Goldman Stock Rises as Investors Bet on Comeback |
| Bloomberg - Oct 18, 2011 |
Goldman Sachs Group Inc. (GS) rose as much as 3.7 percent in New York trading as investors looked past a third-quarter loss and focused on gains in trading revenue and prospects for a rebound in underwriting and takeovers.
Revenue from trading stocks and bonds increased 16 percent from the second quarter and the backlog of investment-banking assignments climbed, Goldman Sachs said today. The third-quarter loss, which was driven by markdowns on the value of the firm’s own investments, was $393 million, or 84 cents a share, the New York-based company said in a statement.
Chairman and Chief Executive Officer Lloyd C. Blankfein, 57, has tied Goldman Sachs’s fortunes to trading, which accounted for 62 percent of revenue in the first nine months of 2011. After reporting weaker second-quarter revenue than competitors in that business, Goldman Sachs beat both Bank of America Corp. (BAC) and Citigroup Inc. (C) last quarter, excluding accounting gains related to the decline of the banks’ own debt.
Read Full Article from Bloomberg
- Posted: 2011-10-18 14:28:11
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