples, the 1992 Masters victor , could become the oldest major victor in history at age 57 if his balky back can last 72 holes. This is a place I dearly love and would love to be part of the history here. "I know that anything can happen (laughter)".

S8 Pre-orders Surpass Previous Models — Samsung
Although its predecessor, the Galaxy S7 was an incredible device , the Galaxy S8 comes out on top when both of these are compared. The Samsung Galaxy S8 is the first smartphone to be unveiled with Bluetooth 5, the next-generation Bluetooth standard.

Iran's President Hassan Rouhani Registers To Run For Re-Election
Ahmadinejad registered for presidential election along with his close aide, former vice-president Hamid Baqayee. However, Ahmadinejad said Wednesday that the Supreme Leader never barred him from rerunning for the presidency.

IS ouster clears way for football comeback in Iraq's Mosul
"The Iraqi security forces retain control of both main routes west from Mosul, eliminating enemy freedom of movement", he added. The United States and other Western countries have assisted with air support, intelligence and equipment, General Rasool said.

Assad says army 'gave up' all chemical weapons
Much as in 2013, the United States has used protecting the chemical weapons taboo as justification for possible military action. Rycroft said "samples obtained from Khan Sheikhun" have "tested positive for the nerve agent sarin or a sarin-like substance".

HIGHLIGHTS: Westbrook breaks triple-double record, Nuggets' hearts
It was his third 50-point triple-double of the season - another record - and left Westbrook feeling "blessed, very blessed". He barely missed a pair of rebounds in the final minute, either of which would have given him the record.

Exchange Club Holds 53rd Annual Easter Egg Hunt
FREE EASTER EGG HUNT Toys R Us is hosting an Easter Egg Hunt for the kids, with Geoffrey the giraffe on Sunday, April 9th. There will be 1,200 eggs hidden for Saturday's event. "It's really good because it's safe and keeps the kids contained".