This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Financial Winners & Losers: Goldman

Rumors of writedowns for Goldman Sachs (GS - Get Report) coupled with continuing capital concerns about Lehman Brothers (LEH) put pressure on financial stocks Wednesday.

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 - Get Report), 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 - Get Report), 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.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ALD $44.96 0.00%
FRBK $4.65 0.00%
GS $164.11 0.00%
MS $27.06 0.00%
XL $32.73 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs