NEW YORK (TheStreet) -- Goldman Sachs Group (GS) - Get Report shares are slumping 1.29% to $177.20 in early morning trading after the New York-based investment banking company released its third quarter fiscal 2015 earnings results that missed analysts' forecasts.
For the latest quarter ended September 30, the company earned $2.90 a share, falling short of analysts' estimates of $2.91 a share.
Revenue came in a $6.86 billion, while analysts had forecast the company to rake in revenue of $7.13 billion.
In the same period the year before, the company earned $4.57 a share on revenue of $8.39 billion.
TheStreet's Jim Cramer, Portfolio Manager of theAction Alerts PLUS Charitable Trust Portfolio commented this morning, saying: "This was weaker than expected and certainly nowhere near as strong as JPMorgan (JPM). But, the tangible book value is right around where the stock is which makes it historically cheap. Typically after the quarter, you get a window of insider selling. Wait five days if you want to pick this one up."
Overall, fixed-income, currencies and commodities trading sales plunged 33% year-over-year, but equities trading revenue grew 9%.
Market volatility amid a low interest rate environment in the latest quarter discouraged bond trading, Reuters reports.
"We experienced lower levels of activity and declining asset prices during the quarter, reflecting renewed concerns about global economic growth," CEO Lloyd C. Blankfein stated.
Additionally, investors are paying close attention to the status of Blankfein's health as he revealed last month that he had been diagnosed with a curable form of lymphoma and said he would receive chemotherapy treatment while continuing his work, the Wall Street Journal noted.
Separately, TheStreet Ratings team rates GOLDMAN SACHS GROUP INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate GOLDMAN SACHS GROUP INC (GS) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its reasonable valuation levels, considering its current price compared to earnings, book value and other measures. We feel its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: GS