4 Financial Stock Stories Making Moves on Thursday
Goldman Sachs Group Inc. (NYSE:GS): Current price $161.36
On Thursday, Goldman Sachs third-quarter earnings outlook was lowered from $2.63 to $2.10 a share by analysts at Credit Suisse Group on possible weakness in fixed income sales and trading. In the report, the analysts wrote that, “We’re now calling for $1.5 billion of core FICC revenues, down 38-40 percent from last quarter and last year and representing the weakest performance for the industry since the back half of 2011.”
Wells Fargo & Co. (NYSE:WFC): Current price $41.44
It was announced Thursday that the Wells Fargo Regional Foundation has received the Department of Housing and Urban Development Secretary’s Award for Public-Philanthropic Partnerships. The Foundation is among ten winners across the country who were presented the award by Secretary Shaun Donovan at the Council on Foundations Fall Conference for Community Foundations in San Diego. The Wells Fargo Regional Foundation, which is an $80-million private foundation affiliated with Wells Fargo & Co., endeavors to enhance the quality of life for children and families residing in low-income neighborhoods in New Jersey, Delaware, and eastern Pennsylvania.
JPMorgan Chase & Co. (NYSE:JPM): Current price $51.64
In advance of the upcoming IPO, Twitter Inc. has recruited two additional banks, J.P. Morgan Chase & Co. and Morgan Stanley, to help lead its coming initial public offering, reported inside sources, who elaborated that the banks will join Goldman Sachs Group Inc., which up until now has been collaborating solely with Twitter to ready its confidential IPO filing and will remain in the top role. The firm announced its still-private filing with a tweet earlier in September. Twitter’s IPO might happen in November, said the sources, and that the secret IPO filing was made weeks before the tweet, and also that the regulatory approval process is already ongoing.
Barclays Plc (NYSE:BCS): Current price $17.20
Barclays’ most recent quarterly research publication, Global Outlook: Growth Takes Center Stage, says that The Fed’s postponement of tapering should center the attention of investors upon when United States data finally confirms a decided improvement in growth. The report continued that although better growth has not yet appeared, there exists reason for optimism going into next year and the investment case for equities is intact, but the surge in bond yields and continued upward movement in stock prices justifies a move towards a more balanced position between equities and bonds.
Head of Research Larry Kantor observed that, “U.S. economic data are unlikely to confirm lift-off in the next couple of months, but conditions are aligned for a significant improvement as we move into 2014. This will bring the Fed back into play, cause another leg up in bond yields and could well generate some retracement in stock prices, although most likely from higher levels than where we are now.”