Be careful what you say about GS as they are watching and taking names. This morning I read the StreetInsider comment on the GS downgrade and created a comment to the article that respectfully pointed out that their statement about an eps miss in quarter 1 was incorrect and it was actually a beat. The comment was pending a moderator review for 6 hours +/- and then rather than post the positive quarter 1 result they deleted the sentence and of course my comment was no longer pending it was simply gone.
This is why many believe the market is rigged. These guys can spew garbage and make millions while everyone else gets ruined. When GS does lose. They simply scream do over and the Market unwinds the trades. No reason why a stock should react this way to a know nothing analyst who get this wrong time and time again (ENRON) and walk away rich as hell while everyone else sits on losses.
...and not to mention no upgrade on a great Maersk contract (that I saw anyway - maybe they did upgrade it & i didnt get the report), which will easily make up the "lost" contract in Angola, which wasn't really cast in stone anyway. How you could have given any weight to that in a model is beyond me. And that new Maersk rig prob has another $200-300mm in add on contracts after the initial term, IMO. But no mention of that in the "model?" Those Angola rigs will get contracted, and then what? A quick reversal in rating, of course after picking up shares? Whatever your take on HERO, make your own decisions.
please. those fools had to get bailed out like every other bank. Warren Buffett and a friendly Fed are the only reason they aren't selling GS tombstone paperweights, pens, golf shirts, visors and conference duffle bags on ebay like Lehman and Bear Stearns.