Financial Winners & Losers: Goldman
Goldman reports its quarterly results on Monday and most analysts expect earnings will be reduced, but writedowns on leverage loans could be larger than anticipated, market whispers say. Goldman declined to comment on the rumors. The stock slid $4.81, or 2.9%, to $162.40.
Overall, the NYSE Financial Sector Index declined 194.54 to 6,693.68.
Lehman plummeted for the fourth trading day in a row, after The Financial Times reported that it was considering Korean financial institutions as a source of capital. The investment bank on Monday has announced plans to raise $6 billion to shore up its balance sheet. Shares of Lehman dropped 13.6% to $23.75.Lehman's slide also hit Morgan Stanley (MS), whose shares tumbled $2.10 to $37.13. Morgan will be reporting its second quarter on Monday and investors are becoming anxious about what they'll hear. Standard & Poor's analyst Kevin Cole increased his loss estimate and lowered his price target on Washington Mutual, (WM), citing continuing concerns about losses in the bank's option adjustable-rate mortgage and home equity portfolios. The mortgage lender saw its shares fall 9.3% to $6.06 in afternoon trading, after having dipped intraday to $5.75, a new 52-week low. Private equity firm Allied Capital (ALD) plunged 11.8% to $15.95 after shareholders were asked to allow the company to sell shares of common stock below net asset value. However, many shareholders were unable to vote on the issue due to Securities and Exchange Commission rules, so the company plans on holding a special meeting to again try to get approval.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV