170.90 -0.60 (-0.35%)
After hours: 6:40PM EST
|Bid||170.44 x 800|
|Ask||171.00 x 1000|
|Day's Range||169.32 - 173.02|
|52 Week Range||166.53 - 275.31|
|Beta (3Y Monthly)||1.02|
|PE Ratio (TTM)||12.51|
|Forward Dividend & Yield||3.20 (1.85%)|
|1y Target Est||N/A|
Rothy's, a three-year-old, San Francisco-based company that makes a variety of colorful flats for women, has some more walking-around money today. According to Bloomberg, the company just closed on $35 million in funding from Goldman Sach's asset management unit. The round brings the young company's total funding to $42 million, including an early $5 million investment from Lightspeed Venture Partners, and $2 million in convertible notes, including from Finn Capital Partners, M13 and Grace Beauty Capital.
One often-cited reason for the current market volatility and the reason for expected pressure on companies’ earnings is trade uncertainty, especially between the United States (SPY) and China (FXI). The third round of tariffs on China has especially hit the markets (DIA) (VTI) hard.
According to CNBC, Goldman Sachs (GS) analyst David Kostin released a research note on December 14, in which he said, “Investors should increase their defensiveness given our forecast for heightened risk and fat tails.” The bank’s conviction for the markets next year is mixed and the firm advises clients to protect themselves by owning “high quality” stocks. GS also believes that a lot of the movements in the markets in 2019 will depend on investor perception of the longevity of the current economic expansion. To be in a late cycle of economic expansion typically means growth slowing down and margins contracting, accompanied by higher inflation (TIP) and volatility (VIX).
The Dow Jones industrial average clawed back a small portion of its two-day 1,000-point sell-off. But the Nasdaq composite led the advance in stocks today.
The chief executive officer of cryptocurrency merchant bank Galaxy Digital Holdings Ltd. said that amid convulsions in the world economy, the macro trading environment has become even more interesting than the market for digital currencies. “We are entering a cool era for macro,” Novogratz said in an interview on Bloomberg Television on Tuesday. Novogratz, a former hedge fund manager and Goldman Sachs Group Inc. partner, said the price of Bitcoin is likely to stay between $3,000 and $6,000 in the foreseeable future.
Goldman Sachs Asset Management expects improving economic conditions in emerging markets to boost the value of regional currencies.
Check out the companies making headlines before the bell: Darden Restaurants DRI – The restaurant chain earned 92 cents per share for its second quarter , a penny a share above estimates. Revenue was very slightly below Street forecasts, and a same-restaurant sales increase of 2.
While Goldman has insisted that just two employees are responsible for the burgeoning 1MDB scandal, insiders said the deals were approved by committees staffed by top executives, including CFO Stephen Scherr. Goldman committees approved the doomed bond deals on the condition that bankers explain to 1MDB that it had cheaper options in raising $6.5 billion. Goldman Sachs is finding it hard to distance itself from what it says were the actions of a few bad apples.
In 1MDB, Goldman is undergoing its worst scandal since the financial crisis. Unlike previous controversies that stemmed from trading desks, the current issue comes from the firm's investment banking side, which gave rise to current CEO David Solomon and most of his management team.
Goldman Sachs Group Inc (NYSE:GS - News) made untrue statements and omitted key facts in offering circulars for the bonds it sold for Malaysian state fund 1MDB, the Malaysian government said in criminal charges against the U.S. bank. Malaysia on Monday filed the charges in Kuala Lumpur against three Goldman Sachs units in connection with the bank's role as underwriter and arranger of three bond sales that raised $6.5 billion for 1MDB. The charges were the first criminal action against the bank over its involvement in the scandal, which the U.S. Justice Department has estimated involved the misappropriation of $4.5 billion by high-level 1MDB fund officials and their associates between 2009 and 2014.