Goldman Sachs: Financial Winners & Losers
NEW YORK (
) --
Goldman Sachs
(GS) - Get Report
was among the losers of the financial sector Wednesday after a bank analyst slashed his 2010 earnings forecast.
shares were down 0.4% after Rochdale Securities analyst Dick Bove said late Tuesday that the bank's first-quarter results could disappoint due to weak trading activity.
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"Trading fell precipitously in many markets," Bove wrote in a research note. "This is likely to cause first quarter results to be disappointing unless there is some alleviation of the pressure in March."
Bove cut his 2010 estimate for Goldman to $18.04 a share from $18.75. The Thomson Reuters average estimate is for a full-year profit of $18.52 a share. Bove did slightly increase his 2011 and 2012 full-year estimates for Goldman, arguing that "the company is a winner and its stock will reward investor."
Goldman Sachs was off by 59 cents, or 0.4%, to $158.16. Rival
Morgan Stanley
(MS) - Get Report
slipped 0.5% to $28.55 in sympathy.
On the other hand,
Bank of America
was trading higher as the Treasury Department will auction its 272 million warrants to buy
common stock, bringing all government ownership in the bank to an end.
Bank of America was lately up 11 cents, or 0.7%, to $16.56.
Among other U.S. bank stocks,
Wells Fargo
(WFC) - Get Report
gained 1.9% to $28.41,
JPMorgan Chase
(JPM) - Get Report
added 0.8% to $41.94, and
Citigroup
(C) - Get Report
tacked on 0.6% to $3.42.
Synovus Financial
(SNV) - Get Report
traded lower after a regulator filing showed that the company faces an "informal" investigation by the
Securities and Exchange Commission
.
Synovus said it received a letter dated Dec. 15, 2009, saying the SEC launched an informal inquiry "to determine whether any person or entity has violated the federal securities laws."
Synovus was lately down 8 cents, or 2.8%, to $2.74.
-- Written by Robert Holmes in Boston
.
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