9 Big Movers: GS and MS Receive a FaceBook Lift, While Big Oil Drills Lower
Shares of Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) received a boost today after news broke that Facebook may file its IPO on Wednesday. The two banks are considered to be the top picks to complete the IPO deal. GSV Capital Corp. (GSVC) shares surged almost 18 percent today on the news as well. The firm made a private investment in Facebook back in November.
Ford Motor Corp. (NYSE:F) dropped more than 4 percent on Friday. Fourth quarter profits were lower than expected. Commodity costs also led to the diminished quarter. Profit margins fell from 6.1 percent to 5.4 percent, while commodity costs came to $2.3 billion over the company’s forecast of $2.2 billion. Shares of General Motors Co. (NYSE:GM) also declined 1.4 percent on the news.
Chevron Corp. (NYSE:CVX) closed 2.47 percent lower today. The company reported a decrease in fourth quarter profits to $5.12 billion ($2.58 per share), and recorded a loss of $553 million due to compensation and benefits. Exxon Mobil (NYSE:XOM) and ConocoPhillips (NYSE:COP) also closed lower on the news.
The best performer in the Dow (NYSEARCA:DIA) on Friday was Alcoa Inc. (NYSE:AA). Shares managed to climb .68 percent while the Dow fell 74 points. The aluminum maker and other commodity plays have received a boost from the Federal Reserve’s pledge to keep interest rates low until late 2014.
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