5 Blazing Hot Stocks: Goldman Falls 3%, Macy’s Down 4%, and GM Crashes 8%
Goldman Sachs (NYSE:GS) is down more than 3% in early trading. The bank announced it is reducing its sake in Industrial & Commercial Bank of China Ltd. in order to raise up to $1.54 billion. The sale will cut Goldman’s stake in the Beijing-based bank to 2.2% from 2.9%. JP Morgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) are also down more than 3%.
Shares of Liz Claiborne (NYSE:LIZ) are heading lower after reporting a third quarter loss of $214.6 million ($2.27 per share), compared to a loss of $62.7 million (67 cents per share) last year.
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Macy’s Inc. (NYSE:M) is falling more than 4% before the opening bell. The company announced it earned $139 million (32 cents per share) in the third quarter, compared to $10 million (2 cents per share) last year. Analysts were expecting about 16 cents per share.
After disappointing third quarter results, shares of Wendy’s (NYSE:WEN) are down more than 6%. Loss widened to $4 million (one cent per diluted share) from $909,000 (loss of 0 cents per share) in the same quarter a year earlier. Shares of McDonald’s (NYSE:MCD) and Yum! Brands (NYSE:YUM) are also trading lower. Dig Deeper: Wendy’s Earnings Cheat Sheet: Loss Made Worse, Company Falls Short of Estimates.
General Motors (NYSE:GM) is crashing more than 8% in early trading. For the third quarter, net income for the company was $1.7 billion ($1.03 per share), compared to $2 billion ($1.20) per share) the year earlier. “GM delivered a solid quarter thanks to our leadership positions in North America and China, where we have grown both sales and market share this year. But solid isn’t good enough, even in a tough global economy,” said Dan Akerson, chairman and CEO. “Our overall results underscore the work we have to do to leverage our scale and further improve our margins everywhere we do business.” Shares of Ford (NYSE:F) are down more than 3%.
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