GS - The Goldman Sachs Group, Inc.
| Previous Close | 206.46 |
| Open | 206.17 |
| Bid | 207.20 x 800 |
| Ask | 207.68 x 1300 |
| Day's Range | 206.10 - 208.62 |
| 52 Week Range | 151.70 - 234.06 |
| Volume | 3,365,490 |
| Avg. Volume | 2,402,347 |
| Market Cap | 74.581B |
| Beta (3Y Monthly) | 1.34 |
| PE Ratio (TTM) | 9.27 |
| EPS (TTM) | 22.38 |
| Earnings Date | Jan. 14, 2020 - Jan. 20, 2020 |
| Forward Dividend & Yield | 5.00 (2.42%) |
| Ex-Dividend Date | 2019-08-29 |
| 1y Target Est | 234.52 |
- Yahoo Finance
Morgan Stanley, Union Pacific earnings — What to know in markets Thursday
Earnings will continue as the focal point for investors Thursday, as Morgan Stanley and Union Pacific gear up to report.
- Bloomberg
Pinterest Block Trade Prices at Bottom of Range
(Bloomberg) -- Pinterest Inc. shares fluctuated on Wednesday after a large block of shares was said to change hands overnight. The deal probably doesn’t reflect negative sentiment around the stock ahead of earnings this month, two analysts said.A person familiar with the matter said Goldman Sachs was managing the 4.68-million share block trade on behalf of an unknown holder. The share sale launched on Tuesday, the same day that selling restrictions lifted for insiders and other pre-IPO shareholders. The selling shareholder is likely a pre-IPO investor that is broadly shifting away from the internet space, Pivotal Research analyst Michael Levine said Wednesday morning in a phone interview. He upgraded the stock to buy from hold on Wednesday afternoon.“There’s some really early money in this,” Levine said in the interview. “So if you’re no longer involved in consumer internet, you’re gone. If you’ve been in it since 2012, you’re gone.” He named Andreessen Horowitz and Bessemer Venture Partners as possible sellers.Levine thinks other pre-IPO holders are less likely to be selling at this price level.“Based on how much the stock has pulled back, it’s actually gotten pretty attractive,” he said. “I think a lot of people are short and negative on this and I suspect earnings will be a very positive catalyst.” Wednesday’s upgrade did not adjust Pivotal’s $32 price target, which is below the Street average of $34.Read more: Pinterest’s Early Investors Get Chance to Sell After 42% RallyWells Fargo analyst Brian Fitzgerald agreed.“We do not see this as pessimism ahead of earnings, or the fundamentals with regards to this year’s IPOs,” he said in an email interview. Fitzgerald rates Pinterest a market perform with a $34 target.Shares opened as Wednesday’s worst performer in the 21-member Dow Jones US Mid Cap Media Index, before turning positive later in the morning. Pinterest reports third-quarter results on Oct. 31 after the market closes.The share sale priced at $25.00, the bottom of its $25-$25.25 offering range, the person familiar with the matter said Wednesday morning. Shares traded as high as $36.83 in August after the April IPO priced at $19.(Updates with Pivotal upgrade, Wells Fargo comments.)\--With assistance from Ryan Vlastelica.To contact the reporter on this story: Drew Singer in New York at dsinger28@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Jim Silver, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Bloomberg
Centrica Picks Goldman for $2 Billion Spirit Energy Sale
(Bloomberg) -- Centrica Plc has picked Goldman Sachs Group Inc. to advise on the potential sale of its controlling stake in exploration and production unit Spirit Energy, people familiar with the matter said.A deal could value the business at more than $2 billion, one of the people said, asking not to be identified because the information is private.Centrica is pursuing a sale of its stake in Spirit as the U.K. utility seeks to recover from a tumultous five-year period under CEO Iain Conn where it lost more than two-thirds of its value and shed millions of customers. It owns 69% of Spirit, while the remaining stake is owned by Bayerngas Norge’s former shareholders, according to the company’s website.Spirit was formed in 2017 after Centrica and Bayerngas Norge AS combined their upstream oil and gas units. The unit produces about 50 million barrels of oil equivalent a year and has an estimated 600 million barrels of resources and reserves across the U.K., Norway, the Netherlands and Denmark. Accounting firm KPMG is also working with Centrica on audit work for the transaction, according to one of the people. Representatives for Centrica and Goldman Sachs declined to comment, while a spokesman for Spirit said the company will “support the sales process as appropriate.” A representative for KPMG didn’t immediately respond to a request for comment.\--With assistance from Laura Hurst.To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net;Kelly Gilblom in London at kgilblom@bloomberg.netTo contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, ;James Herron at jherron9@bloomberg.net, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- CNW Group
League Honored by Goldman Sachs for Entrepreneurship
SANTA BARBARA, Calif., Oct. 16, 2019 /CNW/ -- Goldman Sachs (NYSE:GS - News) is recognizing Mike Serbinis, League Inc. Founder and CEO, as one of the 100 Most Intriguing Entrepreneurs of 2019 at its Builders + Innovators Summit in Santa Barbara, California. Goldman Sachs selected Serbinis as one of 100 entrepreneurs from multiple industries to be honored at the three-day event. With over $1B in previous exits, Serbinis is a proven entrepreneur and pioneering technologist who has transformed the way people live, learn, connect and do business.
- Yahoo Finance
CrowdStrike CEO gives perfect answer on post IPO stock price tumble
Crowdstrike remains a business on fire, even if some on Wall Street are voicing views to the contrary.
- GlobeNewswire
VAST Data CEO and Founder Honored by Goldman Sachs for Entrepreneurship
Goldman Sachs (GS) is recognizing Renen Hallak, Founder and CEO of VAST Data as one of the 100 Most Intriguing Entrepreneurs of 2019 at its Builders + Innovators Summit in Santa Barbara, California. Goldman Sachs selected Hallak as one of 100 entrepreneurs from multiple industries to be honored at the three-day event.
- Zacks
PNC Financial (PNC) Q3 Earnings Top Estimates on High Revenues
PNC Financial's (PNC) Q3 performance highlights top-line strength, partly offset by elevated expenses and provisions.
- Simply Wall St.
If You Had Bought Goldman Sachs Group (NYSE:GS) Stock Three Years Ago, You Could Pocket A 20% Gain Today
Buying a low-cost index fund will get you the average market return. But in any diversified portfolio of stocks...
- Bloomberg
Santander Follows Goldman Sachs With Bet on Berlin Fintechs
(Bloomberg) -- Berlin-based fintech firm CrossLend has found a new prominent investor in Banco Santander SA.The Spanish lender is leading a 35 million euros ($39 million) funding round for the digital debt market place, it said in a statement on Wednesday. The investment is set to help CrossLend to enter new markets.The new money brings the firms valuation to over 100 million euros for the first time, according to a person familiar with the matter who asked not be identified because the information is private.Founded in 2014, CrossLend provides a marketplace for consumer loans and other forms of debt originated by banks. Buyers are institutional investors such as banks, investment funds and insurance companies.Foreign investors like Santander have recently increased their bets on German fintechs. Investments in the firms reached a record in 2018, topping 1 billion euros for the first time, according to data by Barkow Consulting. After the first six months of this year, investments already stand at around 900 million euros with the first quarter seeing the highest inflows ever.One of the most active foreign investors in Berlin, where many German fintech firms are located, was Goldman Sachs Group Inc. this year.In May, the U.S. bank led a funding round for Berlin-based Elinvar which was founded by former Deutsche Bank AG employees and has built a digital platform to enable lenders to offer their services online. Two month later, it invested 25 million euros in Raisin, an internet platform allowing users to compare bank-savings products.Santander also invested in Berlin-based Bonify which operates a personal finance app.(Bonify investment added in last paragraph)To contact the reporter on this story: Stephan Kahl in Frankfurt at skahl@bloomberg.netTo contact the editors responsible for this story: Daniel Schaefer at dschaefer36@bloomberg.net, Ingo KolfFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Yahoo Finance
We're learning how much big banks are feeling Silicon Valley's pain: Morning Brief
Top news and what to watch in the markets on Wednesday, October 16, 2019.
- Bloomberg
China AI Startup Megvii Pushes Ahead With IPO Despite U.S. Blacklisting
(Bloomberg) -- Chinese artificial intelligence startup Megvii Technology Ltd. is pressing ahead with plans for an initial public offering in Hong Kong and targeting a listing hearing in early November, despite getting blacklisted by the Trump administration, according to people familiar with the matter.While Megvii has lost access to American components -- including chips from Nvidia Corp. that are key to its business -- it hasn’t changed its goal of going public, said the people, asking not to be named because the matter is private. The company is appealing the U.S. decision to include it on the Commerce Department’s “Entity List,” which prohibits American companies from providing crucial supplies like semiconductors, one person said.Donald Trump’s administration blacklisted eight Chinese companies this month, accusing them of being implicated in human rights violations against Muslim minorities in the country’s far-western region of Xinjiang. The move is a setback for Megvii and the others named, and more broadly for the Chinese government, which has pledged to become one of the leaders in artificial intelligence.Megvii has said that the blacklisting is “unsubstantiated” and that it complies with all laws and regulations in regions it has operations. Yin Qi, the company’s co-founder and chief executive officer, said in an internal letter that it would “fight” the U.S. designation, according to the South China Morning Post.The company may need to raise cash. Megvii lost 3.4 billion yuan ($480 million) in 2018 after losing 759 million yuan the year before, partly due to changes in the value of preferred shares. It listed 1.4 billion yuan in cash, equivalents and bank balances at the end of June, while it used net cash of 674 million yuan for operations in the first six months of the year. Its term deposits, which refers to short-term bank deposits with maturities of three to twelve months, stood at 3.3 billion yuan as of June.But it’s not clear how receptive investors would be to buying stock in a company in the Trump administration’s crosshairs. Megvii’s IPO filing already included about 40 pages of risk factors, ranging from competitive threats to the dangers of AI. One entry cited the possibility of the U.S. imposing trade restrictions on the company.Despite putting in place compliance programs and contingency plans, “we cannot assure you that if we were included as a target for economic and trade restrictions, such restrictions, particularly when carried out on a prolonged basis, would not have material and adverse impacts on our business, reputation and results of operations,” the filing said.Goldman Sachs Group Inc., one of three underwriters on the IPO, said last week that it was evaluating its involvement. Megvii is also working with JPMorgan Chase & Co and Citigroup Inc.Goldman declined to comment further beyond its statement last week. Megvii, JPMorgan, Citi declined to comment.The blacklist doesn’t put any restraints on who can purchase Megvii’s products. Any company that wants to sell to Megvii or any other company on the blacklist it would need a special license.Megvii’s IPO was supposed to have been the Chinese AI industry’s unofficial debut on the global stage. The company had already faced tumult because of rising violence in Hong Kong, where protesters have railed against Beijing’s control over the local government. Adding to the turmoil, the Trump administration is moving ahead with discussions about restricting government pension funds from investing in China, which could deal a blow to companies like Megvii that are seeking outside capital.Megvii counts Qiming Venture Partners and AI guru Lee Kai-Fu’s Sinovation Ventures as backers.To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Thomson Reuters StreetEvents
Edited Transcript of GS earnings conference call or presentation 15-Oct-19 3:00pm GMT
Q3 2019 Goldman Sachs Group Inc Earnings Call
- Bloomberg
Fidelity Joined by Florida Pension Fund in Examining Fisher
(Bloomberg) -- Billionaire money manager Ken Fisher is facing more pressure from clients following offensive remarks he made at an industry conference.Fidelity Investments and the state of Florida pension fund said Tuesday they’re examining their relationship with Fisher Investments. The Philadelphia Board of Pensions said it plans to divest the $54 million in assets held with the firm.“We are very concerned about the highly inappropriate comments by Kenneth Fisher,” a Fidelity spokesman said in a statement. “We do not tolerate these types of comments at our company and Fidelity Strategic Advisers is reviewing this relationship.”Fisher Investments manages about $500 million for Fidelity Strategic Advisers, which oversees managed accounts. Fisher is listed as a subadviser for Fidelity Strategic Advisers Small-Mid Cap Fund.Fisher Investments is also a sub-adviser on a Goldman Sachs Group Inc. equity fund that had about $675 million in assets at the end of April. The firm has not made any decision on changing its relationship with Fisher, according to a spokesman for the bank.The Florida State Board of Administration, which has about $175 million with Fisher, was concerned enough about the executive’s comments to begin an investigation to determine if it will drop the firm, spokesman John Kuczwanski said in an interview.“SBA policies require our employees and service providers to foster positive business and personal practices designed to ensure that everyone is treated with respect and dignity,” Kuczwanski said in a statement Tuesday.A spokesman for the Philadelphia funds said the decision to divest was made to “protect the assets of the fund from the consequences of Mr. Fisher’s inappropriate comments.” The decision was made on Oct. 10.Michigan’s MoveLast week, the State of Michigan Retirement Fund’s pension account ended its relationship with Fisher’s firm, which managed $600 million for the state.At the event last week, Fisher spoke about how he built his company, which manages $112 billion. He compared the process of gaining a client’s trust to “trying to get into a girl’s pants” and talked about genitalia. Fisher has apologized for the comments.Fidelity came under media scrutiny two years ago after it dismissed a prominent stock picker who had been accused of sexual harassment by a junior female employee. Chief Executive Officer Abby Johnson set out to improve the gender mix at her firm by recruiting more women and tapping talent from within.Reuters earlier reported the Fidelity news.(Adds Goldman comment in fifth paragraph)\--With assistance from Sridhar Natarajan.To contact the reporters on this story: Michael McDonald in Boston at mmcdonald10@bloomberg.net;Miles Weiss in Washington at mweiss@bloomberg.net;Janet Lorin in New York at jlorin@bloomberg.netTo contact the editors responsible for this story: Alan Mirabella at amirabella@bloomberg.net, Vincent BielskiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks
JNJ, JP Morgan and UnitedHealth all Beat, Goldman Sachs Misses
JNJ, JP Morgan and UnitedHealth all Beat, Goldman Sachs Misses
- Bloomberg
SoftBank-Backed Compass Tells Employees: We’re Not WeWork
(Bloomberg) -- WeWork’s calamitous effort to take itself public has raised red flags for other SoftBank-backed real estate startups -- and led an executive at the brokerage Compass to send its employees an eight-point memo highlighting differences between the two firms.Compass, like WeWork, has relied heavily on funding from SoftBank Group Corp.’s Vision Fund. The brokerage has become a major player in high-end markets like Manhattan and San Francisco, though some real estate experts say it is more like a traditional brokerage than a tech-industry disrupter.Unlike WeWork, Compass has no debt and is valued at a revenue multiple comparable to publicly traded real estate technology companies, according Chief Financial Officer Kristen Ankerbrandt.“Over the past few weeks we have seen comparisons being drawn between Compass and WeWork simply because we share a single investor,” Ankerbrandt wrote to employees last week in an email obtained by Bloomberg. “To be clear, our businesses are quite different -- in terms of our business model, capital structure, customers, culture and investments.”Ankerbrandt also boasted of Compass’s deep roster of investors, including Qatar Investment Authority and Dragoneer Investment Group; a 425-member tech team building tools to differentiate Compass from other brokerages; and a frugal leadership team that “books coach tickets and does not fly on private jets.”In December 2017, the Vision Fund agreed to invest $450 million in Compass, touted at the time as the largest real estate technology investment in U.S. history. The Vision Fund also participated in subsequent raises, including a $370 million round announced in July that valued the brokerage at $6.4 billion. At the time, the company said it would use the money to continue building a software platform to streamline the process of buying and selling homes. Compass, led by former Goldman Sachs Group Inc. banker Robert Reffkin, has used that capital to acquire competing brokerages and build technology intended to help agents stand out from its rivals.Representatives for Compass and the Vision Fund declined to comment.(Updates with plans for money raised in sixth paragraph. A previous version of this story added the dropped word million.)To contact the reporter on this story: Patrick Clark in New York at pclark55@bloomberg.netTo contact the editors responsible for this story: Craig Giammona at cgiammona@bloomberg.net, Christine MaurusFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Zacks
Big Bank & Healthcare Earnings, Netflix Q3 Preview & Buy Lululemon Stock - Free Lunch
Breaking down some of Tuesday's major Q3 earnings results from giants such as JPMorgan Chase and UnitedHealth. A look at what to expect from Netflix's third quarter financials Wednesday. And why Lululemon is a Zacks Rank 1 (Strong Buy) stock...
- Zacks
Goldman Sachs (GS) Q3 Earnings and Revenues Lag Estimates
Goldman (GS) delivered earnings and revenue surprises of -4.77% and -2.66%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
- The Guardian
Goldman Sachs announces $80m loss on WeWork investment
Adam Neumann, the founder of WeWork. A planned share sale was pulled after investors balked at its huge losses. Photograph: VCG/Visual China Group via Getty ImagesGoldman Sachs has so far lost $80m on its investment in WeWork, the troubled office rentals group, the bank said on Tuesday. The loss contributed to a 26% drop in profits from a year ago.The valuation of its stake in WeWork fell after We, as the company is known, was forced to pull plans for an initial public offering that would have been led by Goldman and JP Morgan.Goldman initially declined to break out its losses on WeWork, but on a conference call with analysts, Stephen Scherr, the chief financial officer, said Goldman had decided to make the loss public because it had “got quite a bit of notoriety in the press”.Scherr said the value of its holding – now $70m – could still fall further. But the loss was smaller than some analysts had predicted and Scherr said Goldman could still make money on its investment.Once the world’s US’s most highly valued private company, WeWork is now facing a cash crunch as it burns through its remaining money. The company is weighing plans to fire 2,000 people, 13% of WeWork’s 15,000 staff.Had the company successfully launched its share sale, Goldman and JPMorgan were preparing loans worth $6bn. JP Morgan and Softbank, the Japanese investment firm that is WeWork’s largest backer, are now working on alternative financing options.WeWork’s share sale ran into trouble when it released its sale prospectus to the Securities and Exchange Commission. Investors balked at its huge losses and a corporate structure that left the controversial co-founder Adam Neumann with control of the company.WeWork’s share sale was set to follow other less-than-well-received share sales from once highly valued tech firms, including Uber and Lyft. The declining value of Goldman’s stake in Uber and other companies also hit its results.On the conference call Scherr said: “Recent market reception to certain companies has been less favorable.”Goldman’s losses in other publicly traded companies were far larger than its WeWork loss. The bank reported it had taken losses of $267m in the third quarter for “investments in public equities, primarily from investments in Uber, Avantor and Tradeweb”. The losses also included Goldman’s stake in WeWork.Goldman’s profits for the third quarter were $1.88bn, down 26% from the same time last year and below analysts’ expectations. Revenue fell 6% to $8.32bn, slightly above the $8.31bn expected. The firm also announced it had set aside $291m for credit losses in the quarter, 67% higher than a year earlier.Shares fell 3% on the news.
- Reuters
Big banks say U.S. consumers sturdy as businesses quiver with growth fears
Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing. JPMorgan Chase & Co posted strength across all but one of its segments, and executives offered optimistic comments about the financial health of individuals. Citigroup beat estimates thanks to its global consumer business.
- Reuters
WRAPUP 1-Big banks say U.S. consumers sturdy as businesses quiver with growth fears
Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing. JPMorgan Chase & Co posted strength across all but one of its segments, and executives offered optimistic comments about the financial health of individuals. Citigroup beat estimates thanks to its global consumer business.
- Market Realist
Goldman Sachs: Higher Provisions Hurt Its Q3 Earnings
Lower revenues dragged Goldman Sachs's third-quarter earnings down. The company's earnings missed analysts' estimates and fell 24% YoY.
- Zacks
First Republic (FRC) Q3 Earnings Beat Estimates, Costs Rise
First Republic (FRC) records higher revenues and loan growth in the third quarter of 2019.
- Zacks
Citigroup's (C) Q3 Earnings Beat Estimates, Expenses Rise
Decent lending activity, relatively higher interest rates and weak investment banking performance support Citigroup's (C) Q3 earnings. However, higher costs of credit and expenses act as headwinds.
- Yahoo Finance
Apple, Goldman Sachs, PG&E, Tesla, Harley-Davidson, Saks: Companies to Watch
Apple, Goldman Sachs, PG&E, Tesla, Harley-Davidson and Saks are the companies to watch.
