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Goldman Sachs Group (GS) Crushes Earnings Forecast as Investment Banking Revenue Surges
By: TheStreet | July 13, 2021
• Goldman's Investment banking and asset management revenues came in well ahead of Street forecasts as the bank crushed second quarter earnings estimates.
Goldman Sachs Group (GS) posted stronger-than-expected second quarter earnings Tuesday thanks to a surge in asset management and investment banking revenues.
Goldman said earnings for the three months ending in June were pegged at $15.02 per share, nearly 140% higher than last year's tally and firmly ahead of the Street consensus forecast of $10.24 per share. Group revenues, Goldman said, rose 16% to $15.4 billion, the second highest on record that again beat analysts' forecasts of a $12.1 billion total.
Global markets revenues were down 32% from last year to $4.9 billion, Goldman said, while asset management revenues surged 144% to $5.1 billion, nearly double the Street consensus forecast. Investment banking revenues, meanwhile, were up 36% to $3.61 billion.
“Our second quarter performance and record revenues for the first half of the year demonstrate the strength of our client franchise and our continued progress on our strategic priorities," said CEO David Solomon. "While the economic recovery is underway, our clients and communities still face challenges in overcoming the pandemic."
"But, as always, I am proud of the dedication and resilience of our people, who have worked tirelessly to help our clients navigate the ever-changing market environment.”
Goldman Sachs shares were marked 1.25% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $385.18 each, a move that would extend the stock's year-to-date gain to around 47.2%.
Earlier in the session, Goldman's larger rival, JPMorgan Chase (JPM) - Get Report, posted a 37% increase in investment banking revenues that helped offset an 8% slump in net interest income.
JPMorgan said earnings for the three months ending in June were pegged at $3.78 per share, up 174% from the same period last year and well ahead of the Street consensus forecast of $3.18 per share.
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FY2021 EPS Estimates for The Goldman Sachs Group, Inc. Raised by Seaport Res Ptn (GS)
By: MarketBeat | July 8, 2021
FY2021 EPS Estimates for The Goldman Sachs Group, Inc. Raised by Seaport Res Ptn (NYSE:GS) GS 3 Reasons Goldman Sachs (NYSE:GS) Stock is a Buy After Q1 EarningsThe Goldman Sachs Group, Inc. (NYSE:GS) - Equities research analysts at Seaport Res Ptn l...
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GS BS - interest rates up - GS up $12 and earnings on Tuesday July 13th.. not on a Friday, eh?? :)
By: David Larew | July 10, 2021
• GS BS - interest rates up - GS up $12 and earnings on Tuesday July 13th.. not on a Friday, eh?? :)
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Goldman Sachs Could Scale to Fresh Record High on Upbeat Q2 Earnings; Target Price $414
By: Vivek Kumar | July 8, 2021
• The New York-based leading global investment bank Goldman Sachs is expected to report its second-quarter earnings of $9.52 per share, which represents year-over-year growth of over 52% from $6.26 per share seen in the same quarter a year ago.
The New York-based leading global investment bank Goldman Sachs is expected to report its second-quarter earnings of $9.52 per share, which represents year-over-year growth of over 52% from $6.26 per share seen in the same quarter a year ago.
It is worth noting that in the last two years, the world’s leading investment manager has surpassed market consensus expectations for profit and revenue most of the time.
The better-than-expected number would help the stock hit new all-time highs. The company will report its earnings result on Tuesday, July 13.
According to Zacks, The Goldman Sachs Group will report full-year earnings of $44.81 per share for the current financial year, with EPS estimates ranging from $40.95 to $49.50. For the next financial year, analysts expect that the business will report earnings of $35.81 per share, with EPS estimates ranging from $33.21 to $39.00.
Analyst Comments
“Our 2Q EPS est. increases to $10.05 from $9.53 on positive markets and higher equity investment revs. The equity investment line will likely again be a meaningful rev. swing factor (we model $1.4B vs. $3.1B in 1Q21). Post-DFAST, GS indicated that the dividend will increase to $2.00/qtr. from $1.25/qtr., but did not provide specifics on buybacks. We model 2Q share repurchase of $1.5B (vs. $2.2B cons.) and $2.5B/qtr. (vs.$2.3B/qtr. cons.) for the remainder of this year,” noted Daniel T. Fannon, equity analyst at Jefferies.
Goldman Sachs Stock Price Forecast
Sixteen analysts who offered stock ratings for Goldman Sachs in the last three months forecast the average price in 12 months of $414.50 with a high forecast of $500.00 and a low forecast of $330.00.
The average price target represents 14.44% from the last price of $362.20. From those 16 analysts, 13 rated “Buy”, three rated “Hold” while none rated “Sell”, according to Tipranks.
Morgan Stanley gave the stock price forecast of $165 with a high of $194 under a bull scenario and $104 under the worst-case scenario. The firm gave an “Overweight” rating on the beverage company’s stock.
“As market volatility subsides in the back half of the year and into 2022, we expect total revenues decline 13% y/y in 2022. We are valuing the group on normalized 2023 EPS. We see even more upside elsewhere in the group, particularly in consumer finance stocks which have been under more pressure. This drives our Underweight rating,” noted Betsy Graseck, equity analyst at Morgan Stanley.
“Over time, we expect GS can drive some multiple expansion as management executes on its multi-year strategic shift towards higher recurring revenues.”
Several other analysts have also updated their stock outlook. BMO lowered the target price to $415 from $436. Evercore ISI raised the target price to $410 from $370. Oppenheimer lifted the target price to $493 from $484. UBS upped the target price to $370 from $340.
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Goldman Sachs Group (GS) Stock That is a Safe Play in July
By: Schaeffer's Investment Research | July 7, 2021
• Goldman Sachs stock has seen positive returns in July in nine of the past 10 years
• GS could benefit from a shift in sentiment in the options pits
With a stellar first half of the year for Wall Street in the rearview mirror, investors are speculating on potential gains for the latter half -- and things are looking good. Bank stocks have attracted considerable attention of late, as volatile 10-year Treasury yield movements resulted in a recent selloff in the sector. However, this pullback may be the perfect opportunity to jump on Goldman Sachs Group Inc (NYSE:GS). Though the was last seen down 0.7%, trading at $367.22, it boasts a 84.4% year-over-year lead. In addition, GS is just one month removed from a June 7, all-time high of $393.26, and there's reason to believe that level could soon be within reach once again.
Digging deeper, Goldman Sachs stock just made it onto Schaeffer's Senior Quantitative Analyst Rocky White's list of the best performing stocks on the S&P 500 in July, going back 10 years. The security has seen positive monthly returns during this time period nine out of ten times, with a 4% pop on average. This means a move of similar magnitude from its current perch would put GS at nearly $382 -- leaving about 3% between the equity and its aforementioned all-time high.
On the charts, Goldman Sachs stock is pacing for a fourth-straight loss. The last time the equity saw a similar streak of losses, it bounced off the $348 level -- which coincides with the 80-day moving average -- in mid-June, to subsequently climb above $380 by the beginning of July.
A shift in sentiment over in the options pits could create additional tailwinds for Goldman Sachs stock. This is per the security's 50-day put/call volume ratio at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits in the 74th percentile of its annual range. In other words, long puts are being picked up at a faster-than-usual clip.
Echoing this, the equity's Schaeffer's put/call open interest ratio (SOIR) of 1.28, which sits higher than 84% of readings from the past year. This means short-term options traders have been more put-biased than usual.
What's more, GS premiums are a bargain at the moment. The security's Schaeffer's Volatility Index (SVI) of 29% stands higher than 18% of readings in its annual range, suggesting options traders have rarely priced in lower volatility expectations during the past 12 months.
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$GS 370 area would be key hold, for then you need a break ofr 380..
By: Options Mike | July 5, 2021
• $GS 370 area would be key hold, for then you need a break ofr 380.. no real conviction here for me..
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GS - if the 10 year treasury yield breaks it's Bearish Descending Triangle
By: David Larew | July 4, 2021
• GS - if the 10 year treasury yield breaks it's Bearish Descending Triangle - the pusher man should go down with the banks - so prime time short for value coming up??? So Goldman said 4300 for the 2021 highs and we are at 4355 - it's not good to dis GS BS :)
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Goldman and EQT AB to Buy Parexel for $8.5 Billion
By: TheStreet | July 2, 2021
• EQT AB and Goldman Sachs Group agree to acquire Parexel International from Pamplona Capital Management.
Swedish private-equity firm EQT AB and Goldman Sachs Group's (GS) investment arm said Friday they will buy clinical research company Parexel International from Pamplona Capital Management for $8.5 billion, including debt.
Parexel had drawn interest from about 10 parties, including
other private-equity firms and drug distributor
AmerisourceBergen (ABC), Bloomberg said.
Founded in 1982, Parexel is headed by Jamie Macdonald, who had previously been a senior adviser to EQT and will remain chief executive.
Pamplona Capital agreed in 2017 to acquire Parexel International for an enterprise value $5 billion and take the company private. Last year, Paraexel made a list of 11 best companies with remote jobs.
"We have followed Parexel closely during the past few years and have been impressed by the company’s development and trajectory," Eric Liu, partner and Global Co-Head of Healthcare at EQT, said in a statement. "We are excited to partner with Goldman Sachs for the next stage of Parexel’s journey, and to back Jamie, who prior to his role at Parexel had been a long-time senior adviser to EQT, as well as the rest of the Parexel team.”
Goldman Sachs Asset Management is the primary investing area within the bank and oversees roughly $2 trillion, according to the Wall Street Journal.
Its other healthcare investments include a manager of optometry services it purchased in 2019 and Datavant, a healthcare data-management company it invested in last month.
"We believe this investment will accelerate Parexel’s growth as it builds on the company’s global footprint, strong operational capabilities and expansive healthcare network," said Jo Natauri, partner and global head of private healthcare investing within Goldman Sachs Asset Management.
EQT oversees 67 billion euros ($79 billion) in assets and its focuses include real estate, technology, infrastructure and healthcare.
In April, Goldman posted stronger-than-expected results for the first quarter, helped by surging investment bank revenue. The bank's shares traded at $374.31, down about 0.2% at last check.
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Goldman Sachs increases quarterly dividend to $2 per share
By: Reuters | June 28, 2021
• (Reuters) - Goldman Sachs Group Inc (NYSE:GS) said on Monday it planned to increase its common stock dividend to $2 per share from $1.25.
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U.S. Supreme Court tosses class action ruling against Goldman Sachs
By: Andrew Chung | June 21, 2021
(Reuters) -The U.S. Supreme Court on Monday gave Goldman Sachs Group Inc another chance to avoid an investor class action lawsuit accusing the bank of hiding conflicts of interest when creating risky subprime securities before the 2008 financial crisis.
The justices threw out a decision by the Manhattan-based 2nd U.S. Circuit Court of Appeals last year that had allowed Goldman shareholders including the Arkansas Teacher Retirement System to sue as a group under a federal investor protection law. The plaintiffs accused the bank of unlawfully hiding conflicts of interest when creating risky subprime securities.
In directing the 2nd Circuit to reconsider the matter, the justices said the lower court had failed to properly assess whether the bank's statements that the investors had called misleading were too generic to have affected its stock price.
The ruling, authored by Justice Amy Coney Barrett, hands Goldman a victory - for now - in a class action in which the plaintiffs have said they lost more than $13 billion due to the bank's conduct. However, the decision clarified that the burden is still on defendants like Goldman to persuade a court that their alleged misstatements had no impact on the stock price - a finding that conservative Justices Neil Gorsuch, Clarence Thomas and Samuel Alito said they disagreed with in a partial dissent.
In a statement, one of the law firms representing the shareholders, Robbins Geller Rudman & Dowd, welcomed the decision rejecting "Goldman's effort to flip the burden of persuasion" onto plaintiffs.
"Since this case was first filed more than 11 years ago, Goldman Sachs has spared no expense to avoid facing a jury for misleading investors about its role in the financial crisis," the firm said.
Goldman spokesperson Maeve DuVally said the bank was pleased with the decision and "we will continue to vigorously defend ourselves as the case returns to the lower courts."
The Arkansas Teacher Retirement System and other pensions that purchased Goldman shares between February 2007 and June 2010 filed suit, accusing the company and three former executives of violating an anti-fraud provision of the Securities Exchange Act of 1934 and a related SEC regulation. The plaintiffs said that the bank's fraudulent statements kept its stock price artificially high.
The case had been closely followed for clues as to how the Supreme Court, with its 6-3 conservative majority, would view shareholder class actions. Businesses often seek to limit the ability of plaintiffs to collectively sue in order to avoid the higher damages often awarded in such litigation.
The plaintiffs said that when they bought Goldman shares they relied upon the bank's statements about its ethical principles and internal controls against conflicts of interest, and its pledge that its "clients' interests always come first."
Goldman argued that these "aspirational" statements were too vague and general to have had any impact on the stock price.
The case stemmed from Goldman's sale of collateralized debt obligations including Abacus 2007 AC-1, which it assembled with help from hedge fund manager John Paulson.
In 2010, Goldman reached a $550 million settlement with the U.S. Securities and Exchange Commission to resolve charges that it cheated Abacus investors by concealing Paulson's role, including how he made a $1 billion profit by betting that the sale of collateralized debt obligations would fail.
The plaintiffs said that the share price would have been lower if the truth had been known about the company's conflicts of interest.
The 2nd Circuit last year upheld a federal judge's decision to let the plaintiffs sue as a group and rejected one of the company's arguments that generic statements can never impact a stock price.
Justice Sonia Sotomayor issued a partial dissent in the case, saying the 2nd Circuit's decision should have been affirmed.
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$GS has been the leader and holding in better. 320 is a must hold area should find support between 330-320 for now
By: Options Mike | June 20, 2021
• $GS has been the leader and holding in better. 320 is a must hold area should find support between 330-320 for now
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JMP Securities Boosts The Goldman Sachs Group (GS) Price Target to $425.00
By: MarketBeat | June 16, 2021
The Goldman Sachs Group (NYSE:GS) had its price target upped by JMP Securities from $400.00 to $425.00 in a report released on Thursday, The Fly reports. The brokerage currently has a "market outperform" rating on the investment management company's stock. JMP Securities' price objective indicates a potential upside of 16.31% from the company's current price...
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Goldman Taps Galaxy Digital as Liquidity Provider for Bitcoin Futures
By: TheStreet | June 18, 2021
• Galaxy Digital will provide liquidity for block Bitcoin trades on the CME, as Goldman Sachs expands its cryptocurrency offerings, the companies said.
Goldman Sachs (GS) is taking on Galaxy Digital Holdings BRPHF, the digital asset management firm founded by ex-Goldman partner Michael Novogratz, as a liquidity provider for Bitcoin futures.
Galaxy will provide the liquidity for block trades on CME, as Goldman expands its cryptocurrency offerings, the companies said.
Goldman is getting back into digital currency trading to help big customers, such as hedge funds, trade Bitcoin futures, Bloomberg reports.
"Our goal is to equip our clients with best execution pricing and secure access to the assets they want to trade," Max Minton, head of digital assets for Goldman Sachs' Asia-Pacific division, said in a statement. "In 2021, this now includes crypto.”
Goldman stock recently traded at $352.23, down 2.6%. It has climbed 45% over the past six months, as the economic recovery has boosted banks. But it has dropped 10% since June 4, as stocks that would benefit from faster economic growth and higher rates have pulled back.
Galaxy recently traded at $18.39, down 0.2%.
Goldman said last month that it’s forming a wealth-management joint venture with state-owned Industrial and Commercial Bank of China. the New York investment bank thus becomes the latest foreign lender to take advantage of a further opening of the country's financial sector to target rising affluence in mainland China.
In April, Goldman posted stronger-than-expected results for the first quarter, helped by surging investment bank revenue.
Profit registered $18.60 a share, nearly six times higher than the year-earlier tally and ahead of the analyst consensus forecast of $10.22 a share.
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Goldman Sachs (GS) Stock Flashes Historically Bullish Signal
By: Schaeffer's Investment Research | June 16, 2021
• The 40-day moving average has acted as a springboard for GS in the past
• The stock is up just over 39% in 2021
The shares of Goldman Sachs Group Inc (NYSE:GS) have been falling since their June 7 all-time high of $393.26. While down 0.4% today, last seen trading at $369.84, the shares sport an impressive 39.5% year-to-date lead. Plus, GS is flashing a historically bullish signal on the charts.
More specifically, the equity just came within one standard deviation of its ascending 40-day moving average, after spending considerable time above it. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, nine similar signals have occurred in the past three years. Goldman Sachs stock enjoyed a positive return one month later in 67% of those cases, averaging a 4.2% gain. From its current perch, a comparable move would put GS above the $385 level and close to its aforementioned record peak.
Puts have been more popular than usual, too, leaving plenty of pessimism to be unwound in the options pits. This is per the security's Schaeffer's put/call open interest ratio (SOIR) of 1.72 sits in the highest percentile of its annual range, meaning short-term options traders have been more bearish than normal.
What's more, GS options can be had for a bargain at the moment. The security's Schaeffer's Volatility Index (SVI) of 26% sits in just the 10th percentile of its annual range, indicating options players are pricing in low volatility expectations right now. What's more, Goldman Sachs stock's Schaeffer's Volatility Scorecard (SVS) ranks at 80 out of 100, which implies the stock usually outperforms these volatility expectations.
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Equities Analysts Issue Forecasts for The Goldman Sachs Group, Inc.'s Q2 2021 Earnings (GS)
By: MarketBeat | June 11, 2021
• The Goldman Sachs Group, Inc. (NYSE:GS) - Jefferies Financial Group issued their Q2 2021 earnings per share estimates for The Goldman Sachs Group in a note issued to investors on Wednesday, June 9th. Jefferies Financial Group analyst D. Fannon anticipates that the investment management company will post earnings per share of $9.53 for the quarter. Jefferies Financial Group currently has a "Buy" rating and a $450.00 target price on the stock. Jefferies Financial Group also issued estimates for The Goldman Sachs Group's Q3 2021 earnings at $8.47 EPS, Q4 2021 earnings at $9.21 EPS, FY2021 earnings at $45.80 EPS, Q1 2022 earnings at $9.18 EPS, Q2 2022 earnings at $8.93 EPS, Q3 2022 earnings at $8.86 EPS, Q4 2022 earnings at $9.78 EPS, FY2022 earnings at $36.75 EPS and FY2023 earnings at $41.70 EPS. The Goldman Sachs Group (NYSE:GS) last announced its quarterly earnings results on Tuesday, April 13th. The investment management company reported $18.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.22 by $8.38. The Goldman Sachs Group had a net margin of 28.40% and a return on equity of 20.64%. The company had revenue of $17.70 billion during the quarter, compared to the consensus estimate of $11.74 billion. During the same quarter in the previous year, the company posted $3.11 earnings per share. The company's revenue for the quarter was up 102.4% compared to the same quarter last year...
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Visa (V) Inks Deal With Goldman for Global Corporate Payments
By: TheStreet | June 7, 2021
• Visa will enable Goldman to help its clients 'simplify complexities and costs associated with existing systems,' the companies said.
Visa (V) shares rose Monday as the credit-card giant announced a deal with Goldman Sachs GS that will allow the banking titan’s corporate customers to use Visa to make global payments.
“Through its implementation of Visa B2B Connect and Visa Direct Payouts solutions, Goldman Sachs will help its commercial and corporate banking clients simplify complexities and costs associated with existing systems and inefficient processes,” the companies said in a press release.
“These solutions will enhance Goldman’s cross-border business-to-business (B2B) and business-to-consumer (B2C) payments program for high and low value payments," the release noted. "Goldman Sachs’s corporate clients can move funds quickly and securely, have near real-time visibility into their payment status, obtain necessary reconciliation and compliance data, ultimately helping improve organizations’ cash flow."
Visa traded at $232.66, up 1.11%, in pre-market trading Monday. It has gained 8% over the past six months, compared to 14.4% for the S&P 500. Goldman Sachs shares were up 0.4% to $393 in pre-market trading.
Visa also benefited Monday from an upgrade by Piper Sandler analyst Christopher Donat to overweight from neutral. He boosted his price target to $260 from $234.
Visa has “too wide” a valuation discount to Mastercard (MA), he said, according to Bloomberg.
And Visa will probably benefit more from the vaccine-generated U.S. economic recovery than its rival, Donat said. That’s because prior to the pandemic, Visa received 45% of its revenue in the U.S., compared to 32% for Mastercard.
Last week, Visa reported a 32% increase in U.S. payments volume for May compared to the same month in 2019. Debit payments rose 51% over that time.
In April, Visa reported stronger-than-expected earnings for its latest quarter, helped by an 11% increase in payments volume during the period.
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The Goldman Sachs Group (GS) Price Target Increased to $420.00 by Analysts at Piper Sandler
By: MarketBeat | June 1, 2021
The Goldman Sachs Group (NYSE:GS) had its price objective boosted by stock analysts at Piper Sandler from $385.00 to $420.00 in a note issued to investors on Tuesday, The Fly reports. The brokerage presently has an "overweight" rating on the investment management company's stock. Piper Sandler's target price would suggest a potential upside of 12.90% from the company's current price. The analysts noted that the move was a valuation call.
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Goldman Sachs Starts The Month With A Breakout
By: Gary S. Morrow | June 1, 2021
Goldman Sachs is breaking out as the new month begins. The stock is trading at new all time highs with the help of today’s 2.5% gain. This powerful move extends the stock’s 2021 gain to 46%. From the March 2020 lows GS is up 110%. Since bottoming last October GS has put in 7 straight monthly gains on 7 straight higher monthly lows. June looks to be the 8th straight.
We expect more upside in the near term for GS. Despite reaching new highs shares are well below overbought levels(daily MACD). Layers of support are now in place. $373-$377 is the initial support zone. On the downside a close back below $361 would violate last week’s lows sending a clear warning sign that the breakout has failed.
No position.
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$11.01 Billion in Sales Expected for The Goldman Sachs Group (GS) This Quarter
By: MarketBeat | May 30, 2021
Wall Street analysts expect that The Goldman Sachs Group, Inc. (NYSE:GS) will report sales of $11.01 billion for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for The Goldman Sachs Group's earnings, with the lowest sales estimate coming in at $10.34 billion and the highest estimate coming in at $11.42 billion. The Goldman Sachs Group posted sales of $13.30 billion in the same quarter last year, which would indicate a negative year over year growth rate of 17.2%. The company is expected to announce its next quarterly earnings report on Wednesday, July 21st.
On average, analysts expect that The Goldman Sachs Group will report full year sales of $49.21 billion for the current fiscal year, with estimates ranging from $47.27 billion to $51.73 billion. For the next year, analysts anticipate that the company will post sales of $43.39 billion, with estimates ranging from $42.20 billion to $45.07 billion. Zacks' sales averages are an average based on a survey of research firms that cover The Goldman Sachs Group.
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The Goldman Sachs Group Target of Unusually High Options Trading (GS)
By: MarketBeat | May 28, 2021
The Goldman Sachs Group, Inc. (NYSE:GS) was the recipient of unusually large options trading activity on Thursday. Traders purchased 134,329 call options on the stock. This represents an increase of approximately 881% compared to the typical volume of 13,695 call options.
Hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in shares of The Goldman Sachs Group by 61.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 13,440,527 shares of the investment management company's stock worth $3,544,390,000 after purchasing an additional 5,115,450 shares during the last quarter. Norges Bank bought a new position in shares of The Goldman Sachs Group in the fourth quarter worth approximately $451,166,000. Cibc World Markets Corp grew its holdings in shares of The Goldman Sachs Group by 824.2% in the fourth quarter. Cibc World Markets Corp now owns 1,669,368 shares of the investment management company's stock worth $440,229,000 after purchasing an additional 1,488,745 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of The Goldman Sachs Group by 211.2% in the first quarter. Jennison Associates LLC now owns 2,049,055 shares of the investment management company's stock worth $670,041,000 after purchasing an additional 1,390,627 shares during the last quarter. Finally, Boston Partners boosted its holdings in The Goldman Sachs Group by 148.4% in the fourth quarter. Boston Partners now owns 1,576,561 shares of the investment management company's stock valued at $415,755,000 after acquiring an additional 941,896 shares in the last quarter. 71.29% of the stock is currently owned by hedge funds and other institutional investors.
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The Goldman Sachs Group, Inc. (GS) Receives Consensus Recommendation of "Buy" from Analysts
By: MarketBeat | May 21, 2021
Shares of The Goldman Sachs Group, Inc. (NYSE:GS) have been assigned an average rating of "Buy" from the twenty-three research firms that are presently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, six have given a hold recommendation and thirteen have given a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $358.59...
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GS - The Pusher Man - didn't like the verbiage of no interest rate hikes until 2022... So Banks and GS sold off...
By: David Larew | May 20, 2021
• Banks - The Pusher Man - didn't like the verbiage of no interest rate hikes until 2022... So Banks and GS sold off...
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Goldman hires Uber executive to run its consumer bank
By: Reuters | May 17, 2021
Goldman Sachs Group Inc (NYSE:GS) hired a top executive from Uber Technologies (NYSE:UBER) Inc to lead its consumer banking business, the bank said in a memo on Monday.
Peeyush Nahar joins Goldman as the global head of its consumer business, which includes its online bank, Marcus. At Uber, he was vice president of technology.
Nahar takes over Goldman's fledgling consumer business at a time of turnover in the division that Chief Executive David Solomon has identified as a key area of growth for the bank.
He is the third global head of consumer banking since last September, when Harit Talwar stepped aside to become division chairman, giving the top job to Omer Ismail. Ismail officially took over in January, but soon left for a position at Walmart (NYSE:WMT) Inc's fintech venture.
A Goldman spokesman confirmed the contents of the memo.
Uber did not immediately respond to a request for comment.
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New Goldman Crypto Group Reportedly Traded 2 Bitcoin Derivatives
By: TheStreet | May 7, 2021
• Goldman Sachs’s new digital-currency trading group reportedly traded two bitcoin derivatives, a media report says.
A new cryptocurrency desk at Goldman Sachs (GS) has successfully traded two types of bitcoin-linked derivatives, a media report says, quoting an internal memo from the investment firm.
So the cryptocurrency craze appears to have spread to derivatives.
Goldman’s digital-currency-trading group is part of the firm’s currencies and emerging-markets trading division, CNBC reported. It reports to Goldman Partner Rajesh Venkataramani, who wrote the memo, obtained by CNBC..
The New York investment bank wants to “selectively onboard” institutional crypto players to broaden its business, according to the memo.
Goldman stock recently traded at $361.70, down 1.2%. Bank stocks in general fell Friday after a weaker-than-expected jobs report.
Goldman shares have soared 82% amid over the past six months amid its strong financial performance and rising long-term interest rates.
In other cryptocurrency news Friday, Tesla Chief Executive Elon Musk is at it again on cryptocurrencies, tweeting, "Cryptocurrency is promising, but please invest with caution!"
He also tweeted, “I’m looking for a shiba pup!” That refers to the logo of the dogecoin, a digital currency that started as a joke but has now skyrocketed almost 13,000% year to date.
As for Goldman, last month it posted stronger-than-expected first-quarter earnings, thanks in part to surging investment bank revenue.
Goldman said earnings totaled $18.60 a share in the first quarter, nearly six times the year-earlier figure and ahead of the Wall Street consensus forecast of $10.22 a share.
Revenue doubled to $17.7 billion, beating analysts' consensus forecast of $12.4 billion.
After the report, TheStreet.com Founder Jim Cramer discussed why he regrets selling the banking titan’s shares.
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Bull Of The Day: Goldman Sachs (GS)
By: Zacks Investment Research | April 29, 2021
Goldman Sachs (GS) is a captain of high finance and the banking sector's knight in shining armor. The firm is known for its quick trading action and best-in-class deal-making investment bank. GS has soared 84%, hitting all-time highs, over the past 6 months. The stock illustrated unbelievable quarterly results in its latest quarterly report (what I said needed to happen to confirm the positive price action), which broke company records across the board. On top of that, it looks like these results are sustainable.
Volatility looks like it may be on its way back into the market, and I have no doubt that Goldman's best-in-class trading & sales team are taking full advantage. The $349 per share that GS is trading at today represents a robust purchase price for a long-term investment in the gold standard of high finance.
As you can see from the Trading View chart below, GS has been utilizing its 50-day moving average (blue line) as its support level. Now, after this extraordinary earnings report, GS looks like it's ready to break through its all-time high of $357, on its way up to my Fibonacci retracement (drawn from its peak to trough in March) price targets of $381 (161.8%) and $420 (261.8%) on an even more bullish look.
The economic downturn and proceeding recovery have been an unexpected tailwind for Goldman, driving the business to record profitability the past 2 quarters, with a robust double-digit topline expansion. Due to Goldman's trading and deal-making profit drivers, the bank didn't see the same margin-pinches from the ultra-low interest rates that commercial banks like JP Morgan JPM and Bank of America BAC did.
GS is expected to continue pushing growth and profitability as a slew of big deals and market action extends into 2021. Analysts have been increasingly optimistic about GS following its record earnings on April 14th, pushing its EPS estimates on every time horizon and propelling the stock into a Zacks Rank #1 (Strong Buy).
Recent Earnings
The firm illustrated unbelievable results in the wake of economic uncertainty, taking advantage of new market opportunities. GS reported recorded breaking earnings of $18.60 per share, demonstrating 500% year-over-year growth, and blew Zacks Consensus estimates out of the water by 90%. Its sales were quite strong as well, showing $17.70 billion, up 159% from the same quarter last year, beating estimates by 48%.
Equity trading and its deal-making investment banking (IB) segment were the two largest growth drivers for this best-in-class investment bank. Goldman's investment banking sector was up 73% from the first quarter of 2020, and this segment looks like it's just heating up with Q1 IB earnings up 30% from Q4. Its equities-underwriting portion of IB is booming as a record number of businesses hit the public exchanges.
454 companies IPO'ed in 2020, raising over $167 billion, far surpassing the previous record made in 1999 amid the dot-com mania, and 2021 is on track to break that record. Goldman will continue to be an enormous beneficiary of this push to the public markets.
GS's global markets division was its biggest topline driver over the past quarter as the business strategically navigated the choppy market waters and drove this segment's revenue up 47% from the first quarter of 2020 and up 78% from Q4. Equities sales & trading at Goldman appear to be still riding a tailwind as the stock market surges to seemingly no end.
What's Next For GS?
David Solomon is proving himself at the helm of this remarkable firm. Since Solomon was named CEO and Chairman of Goldman Sachs on October 1st, 2018, GS shares are up 55%. This may not sound like a lot, but GS has navigated the 2018 year-end sell-off and the most significant economic contraction since The Great Depression.
Investors & traders look to be pulling profits from JPM and BAC following their earnings earlier this month, despite sizable beats by both firms (a trend we have seen more and more often following earnings). GS looks like it could be the expectation as its share price jumps. This is a tremendous buying opportunity, with 9 out 13 analysts calling GS a strong buy today.
Price targets have risen across the board following the record quarter results. The most optimistic price target is looking at $500 a share, representing a 43% upside and even the more conservative recent estimates represent sizable double-digit returns. The large upside potential combined with the firm's 1.5% dividend yield makes GS a strong long-term buy and hold today.
I remain a GS buyer despite the run it has already had since the March lows. This company is adaptable and resourceful, and no matter what the economy throws at it, GS comes out on top.
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$11.01 Billion in Sales Expected for The Goldman Sachs Group, Inc. (GS) This Quarter
By: MarketBeat | April 24, 2021
Equities research analysts expect The Goldman Sachs Group, Inc. (NYSE:GS) to announce sales of $11.01 billion for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for The Goldman Sachs Group's earnings, with estimates ranging from $10.34 billion to $11.42 billion. The Goldman Sachs Group reported sales of $13.30 billion during the same quarter last year, which indicates a negative year over year growth rate of 17.2%. The firm is expected to report its next quarterly earnings results on Wednesday, July 21st.
According to Zacks, analysts expect that The Goldman Sachs Group will report full-year sales of $49.22 billion for the current financial year, with estimates ranging from $47.27 billion to $51.75 billion. For the next year, analysts expect that the business will post sales of $43.39 billion, with estimates ranging from $42.20 billion to $45.10 billion. Zacks' sales calculations are a mean average based on a survey of research analysts that follow The Goldman Sachs Group.
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Is Goldman Sachs Stock a Smart Investment?
By: StockNews | April 23, 2021
Goldman Sachs Group, Inc. (GS - Get Rating) is known for its top-flight investment banking and asset management services globally. It is the second largest investment bank in the world based on its 2020 revenues. GS is one of the few multinational investment banks that emerged from the Archegos sell-off relatively unscathed.
GS sold approximately $10.50 billion worth Archegos-related shares on March 26, which ultimately triggered the margin call. And thanks to the firm’s first mover advantage, it was able to avoid significant losses in exiting its position. Shares of GS have gained 25.5% year-to-date.
Owing to the firm’s quick decision and trade settlements during one of the largest margin calls in history, GS delivered record revenues and earnings growth at a time when most major investment banks downgraded their fiscal first quarter outlooks. GS’ net revenues increased 102% year-over-year to $17.70 billion in the first quarter ended March 31, 2021. Both its net income and EPS increased 498% from the same period last year to $6.71 billion and $18.60, respectively.
Here’s what we think could shape GS’ performance in 2021:
Robust Profit Margins
GS’ 88.78% trailing-12-month gross profit margin is 61.5% higher than the industry average 54.99%. Its return on sales of 29.33% is 22% higher than the industry average 24.05%, while its capex/sales of 12.27% is significantly higher than the industry average 2.18%.
Also, the company’s ROE and ROA of 17.04% and 1.16%, respectively, compare favorably with industry averages.
Impressive Financial Outlook
A $9.42 consensus EPS estimate for the current quarter ending June 2021, represents a 1,677.4% rise year-over-year. Analysts expect GS’ annual earnings to rise 80.6% from the same period last year to $44.69 per share in its fiscal year 2021. Furthermore, the firm has an impressive earnings surprise history; it beat the Street EPS estimates in three of the trailing four quarters.
GS’ revenue is expected to climb 22.5% from its year-ago value to $11.95 billion in its fiscal second quarter. Its annual revenue in the current year is expected to improve 12.6% year-over-year to $50.16 billion.
Trading at a Discount
In terms of non-GAAP forward P/E, GS is currently trading at 7.45x, which is 38.8% lower than the industry average 12.19x. The company’s 0.50 non-GAAP forward PEG ratio is 61% lower than the industry average 1.27.
Also, GS’ forward price/sales multiple of 2.35 compares favorably with the industry average 3.14.
Consensus Rating and Price Target Indicate Potential Upside
Of 15 Wall Street analysts that rated the stock, nine rated it Buy, five rated it Hold, and one rated it Sell. GS has a $390.07 median 12-month price target, which indicates a potential 15.6% upside. The stock’s price target forecast ranges from a high of $497 to a low of $330.
POWR Ratings Reflect Rosy Prospects
GS has an overall rating of B, which equates to Buy in our proprietary POWR Ratings system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
GS has a B grade for Value and Sentiment. These grades are justified given the company’s lower-than-industry valuation and favorable analyst sentiment.
Among 24 stocks in the A-rated Investment Brokerage industry, GS is ranked #11. In total, we rate GS on eight different levels. Beyond what we’ve stated above, one can view GS Ratings for Momentum, Quality, Stability, and Growth here.
Bottom Line
Biden’s proposed capital tax hike, announced yesterday, caused major banking stocks and the Dow Jones Industrial Average to decline. However, Wall Street expects the tax hike to be much lower than what was previously anticipated. This reflection caused banking stocks to reverse some of their losses. GS has gained 2.4% since yesterday. Also, with the U.S. Congress expected to pass a scaled-back tax increase with bi-partisan support, GS stock should grow on par with analyst expectations.
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Bull of the Day: Goldman Sachs (GS)
By: Zacks Investment Research | April 20, 2021
It does not take a rocket scientist to piece together today’s Bull of the Day. Actually, it’s very simple. The market is up at all-time highs. That should make is very easy to choose the winners. In the gold rush, the real fortunes were made not on gold, but on the folks who sold the picks and axes. It is the same with the stock market. The companies that make the most money are going to be the companies that benefit from high equity prices. That’s the stocks involved in the asset management game.
Today’s Bull of the Day is a stock in that game. Not only are they a part of it, arguably, they are the best in that game. I’m talking about the company that every young broker wishes they could be a part of, Goldman Sachs (GS). The Goldman Sachs Group, Inc., a financial institution, provides range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through four segments: Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management.
The Financial – Investment Bank industry is in the Top 2% of our Zacks Industry Rank. In addition to the favorable rank, the stock has a Zacks Value Style Score of C, Growth of B, and Momentum of A, to help it round off with a VGM Composite Score of A.
The Goldman Sachs Group, Inc. Price and Consensus
The reason for the favorable rank is the series of earnings estimate revisions coming in to the upside from analysts. Over the last 60 days, eight analysts have revised their estimates to the upside for next year while over the last 30 days, eight have done so for the current year. The estimate revisions are nothing short of staggering. For the current year, EPS estimates have swelled from $26.87 to $43 even, while next year’s estimates are up from $30.10 to $34.90. I understand that next year’s number is a contraction, but it’s this year that takes the cake. Year-over-year EPS growth is slated to come in at 73.81%. That is huge for a company with a market cap of over $118 billion.
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Goldman Sachs and JP Morgan have opposing views on the U.S. dollar
By: Kitco | April 19, 2021
New York (Apr 19) Goldman Sachs and JP Morgan have opposing views on the U.S. dollar As we know recently the dollar has been playing havoc on the gold price along with U.S. 10 year yields. Risk sentiment has not been too much of a problem with gold and stocks both moving together on most of the days that the yellow metal rises.
The massive US investment bank JP Morgan has now said they are backing the more upside action in the worlds reserve currency “Citing solid domestic economic data.”. They also noted, “The Federal Reserve should start formally talking about tapering communication in the April minutes.”. That could be one to look forward to.
On the political side, they think the new Presidents fiscal spending plans should aid the greenback as they note “An announcement of Biden's next circa $2 trillion in fiscal spending later this month.”.
Also, the U.S. lagged behind the U.K. on the vaccine front but in terms of some of the other western nations they said the “US vaccination rollout acceleration to help maintain a US gap with the rest of the world.”.
On the specifics, the U.S. bank said it “Recommends remaining long USD vs. currencies where central banks are likely to remain dovish or growth-challenged, including euro, yen, Swiss franc and GBP.”.
Moving on to the other side of the argument, Goldman Sachs are bullish on the euro. The bank said, "The combination of the rising euro-area growth expectations, solid equity returns for the region, initial normalization signals from the ECB, and more stable Fed pricing will extend the recent turn higher in the euro,".
It recommends a trade idea to buy at spot with a 1.2500 target and stop at 1.1750. Their 12-month target is unchanged at 1.2800.
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The Goldman Sachs Group (GS) PT Raised to $432.00 at BMO Capital Markets
By: MarketBeat | April 15, 2021
• The Goldman Sachs Group (NYSE:GS) had its price target boosted by research analysts at BMO Capital Markets from $409.00 to $432.00 in a research note issued to investors on Friday, The Fly reports. The firm presently has an "outperform" rating on the investment management company's stock. BMO Capital Markets' price objective suggests a potential upside of 27.60% from the company's current price.
GS has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft raised their target price on The Goldman Sachs Group from $310.00 to $365.00 and gave the company a "hold" rating in a report on Thursday, April 1st. Citigroup lifted their price objective on The Goldman Sachs Group from $357.00 to $370.00 and gave the stock a "buy" rating in a report on Friday, January 22nd. Daiwa Capital Markets began coverage on The Goldman Sachs Group in a report on Wednesday, January 6th. They set an "outperform" rating and a $300.00 price objective on the stock. Credit Suisse Group lifted their price objective on The Goldman Sachs Group from $395.00 to $400.00 and gave the stock an "outperform" rating in a report on Thursday. Finally, Oppenheimer lifted their price objective on The Goldman Sachs Group from $468.00 to $497.00 and gave the stock an "outperform" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The Goldman Sachs Group presently has an average rating of "Buy" and an average target price of $345.32.
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Goldman profit smashes expectations on booming investment banking
By: Reuters | April 14, 2021
Goldman Sachs Group Inc on Wednesday easily beat Wall Street expectations for first-quarter profit, as the U.S. investment bank capitalized on record levels of global dealmaking activity and a coronavirus-driven boom in stock market trading.
Overall investment banking revenue rose 73% to $3.77 billion, its highest since 2010, while equities trading surged 68% as a jump in trading by ordinary investors fed stock market volatility.
Global investment banking fee hit an all-time record of $39.4 billion during the March quarter, according to Refinitiv data.
Goldman also comfortably held on to its top ranking on the league tables for worldwide M&A advisory. The league tables by Refinitiv rank financial services firms on the amount of M&A fees they generate.
An unprecedented boom in private firms merging with listed shell companies to go public has helped the Wall Street giant earn handsome fees from such deals.
The massive 47% jump in trading revenue was in line with the broader gains for trading desks across Wall Street and was a result of the volatility generated by a surge in retail trading of "meme stocks" like GameStop (NYSE:GME).
The bank also benefited from favorable comparisons to last year when it set aside more funds to cover potential corporate loan losses due to the pandemic and took markdowns to some assets.
Financial advisory revenue came in at $1.1 billion.
Net earnings applicable to common shareholders rose to $6.7 billion in the quarter ended March 31 from $1.12 billion in the same period a year ago.
Earnings per share rose to $18.60 from $3.11 a year earlier. Analysts on average had expected a profit of $10.22 per share, according to the IBES estimate from Refinitiv.
Goldman had said in March that its losses from a fire sale of stocks triggered by a meltdown of New York investment fund Archegos were immaterial.
Total revenue surged 102% to $17.7 billion in the quarter.
Goldman said debt underwriting was helped by strong leveraged finance and asset-backed activity, while equity underwriting was boosted by a red-hot IPO market.
Unlike rivals such as JPMorgan (NYSE:JPM) and Bank of America (NYSE:BAC), Goldman has a relatively smaller consumer business, which has limited its exposure to loan defaults and allowed it to focus on its core strength in investment banking and trading.
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Goldman Jumps After Monster Equity Trading Quarter
By: zerohedge | April 14, 2021
• Goldman Jumps After Monster Equity Trading Quarter Thanks To Reddit, SPAC Mania
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Trading JPMorgan and Goldman Sachs: Bank Earnings Preview
By: TheStreet | April 13, 2021
• JPMorgan, Goldman Sachs and other banks are set to kick off earnings season. Here's how the charts look going into the reports.
The bank stocks have been on fire lately, with JPMorgan Chase (JPM), Goldman Sachs (GS), Morgan Stanley (MS) and others leading the charge.
Investors have been piling into these names for a multitude of reasons. New deals - be it in M&A or new public offerings - have helped fuel top- and bottom-line growth for some firms.
For others, it’s the rebound in the economy that has investors bullish.
Just recently, the Federal Reserve also said it plans to lift restrictions on share buyback programs and dividend payouts from the banks.
Finally, with earnings just around the corner, the optimism is spilling over into the stock prices.
Let’s look at a few charts as JPMorgan, Goldman Sachs and Wells Fargo (WFC) get set to report earnings on Wednesday.
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Trading Goldman Sachs
Daily chart of Goldman Sachs.
Chart courtesy of TrendSpider.com
Goldman Sachs has not had as much bullish energy as JPMorgan lately, with support coming in between $325 and $330.
Shares are hovering just above the 10-week and 50-day moving averages, an area that bulls will want to see hold as support after earnings.
If these measures fail, it puts the $307 to $309 area in play. The latter range of this zone was a key breakout spot in February. However, that breakout also left a small gap in play, near the lower end of that range, around $307.
On the upside, $335 has been resistance over the past few weeks. Clearing that level would be a big confidence boost for the bulls, putting $350 and the 52-week high of $356.85 in play.
Above that and $370 is on the table, which is the two-times range extension.
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Exclusive: Goldman risk group examines 2021 market events for lessons - sources
By: Elizabeth Dilts Marshall | April 12, 2021
NEW YORK (Reuters) - Goldman Sachs Group Inc (NYSE:GS) executives are examining how well the bank navigated several major market events this year that caused extreme volatility, people familiar with the matter told Reuters.
The review will include a market-wide fire sale of stocks triggered by Archegos Capital Management's default on margin calls at banks including Goldman, the sources said.
The meltdown of Archegos, a New York investment fund run by former Tiger Asia manager Bill Hwang, has sent shock waves across Wall Street and drawn regulatory scrutiny in three continents.
Goldman Sachs is also looking more broadly at how it handled recent market events, with a particular lens on compliance and best practices, the sources said.
That could include what happened during the Reddit-fueled trading frenzy in equity markets, including shares of GameStop Corp (NYSE:GME), as well as the U.S. Federal Reserve's decision to end pandemic-related capital relief for banks, which caused issues in fixed-income markets. Also this year, there was chaos in energy markets in mid-February after a deep freeze in Texas sent the cost of fuel and power sky-high.
Goldman Sachs declined to comment.
Although Goldman did not earn or lose a significant amount of money on Archegos' default and its CEO has said the bank's controls worked well, the surge of volatility across several markets this year prompted management to take a closer look at its risks and hedges, the sources said.
Reviews of this nature are routine at large Wall Street banks, especially when they face scrutiny from regulators and politicians. The GameStop and Archegos events have prompted financial regulators to say they are taking a closer look at what caused the volatility.
The Fed considers it a "risk-management breakdown" at firms that handled Archegos' trades, Chairman Jerome Powell told CBS's "60 Minutes", https://www.cbsnews.com/news/federal-reserve-jerome-powell-60-minutes-2021-04-11 which aired on Sunday, pledging that the regulator will not let it happen again.
Goldman's chief executive, David Solomon, said last week that the bank's risk controls on Archegos "worked well."
As part of its review, the bank's compliance department examined its decision to begin doing business with Archegos in late 2020 and noted it required the family office to increase the collateral it was required to post early this year, one of the sources said.
That helped Goldman avoid losses on positions that rivals including Japanese bank Nomura Holdings (NYSE:NMR) Inc and Switzerland's Credit Suisse (SIX:CSGN) Group AG are now facing.
Goldman and several banks avoided doing business with Archegos in its early days because Hwang's prior firm reached a $44 million insider trading settlement with the U.S. Securities and Exchange Commission in 2012. They warmed up to the client last year after enough time had passed and it was clear that rivals were doing business with Hwang again.
However, Archegos had six prime brokers handling its trades, with different levels of leverage and margin requirements on a handful of concentrated bets. When some of its positions went belly-up in late March, the banks had to seize collateral and sold billions of dollars' worth of stock to cover Archegos' positions.
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True value
March 30th
Barrick is strong today - It's at 26.50 - This chart's from 4 days ago - Count back on that candlestick (or use the bottom chart HERE)
Barricks' $25
Goldman hires head of leveraged U.S. capital markets from JPMorgan
By: Reuters | April 6, 2021
NEW YORK (Reuters) - Goldman Sachs Group Inc (NYSE:GS) said on Tuesday it had hired a new head of U.S. leveraged finance capital markets from rival investment bank JPMorgan Chase & Co (NYSE:JPM), according to an internal memo seen by Reuters.
Chris Bonner was most recently JPMorgan's co-head of capital markets. He will report to Goldman's head of Americas leveraged finance, Kevin Sterling, according to the memo, which was verified by a bank spokeswoman.
JPMorgan declined to comment.
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Should You Buy Goldman Sachs on Archegos Capital News?
By: TheStreet | March 29, 2021
• Strange selling pressure seen Friday and again Monday is due to a forced liquidation by Archegos Capital after the hedge fund defaulted on margin calls. Let's see look at the chart for Goldman Sachs.
Goldman Sachs (GS), Morgan Stanley (MS), Nomura (NMR) and other banks were in the headlines on Monday and all traded lower during the session.
On Friday, we saw some strange price action and some dangerous selloffs in certain stocks before a late-day surge in the indices and a recovery in some of these names.
Only later did we find out that the strange selling pressure was due to forced liquidation after U.S.-based hedge fund Archegos Capital defaulted on margin calls.
Although Goldman Sachs reportedly said any losses it faces due to Archegos Capital will be immaterial, the stock was still down on the news.
Now traders want to know if this is a buying opportunity. Let’s look at the charts.
Trading Goldman Sachs
Daily chart of Goldman Sachs.
Chart courtesy of TrendSpider.com
Shares of Goldman Sachs opened right on the 10-week moving average and just above the 50-day.
The bank has been on a powerful run and hasn’t tested these marks in months. The closest that it came was back in late January, before bulls enjoyed another powerful move to new highs.
Support is also coming into play near the prior March low, near $316.50.
Not to get too tied up on the short-term setup, but traders will also notice that despite the bounce from Monday’s low, Goldman Sachs stock is struggling with the low from the prior two days.
If shares can’t close over the $325 area, Monday’s low remains vulnerable.
Should the stock take out Monday’s low, a test of the 50-day moving average is possible, as is a test of the $306 to $309 area. This was a key breakout zone and it wouldn’t be the worst thing in the world to see Goldman Sachs test down into this zone and fill the gap toward $306.
However, that only remains the case if support comes into play in this zone. If it doesn’t, then sub-$300 may be in play until shares test down into the 21-week moving average.
On the upside, bulls need to see shares clear the 10-day and 21-day moving averages, which have been resistance over the past week or so. Once those are cleared, then the stock has the potential to make another push back toward $350.
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Large block trades involved more than $10 billion of stocks sold by Goldman: media
By: Reuters | March 27, 2021
Large block trades on Friday causing a wave of selling in a clutch of companies were driven by sales of more than $10 billion executed by Goldman Sachs Group Inc (NYSE:GS), media reported on Saturday.
Shares in ViacomCBS (NASDAQ:VIAC) and Discovery (NASDAQ:DISCA) tumbled around 27% each on Friday, while U.S.-listed shares of China based Baidu and Tencent Music plunged during the week, dropping as much as 33.5% and 48.5%, respectively, from Tuesday's closing levels.
Eric Handler at MKM Partners, who covers Discovery, on Friday said that large blocks of shares in both Viacom and Discovery companies were put in the market on Friday, likely exacerbating the declines.
An email to clients seen by Bloomberg News said Goldman sold $6.6 billion worth of shares of Baidu Inc (NASDAQ:BIDU), Tencent Music Entertainment Group (NYSE:TME) and Vipshop (NYSE:VIPS) Holdings Ltd, before the U.S. market opened on Friday, the report on Saturday said. https://bloom.bg/3lYOrZm
Following this, Goldman sold $3.9 billion worth of shares in ViacomCBS Inc, Discovery Inc, Farfetch (NYSE:FTCH) Ltd, iQIYI Inc and GSX Techedu (NYSE:GSX) Inc, according to the report.
A source familiar with the matter said on Saturday that Goldman was involved in the large block trades.
Goldman Sachs did not immediately respond to a Reuters request for comment.
The Financial Times reported that Morgan Stanley (NYSE:MS) sold $4 billion worth of shares earlier in the day, followed by another $4 billion in the afternoon.
Morgan Stanley declined to comment.
The Financial Times reported that Goldman told counterparties that the sales were prompted by a "forced deleveraging", citing people with knowledge of the matter.
CNBC reported https://www.cnbc.com/2021/03/27/archegos-capital-forced-position-liquidation-contributes-to-viacom-discovery-plunge.html that the selling pressure was due to liqudation of positions by family office Archegos Capital Management, citing a source with direct knowledge of the situation. A person at Archegos who answered the phone declined to comment.
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The Pusher Man (GS) - down over $5 with the higher yields
By: David Larew | March 27, 2021
• The Pusher Man - down over $5 with the higher yields - then the last 10 min rampo cutting the loses in half -
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Goldman sends Indian employees back home as local COVID-19 cases rise
By: Yadarisa Shabong and Anirban Sen | March 24, 2021
BENGALURU (Reuters) - Goldman Sachs (NYSE:GS) told all but critical staff at its operation in Indian IT capital Bengaluru to return to working from home on Wednesday, reversing moves to get staff back to one of its biggest global offices as coronavirus infections in the city grew.
India earlier reported a new variant of the coronavirus as new infections and deaths nationwide hit the highest this year, prompting the imposition of new restrictions in some states.
Bengaluru reported 1,280 new infections on Tuesday, according to city data, and several sources at Goldman told Reuters that teams had been told to return to working from home ahead of an all-office townhall call at 2 p.m. local time on Thursday.
In March so far, nearly 14,000 new cases have been reported, more than twice the number recorded in February.
"This hasn't come as a surprise given how coronavirus cases have been rising in the city, specifically in the area where the office is located," one employee said, asking not to be named.
"There's no word on how long the work-from-home will continue but my guess is that we won't be returning to office for the next three to four months."
The Bengaluru office seats about 7,000 employees - the bulk of its Indian workforce - who are involved in a variety of functions including technology, finance and human resources, while also providing support for business lines such as trading and the consumer banking business, Marcus.
Goldman Chief Executive David Solomon has been among the most keen of major banking leaders on getting staff back to the office, telling employees on a global conference call earlier this month that he hopes to have them back by this summer.
Asked about the Indian moves, a spokesman for the bank in New York said: "We continue to work on plans to return our people to office safely, and those plans will vary division by division, country by country, city by city.
"The safety of our people is our most important priority and we will remain flexible as we monitor evolving government guidelines and the uneven global vaccine rollout."
A spokesman for the bank in India did not respond to texts and emails requesting comment out of local business hours.
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Goldman CEO to junior bankers: we are sending you more resources
By: Elizabeth Dilts Marshall | March 22, 2021
NEW YORK (Reuters) -Goldman Sachs Group Inc's CEO on Monday responded to complaints from junior bankers by saying management is going to work harder to give them Saturdays off and to shift bankers from other divisions to the busiest teams in the investment bank, according to a transcript of a call seen by Reuters.
Last week, Reuters reported that a group of junior bankers in Goldman's investment bank told senior management in February that they were working nearly 100-hours a week and sleeping just 5 hours a night to keep up with record-setting demand from clients. Half of the group, which consisted of 13 first-year employees, said they were likely to quit by summer unless conditions improved.
In response, Goldman Chief Executive David Solomon told employees in a voice note the bank sent on Sunday night that it will strengthen enforcement of its Saturday rule, which holds that employees cannot work from 9 p.m. Friday night to 9 a.m. on Sunday except in certain circumstances, in an effort to make sure they have at least one day off each week.
Also, the bank will accelerate an effort launched in January to hire more junior bankers and will reassign some bankers from less busy divisions to busier ones to alleviate the workload.
The bank has said it understands staff face unique pressures because of the pandemic, which has resulted in most Goldman staffers working from home, and from the surge in demand for blank check companies.
"In this world of remote work, it feels like we have to be connected 24/7," Solomon said. "We're here to provide support and guidance. This is not easy, and we’re working hard to make it better."
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The Pusher Man - GS - Hold Long above 346.27 - Hold Short under 340.41
By: David Larew | March 22, 2021
• The Pusher Man - The Dow Jones - Hold Long above 346.27 - Hold Short under 340.41 - Confirmed hold short under 336.89 - all moves need an hour confirmation time limit - Banks are so flush with cash - loans will be easy to get - don't spend your stimulus checks, so we get more :)
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Goldman Sachs analysts complain of long hours, unrealistic deadlines
By: Reuters | March 18, 2021
NEW YORK (Reuters) - As Goldman Sachs Group Inc (NYSE:GS) cashes in on a boom in market activity, a group of first-year analysts have warned senior management that they are overworked and will quit within six months unless conditions improve, according to an internal survey circulated online.
While Wall Street is notorious for its tough culture, the survey provides a rare insight into just how grueling working conditions can be.
In it, the junior bankers said that they worked an average of 95 hours a week, slept five hours a night, frequently faced "unrealistic deadlines," and that their relationships with friends and family were feeling the strain as a result.
The survey, which began circulating on social media on Wednesday, was conducted by a group of 13 first-year investment banking analysts among themselves.
They presented their findings to Goldman Sachs' management in February, and the bank has since taken steps to address employee burnout, the bank said.
"We recognize that our people are very busy, because business is strong and volumes are at historic levels," Goldman spokeswoman Nicole Sharpe said in a statement on Thursday.
"A year into COVID, people are understandably quite stretched, and that's why we are listening to their concerns and taking multiple steps to address them."
The bank said it had as of January expedited hiring for new entry-level staff because it is conscious employee resources are stretched thin. But it takes time for new staff to be vetted, hired and to begin working, the bank added.
Buoyed by strong equity and debt underwriting, Goldman's investment banking business generated a record high $9.42 billion in 2020.
Goldman and other Wall Street banks have played a central role in a recent frenzy of special purpose acquisition company, or SPAC, deals. These shell companies raise funds through an initial public offering with a view to later buying assets.
Such "blank check" IPOs have already surpassed this year the $83.4 billion the sector raised in all of 2020, according to Chicago-based SPAC Research, which compiles data on such deals.
Wall Street has been criticized in the past for a hothouse culture that can dangerously overwork ambitious young staff.
In 2013, an intern at Bank of America (NYSE:BAC)'s Merrill Lynch's investment bank died after he allegedly worked for 72 hours without sleep. https://reut.rs/30U2sy7
A majority of the Goldman analysts in the survey said they felt they have been victims "of workplace abuse."
"There was a point where I was not eating, showering or doing anything else other than working from morning until after midnight," wrote one respondent.
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