The quarterly results from Goldman Sachs (GS) were leading the headlines Tuesday, as the investment bank that symbolizes Wall Street -- a good or bad thing depending on your perspective -- posted net income that fell from a year earlier but blew past estimates. With the numbers now in hand, The Wall Street Journal zeroed in on the performance of Goldman's investment banking division, and in a separate piece noted that the New York-based firm shrank the amount of compensation it paid.
Elsewhere, Bespoke Investment Group points out that in the stock market rally through the mid-2000s, Goldman was one of the market leaders. Now, it's asking an important question: Will Goldman Sachs (GS) Lead Again? Meanwhile, at The Big Picture, Barry Ritholtz ponders Goldman's legal situation — and right now, he believes the firm may be in a position of strength. "This post marks the very first time I ever found myself advising Goldman Sachs not to settle," he writes. Get the details in: Goldman Sachs Criminal Case? Not Much There ...
For more on Goldman, the market and what you need to know this trading day, read on.
*Bespoke @bespokeinvest - The Goldman ($GS) earnings party didn't last long. Already down after opening up $2 and change.
*Lawrence McDonald @Convertbond - Euro Sovereign CDS, 4/8 vs 4/18 (bp): Greece +255, Ireland +98, portugal +84, Spain +57, Italy +36 #IMF #Stockmarket #RiskManagement
*Stephen S. Eubanks @Eubiquitous - Mr. TopStep Charts "Head & Shoulder Isn't Just a Shampoo!" http://mrtopstep.com/category/market-commentary/charts/
*Ashraf Laidi @alaidi - $EURCAD pref shorts than $EURCAD hilites importance of currency of choice when buying/selling vs majors. not evrthng has to be done vs $USDX
On the blogs:
*S&P Downgrade Shows U.S. Debt Crisis Could Have Dire Consequences - Money Morning
*The 5-Year Rule in Dividend Growth Investing - Seeking Alpha
*Y2K = QE2 - Pragmatic Capitalism
In the headlines:
*Yuan's Role in China Trade Grows Quickly - The Wall Street Journal
*Baffling Bonds Defy Expectations - MarketWatch
*4 Surprise Reactions to S&P Treasury Slam - SmartMoney
*Stocks for a Slow-Growth Recovery - Barron's
*U.S. Hurries to Sell GM Stake - The Wall Street Journal
*A Negative S&P Outlook's Signal for Stocks - Barron's
*What Tech Firms Are in Your Growth Portfolio? - MarketWatch
*10 Doomsday Trends America Can't Survive - MarketWatch
*Two Favorites in Semiconductors - Barron's
Stocks in the news:
*Johnson & Johnson (JNJ) - Tops forecasts even with recalls.
*Northern Trust (NTRS) - Earnings decline in first quarter.
*State Street (STT) - Revenue and net income drop year over year.
*Regions Financial (RF) - Quarterly profit tops expectations.
*SciClone Pharma (SCLN) - Acquires NovaMed Pharmaceuticals, a China-based pharmaceutical company.
*Entergy (ETR) - Sees earnings above consensus estimates.
*U.S. Bancorp (USB) - Earnings top Wall Street's expectations.
*Seagate (STX) - Buying hard-disk business from Samsung.
Compiled by Elizabeth Trotta and Chris Nichols.
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