Goldman Sachs Expects to Report Lower Profits

Goldman Sachs (GS) is set to post earnings before Tuesday’s opening bell, October 19. Walls expects its most powerful firm to report Q3 EPS of $2.28  — a steep drop, 57%, from the profit of $5.25 the investment bank booked in last year’s Q3 — on net income of $1.324 billion and revs of $8.89 billion from $12.37 billion y/y.

Goldman shares have plunged 18.27% so far this year as the stock has badly underperformed the 8.14% gain in the S&P 500 index. Given the uncertainty of the last and present quarter, the stock will likely remain at depressed levels for the near term. However, better than expected results could send ticker through the $153 resistance area and provide the breakout traders have been waiting to see since August.

Shares of GS are currently trading higher in NYSE, at $153.12, a gain of $2.43 (+1.61%), on heavy volume of 4 million shares trading hands.

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About Ron Haruni 1070 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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