GS-PA - The Goldman Sachs Group, Inc.

NYSE - NYSE Delayed Price. Currency in USD
21.53
+0.09 (+0.42%)
At close: 4:02PM EDT
Stock chart is not supported by your current browser
Previous Close21.44
Open21.60
Bid21.51 x 800
Ask21.52 x 800
Day's Range21.45 - 21.60
52 Week Range16.45 - 22.36
Volume37,255
Avg. Volume67,900
Market Cap79.348B
Beta (3Y Monthly)0.43
PE Ratio (TTM)0.96
EPS (TTM)22.38
Earnings DateN/A
Forward Dividend & Yield0.98 (4.58%)
Ex-Dividend Date2019-07-25
1y Target EstN/A
Trade prices are not sourced from all markets
  • TSMC’s $15 Billion Splurge Galvanizes Hope of 5G-Led Rebound
    Bloomberg

    TSMC’s $15 Billion Splurge Galvanizes Hope of 5G-Led Rebound

    (Bloomberg) -- Taiwan Semiconductor Manufacturing Co.’s plan to spend as much as $15 billion on technology and capacity in 2019 -- roughly 50% higher than originally envisioned -- is spurring hopes that the dawn of fifth-generation networks will rev up global chip and smartphone demand.The primary chip supplier to Apple Inc. told investors it’s sharply increasing its estimate for 2019 capital expenditure to between $14 billion to $15 billion from as much as $11 billion previously, and Chief Financial Officer Wendell Huang said 2020 spending will be similar. The Taiwanese company also projected current-quarter revenue ahead of estimates, an affirmation that the latest iPhones have proven a hit with consumers.Chief Executive Officer C. C. Wei sketched out hopes that the emergence of 5G, the foundation of future technologies from automated factories and smart homes to blazing-fast consumer electronics, will help underpin its business in coming years. TSMC, which is the world’s largest contract chipmaker, and is seen as a barometer for the tech industry thanks to its heft and place in the supply chain, said the advent of 5G-enabled smartphones will result in more chips in devices than before.“We are much more optimistic than six months ago,” Wei said, adding that the 5G momentum was larger than the company expected. TSMC has increased its forecast of the 5G smartphone penetration rate in 2020 to a percentage in the mid-teens from its previous single-digit estimate. Many countries, especially larger ones, were rapidly pushing ahead with 5G rollout plans, Wei added.TSMC Puts All Its Chips on Capex. That’s a Smart Bet: Tim CulpanTSMC’s capital spending plan and outlook prompted price-target hikes from several analysts including at Goldman Sachs and Morgan Stanley. Its shares, which notched a lifetime high just this month, stood largely unchanged Friday in Taipei. More broadly, suppliers including ASML Holding NV, Applied Materials Inc. and Tokyo Electron Ltd. could stand to benefit from TSMC’s capex increase.In addition to 5G, TSMC’s push is driven by growing demand from tech giants such as Apple and Huawei Technologies Co., said Roger Sheng, a semiconductor analyst with Gartner. Although the outlook remains uncertain for 2020, the global semiconductor market is set to make a gradual recovery on the back of the demand related to 5G, AI and automotive applications, according to a note from TrendForce on Oct. 2.“Everyone is waiting to see a bounce back of global smartphone market next year after Apple adopts 5G. The self-designed Huawei chipsets will also push demand, as will Qualcomm’s 5nm chips for next year and AMD’s server chip demand,” Sheng said.On Thursday, TSMC also underlined expectations that Apple, its largest customer, is riding a bounce-back in demand for the iPhones after a lukewarm 2018 iteration. Lower prices and aging handsets are helping drive demand for the iPhone 11 range, and Apple is said to be asking its assemblers to target the high end of an original forecast for 70 million to 75 million unit shipments in 2019.Read more: Apple’s Lower Prices, Users’ Aging Handsets Drive IPhone DemandThe Taiwanese company foresees revenue of $10.2 billion to $10.3 billion in the pivotal December holiday quarter, surpassing an average projection for about $9.9 billion. TSMC gave that sales outlook after reporting net income of NT$101.1 billion ($3.3 billion) for the September quarter, handily beating estimates as the global chip market recovers.Still, fallout from ongoing trade conflicts could crimp an industry revival. While TSMC doesn’t factor trade conflicts into its capex plans, any international trade war will have a negative effect on the semiconductor sector, Wei said. China is an especially important market for TSMC and the semiconductor industry, he added.TSMC and its industry peers had grappled with a plateauing smartphone market, efforts by Apple to move beyond hardware, and U.S. tech-export curbs on No. 2 customer Huawei. But investors are growing more confident that the emergence of 5G will prop up chip prices and demand, while the latest iPhones are firing up consumers. TSMC is in fact straining against capacity constraints in the current quarter, Sanford C. Bernstein analyst Mark Li said.The “iPhone is driving stronger near-term demand. We believe the competitive pricing of iPhone 11 is garnering good traction and has prompted Apple to place more orders at the supply chain,” Li said in an Oct. 10 note.Read more: Taiwan’s Market Fortunes Are Tied to TSMC Like Never Before(Updates with analysts’ hikes and shares from the fifth paragraph)To contact the reporters on this story: Debby Wu in Taipei at dwu278@bloomberg.net;Gao Yuan in Beijing at ygao199@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Edwin Chan, Colum MurphyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters

    UPDATE 1-Goldman wants traders to be more like dealmakers and coders

    Over the past decade or so, Goldman Sachs Group Inc has watched its annual trading profits fall 84%, as post-financial crisis regulations upended Wall Street. Now, bank executives are hoping they have figured out the key to a turnaround: asking traders to be more like investment bankers. Goldman plans to invest as much as $200 million in securities division technology over the next three years, a person familiar with the matter said.

  • Fed’s Williams says central bank would adjust plan to soothe funding markets ‘as appropriate’
    MarketWatch

    Fed’s Williams says central bank would adjust plan to soothe funding markets ‘as appropriate’

    New York Fed President John Williams said the U.S. central bank was confident in its measures to deal with funding market strains.

  • Bloomberg

    Goldman Explores Sale of Puerto Rico Toll Roads Stake

    (Bloomberg) -- Goldman Sachs Group Inc. is seeking buyers for its 49% stake in a Puerto Rico toll road concession that could value the asset at more than $2 billion, according to people familiar with the matter.Goldman is working with advisers to solicit interest from potential suitors for Autopistas Metropolitanas de Puerto Rico LLC -- known as Metropistas, said the people, who asked not to be identified because the talks are private. A representative for Goldman declined to comment.The infrastructure-investment arm of the New York firm acquired 55% of Metropistas in 2011, alongside Spain’s Abertis Infraestructuras SA. It sold 6% to Abertis in 2014.Toll roads have been an asset favored by infrastructure investors across the globe, in part due to the perceived stability of revenues from drivers dependent on a route.Abertis and Goldman have the right to operate two toll roads until 2061: the 83-kilometer PR-22, which connects San Juan with Arecibo; and the 4-kilometer PR-5, which runs through San Juan. The combined annual earnings of the roads is more than $100 million before interest, taxes, depreciation and amortization, one of the people said. Traffic and revenues have continued to grow despite a challenging economic environment, the person said.In late 2017, Abertis and Goldman donated $1 million toward relief efforts after Hurricane Maria put the toll roads out of operation briefly that September.Last week, Goldman’s infrastructure arm announced the sale of a majority stake in Red de Carreteras de Occidente, one of Mexico’s largest private toll road operators, to Abertis and GIC Pte Ltd.To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.netTo contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Steve DicksonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Goldman wants traders to be more like dealmakers and coders
    Reuters

    Goldman wants traders to be more like dealmakers and coders

    Over the past decade or so, Goldman Sachs Group Inc has watched its annual trading profits fall 84%, as post-financial crisis regulations upended Wall Street. Now, bank executives are hoping they have figured out the key to a turnaround: asking traders to be more like investment bankers. Goldman plans to invest as much as $200 million in securities division technology over the next three years, a person familiar with the matter said.

  • MarketWatch

    Dow flat despite losses in shares of IBM, Intel

    DOW UPDATE Shares of IBM and Intel are posting losses Thursday morning, though the Dow Jones Industrial Average is trading essentially flat. The Dow (DJIA) was most recently trading 3 points, or 0.0%, lower, as shares of IBM (IBM) and Intel (INTC) are contributing -24% of the index's intraday losses.

  • Morgan Stanley, Union Pacific earnings — What to know in markets Thursday
    Yahoo Finance

    Morgan Stanley, Union Pacific earnings — What to know in markets Thursday

    Earnings will continue as the focal point for investors Thursday, as Morgan Stanley and Union Pacific gear up to report.

  • MarketWatch

    Ex-Cisco CEO John Chambers, star team of engineers have a startup targeting Amazon’s AWS

    Pensando Systems, the ultra-secretive Silicon Valley company, announced Wednesday in New York it is has developed hardware and software that lets companies run their computer servers more efficiently, particularly in the cloud.

  • Pinterest Block Trade Prices at Bottom of Range
    Bloomberg

    Pinterest Block Trade Prices at Bottom of Range

    (Bloomberg) -- Pinterest Inc. shares fluctuated on Wednesday after a large block of shares was said to change hands overnight. The deal probably doesn’t reflect negative sentiment around the stock ahead of earnings this month, two analysts said.A person familiar with the matter said Goldman Sachs was managing the 4.68-million share block trade on behalf of an unknown holder. The share sale launched on Tuesday, the same day that selling restrictions lifted for insiders and other pre-IPO shareholders. The selling shareholder is likely a pre-IPO investor that is broadly shifting away from the internet space, Pivotal Research analyst Michael Levine said Wednesday morning in a phone interview. He upgraded the stock to buy from hold on Wednesday afternoon.“There’s some really early money in this,” Levine said in the interview. “So if you’re no longer involved in consumer internet, you’re gone. If you’ve been in it since 2012, you’re gone.” He named Andreessen Horowitz and Bessemer Venture Partners as possible sellers.Levine thinks other pre-IPO holders are less likely to be selling at this price level.“Based on how much the stock has pulled back, it’s actually gotten pretty attractive,” he said. “I think a lot of people are short and negative on this and I suspect earnings will be a very positive catalyst.” Wednesday’s upgrade did not adjust Pivotal’s $32 price target, which is below the Street average of $34.Read more: Pinterest’s Early Investors Get Chance to Sell After 42% RallyWells Fargo analyst Brian Fitzgerald agreed.“We do not see this as pessimism ahead of earnings, or the fundamentals with regards to this year’s IPOs,” he said in an email interview. Fitzgerald rates Pinterest a market perform with a $34 target.Shares opened as Wednesday’s worst performer in the 21-member Dow Jones US Mid Cap Media Index, before turning positive later in the morning. Pinterest reports third-quarter results on Oct. 31 after the market closes.The share sale priced at $25.00, the bottom of its $25-$25.25 offering range, the person familiar with the matter said Wednesday morning. Shares traded as high as $36.83 in August after the April IPO priced at $19.(Updates with Pivotal upgrade, Wells Fargo comments.)\--With assistance from Ryan Vlastelica.To contact the reporter on this story: Drew Singer in New York at dsinger28@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Jim Silver, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Centrica Picks Goldman for $2 Billion Spirit Energy Sale
    Bloomberg

    Centrica Picks Goldman for $2 Billion Spirit Energy Sale

    (Bloomberg) -- Centrica Plc has picked Goldman Sachs Group Inc. to advise on the potential sale of its controlling stake in exploration and production unit Spirit Energy, people familiar with the matter said.A deal could value the business at more than $2 billion, one of the people said, asking not to be identified because the information is private.Centrica is pursuing a sale of its stake in Spirit as the U.K. utility seeks to recover from a tumultous five-year period under CEO Iain Conn where it lost more than two-thirds of its value and shed millions of customers. It owns 69% of Spirit, while the remaining stake is owned by Bayerngas Norge’s former shareholders, according to the company’s website.Spirit was formed in 2017 after Centrica and Bayerngas Norge AS combined their upstream oil and gas units. The unit produces about 50 million barrels of oil equivalent a year and has an estimated 600 million barrels of resources and reserves across the U.K., Norway, the Netherlands and Denmark. Accounting firm KPMG is also working with Centrica on audit work for the transaction, according to one of the people. Representatives for Centrica and Goldman Sachs declined to comment, while a spokesman for Spirit said the company will “support the sales process as appropriate.” A representative for KPMG didn’t immediately respond to a request for comment.\--With assistance from Laura Hurst.To contact the reporters on this story: Dinesh Nair in London at dnair5@bloomberg.net;Kelly Gilblom in London at kgilblom@bloomberg.netTo contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, ;James Herron at jherron9@bloomberg.net, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Cisco veterans, backed by $278M, aim to disrupt Amazon's cloud dominance
    American City Business Journals

    Cisco veterans, backed by $278M, aim to disrupt Amazon's cloud dominance

    The team that sold billions of dollars worth of key businesses to Cisco Systems over the past 25 years are ready to talk about their latest startup. It's a San Jose business they say will "democratize the cloud."

  • CrowdStrike CEO gives perfect answer on post IPO stock price tumble
    Yahoo Finance

    CrowdStrike CEO gives perfect answer on post IPO stock price tumble

    Crowdstrike remains a business on fire, even if some on Wall Street are voicing views to the contrary.

  • If You Had Bought Goldman Sachs Group (NYSE:GS) Stock Three Years Ago, You Could Pocket A 20% Gain Today
    Simply Wall St.

    If You Had Bought Goldman Sachs Group (NYSE:GS) Stock Three Years Ago, You Could Pocket A 20% Gain Today

    Buying a low-cost index fund will get you the average market return. But in any diversified portfolio of stocks...

  • Goldman loses its Wall Street luster as earnings miss, UnitedHealth’s stock soars to record price gain
    MarketWatch

    Goldman loses its Wall Street luster as earnings miss, UnitedHealth’s stock soars to record price gain

    The kick-off of earnings season Tuesday was a tale of both winners and losers on Wall Street as a number of blue-chip companies reported both profit and revenue that beat expectations, while a couple notable banks fell surprisingly short.

  • Santander Follows Goldman Sachs With Bet on Berlin Fintechs
    Bloomberg

    Santander Follows Goldman Sachs With Bet on Berlin Fintechs

    (Bloomberg) -- Berlin-based fintech firm CrossLend has found a new prominent investor in Banco Santander SA.The Spanish lender is leading a 35 million euros ($39 million) funding round for the digital debt market place, it said in a statement on Wednesday. The investment is set to help CrossLend to enter new markets.The new money brings the firms valuation to over 100 million euros for the first time, according to a person familiar with the matter who asked not be identified because the information is private.Founded in 2014, CrossLend provides a marketplace for consumer loans and other forms of debt originated by banks. Buyers are institutional investors such as banks, investment funds and insurance companies.Foreign investors like Santander have recently increased their bets on German fintechs. Investments in the firms reached a record in 2018, topping 1 billion euros for the first time, according to data by Barkow Consulting. After the first six months of this year, investments already stand at around 900 million euros with the first quarter seeing the highest inflows ever.One of the most active foreign investors in Berlin, where many German fintech firms are located, was Goldman Sachs Group Inc. this year.In May, the U.S. bank led a funding round for Berlin-based Elinvar which was founded by former Deutsche Bank AG employees and has built a digital platform to enable lenders to offer their services online. Two month later, it invested 25 million euros in Raisin, an internet platform allowing users to compare bank-savings products.Santander also invested in Berlin-based Bonify which operates a personal finance app.(Bonify investment added in last paragraph)To contact the reporter on this story: Stephan Kahl in Frankfurt at skahl@bloomberg.netTo contact the editors responsible for this story: Daniel Schaefer at dschaefer36@bloomberg.net, Ingo KolfFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • We're learning how much big banks are feeling Silicon Valley's pain: Morning Brief
    Yahoo Finance

    We're learning how much big banks are feeling Silicon Valley's pain: Morning Brief

    Top news and what to watch in the markets on Wednesday, October 16, 2019.

  • China AI Startup Megvii Pushes Ahead With IPO Despite U.S. Blacklisting
    Bloomberg

    China AI Startup Megvii Pushes Ahead With IPO Despite U.S. Blacklisting

    (Bloomberg) -- Chinese artificial intelligence startup Megvii Technology Ltd. is pressing ahead with plans for an initial public offering in Hong Kong and targeting a listing hearing in early November, despite getting blacklisted by the Trump administration, according to people familiar with the matter.While Megvii has lost access to American components -- including chips from Nvidia Corp. that are key to its business -- it hasn’t changed its goal of going public, said the people, asking not to be named because the matter is private. The company is appealing the U.S. decision to include it on the Commerce Department’s “Entity List,” which prohibits American companies from providing crucial supplies like semiconductors, one person said.Donald Trump’s administration blacklisted eight Chinese companies this month, accusing them of being implicated in human rights violations against Muslim minorities in the country’s far-western region of Xinjiang. The move is a setback for Megvii and the others named, and more broadly for the Chinese government, which has pledged to become one of the leaders in artificial intelligence.Megvii has said that the blacklisting is “unsubstantiated” and that it complies with all laws and regulations in regions it has operations. Yin Qi, the company’s co-founder and chief executive officer, said in an internal letter that it would “fight” the U.S. designation, according to the South China Morning Post.The company may need to raise cash. Megvii lost 3.4 billion yuan ($480 million) in 2018 after losing 759 million yuan the year before, partly due to changes in the value of preferred shares. It listed 1.4 billion yuan in cash, equivalents and bank balances at the end of June, while it used net cash of 674 million yuan for operations in the first six months of the year. Its term deposits, which refers to short-term bank deposits with maturities of three to twelve months, stood at 3.3 billion yuan as of June.But it’s not clear how receptive investors would be to buying stock in a company in the Trump administration’s crosshairs. Megvii’s IPO filing already included about 40 pages of risk factors, ranging from competitive threats to the dangers of AI. One entry cited the possibility of the U.S. imposing trade restrictions on the company.Despite putting in place compliance programs and contingency plans, “we cannot assure you that if we were included as a target for economic and trade restrictions, such restrictions, particularly when carried out on a prolonged basis, would not have material and adverse impacts on our business, reputation and results of operations,” the filing said.Goldman Sachs Group Inc., one of three underwriters on the IPO, said last week that it was evaluating its involvement. Megvii is also working with JPMorgan Chase & Co and Citigroup Inc.Goldman declined to comment further beyond its statement last week. Megvii, JPMorgan, Citi declined to comment.The blacklist doesn’t put any restraints on who can purchase Megvii’s products. Any company that wants to sell to Megvii or any other company on the blacklist it would need a special license.Megvii’s IPO was supposed to have been the Chinese AI industry’s unofficial debut on the global stage. The company had already faced tumult because of rising violence in Hong Kong, where protesters have railed against Beijing’s control over the local government. Adding to the turmoil, the Trump administration is moving ahead with discussions about restricting government pension funds from investing in China, which could deal a blow to companies like Megvii that are seeking outside capital.Megvii counts Qiming Venture Partners and AI guru Lee Kai-Fu’s Sinovation Ventures as backers.To contact the reporter on this story: Lulu Yilun Chen in Hong Kong at ychen447@bloomberg.netTo contact the editors responsible for this story: Peter Elstrom at pelstrom@bloomberg.net, Edwin ChanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Financial Times

    Goldman Sachs chief executive appeals for patience on profits

    for the first time since David Solomon took over a year ago. Mr Solomon’s response was to appeal for patience on profitability, pledging that investments in projects such as Goldman’s online bank Marcus, its Apple credit card and a transaction banking platform would pan out — despite collectively costing the Wall Street bank a net $450m this year. Net income fell 27 per cent.

  • Fidelity Joined by Florida Pension Fund in Examining Fisher
    Bloomberg

    Fidelity Joined by Florida Pension Fund in Examining Fisher

    (Bloomberg) -- Billionaire money manager Ken Fisher is facing more pressure from clients following offensive remarks he made at an industry conference.Fidelity Investments and the state of Florida pension fund said Tuesday they’re examining their relationship with Fisher Investments. The Philadelphia Board of Pensions said it plans to divest the $54 million in assets held with the firm.“We are very concerned about the highly inappropriate comments by Kenneth Fisher,” a Fidelity spokesman said in a statement. “We do not tolerate these types of comments at our company and Fidelity Strategic Advisers is reviewing this relationship.”Fisher Investments manages about $500 million for Fidelity Strategic Advisers, which oversees managed accounts. Fisher is listed as a subadviser for Fidelity Strategic Advisers Small-Mid Cap Fund.Fisher Investments is also a sub-adviser on a Goldman Sachs Group Inc. equity fund that had about $675 million in assets at the end of April. The firm has not made any decision on changing its relationship with Fisher, according to a spokesman for the bank.The Florida State Board of Administration, which has about $175 million with Fisher, was concerned enough about the executive’s comments to begin an investigation to determine if it will drop the firm, spokesman John Kuczwanski said in an interview.“SBA policies require our employees and service providers to foster positive business and personal practices designed to ensure that everyone is treated with respect and dignity,” Kuczwanski said in a statement Tuesday.A spokesman for the Philadelphia funds said the decision to divest was made to “protect the assets of the fund from the consequences of Mr. Fisher’s inappropriate comments.” The decision was made on Oct. 10.Michigan’s MoveLast week, the State of Michigan Retirement Fund’s pension account ended its relationship with Fisher’s firm, which managed $600 million for the state.At the event last week, Fisher spoke about how he built his company, which manages $112 billion. He compared the process of gaining a client’s trust to “trying to get into a girl’s pants” and talked about genitalia. Fisher has apologized for the comments.Fidelity came under media scrutiny two years ago after it dismissed a prominent stock picker who had been accused of sexual harassment by a junior female employee. Chief Executive Officer Abby Johnson set out to improve the gender mix at her firm by recruiting more women and tapping talent from within.Reuters earlier reported the Fidelity news.(Adds Goldman comment in fifth paragraph)\--With assistance from Sridhar Natarajan.To contact the reporters on this story: Michael McDonald in Boston at mmcdonald10@bloomberg.net;Miles Weiss in Washington at mweiss@bloomberg.net;Janet Lorin in New York at jlorin@bloomberg.netTo contact the editors responsible for this story: Alan Mirabella at amirabella@bloomberg.net, Vincent BielskiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg

    SoftBank-Backed Compass Tells Employees: We’re Not WeWork

    (Bloomberg) -- WeWork’s calamitous effort to take itself public has raised red flags for other SoftBank-backed real estate startups -- and led an executive at the brokerage Compass to send its employees an eight-point memo highlighting differences between the two firms.Compass, like WeWork, has relied heavily on funding from SoftBank Group Corp.’s Vision Fund. The brokerage has become a major player in high-end markets like Manhattan and San Francisco, though some real estate experts say it is more like a traditional brokerage than a tech-industry disrupter.Unlike WeWork, Compass has no debt and is valued at a revenue multiple comparable to publicly traded real estate technology companies, according Chief Financial Officer Kristen Ankerbrandt.“Over the past few weeks we have seen comparisons being drawn between Compass and WeWork simply because we share a single investor,” Ankerbrandt wrote to employees last week in an email obtained by Bloomberg. “To be clear, our businesses are quite different -- in terms of our business model, capital structure, customers, culture and investments.”Ankerbrandt also boasted of Compass’s deep roster of investors, including Qatar Investment Authority and Dragoneer Investment Group; a 425-member tech team building tools to differentiate Compass from other brokerages; and a frugal leadership team that “books coach tickets and does not fly on private jets.”In December 2017, the Vision Fund agreed to invest $450 million in Compass, touted at the time as the largest real estate technology investment in U.S. history. The Vision Fund also participated in subsequent raises, including a $370 million round announced in July that valued the brokerage at $6.4 billion. At the time, the company said it would use the money to continue building a software platform to streamline the process of buying and selling homes. Compass, led by former Goldman Sachs Group Inc. banker Robert Reffkin, has used that capital to acquire competing brokerages and build technology intended to help agents stand out from its rivals.Representatives for Compass and the Vision Fund declined to comment.(Updates with plans for money raised in sixth paragraph. A previous version of this story added the dropped word million.)To contact the reporter on this story: Patrick Clark in New York at pclark55@bloomberg.netTo contact the editors responsible for this story: Craig Giammona at cgiammona@bloomberg.net, Christine MaurusFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Barrons.com

    JPMorgan Chase and Other Big Bank Stocks Gain as Investors Flock Back to the Sector

    JPMorgan hit a record high after generating $2.68 a share in third-quarter profits, up 15% from the year-earlier period and above the consensus estimate of $2.45.

  • 3 Solar Stocks to Buy for a New Day in Solar Energy
    InvestorPlace

    3 Solar Stocks to Buy for a New Day in Solar Energy

    Editor's note: This story was previously published in June 2019. It has since been updated and republished.Over the last month, solar stocks have really taken it on the chin. But once again, the huge declines are totally unjustified, creating a great buying opportunity for longer-term investors. As I've noted in the past, I'm convinced that JinkoSolar (NYSE:JKS), SunPower (NASDAQ:SPWR) and Daqo New Energy (NYSE:DQ) are great solar stocks to buy.In the past month, JKS stock has tumbled 18%, SPWR stock has sunk 15% and DQ stock has lost 6%.InvestorPlace - Stock Market News, Stock Advice & Trading TipsThe catalyst for the retreat of solar stocks appears to be a decision by the Federal Energy Regulatory Commission to eliminate "a requirement for utilities to offer long-term fixed prices for qualifying facilities." More specifically, many investors may have sold solar stocks due to dramatic language used by Democratic FERC Commissioner Richard Glick, who claimed the FERC's decision could pose a major threat to the proliferation of renewable energy in the U.S.But I'll give those who have been completely avoiding the news for the last year a tip. The U.S. is going to have a very consequential presidential election in just over a year. Appointed officials are very political, and Glick was trying to dramatize the ramifications of the vote for partisan purposes.Much more trustworthy are the assessments of apolitical Greentech and Colin Smith, the senior solar analyst at Wood Mackenzie Power & Renewables. Greentech said that the vote would have a "muted impact" on U.S. solar. Smith maintained that the decision would affect less than 5% of solar projects under development today.Other much more powerful catalysts will ultimately have a bigger impact on solar stocks. Among these are the increased price competitiveness of solar energy in China and solar energy mandates in the U.S. Below I'll explore how JKS, DQ and SPWR will be positively impacted by these trends. Solar Stocks to Buy: JinkoSolar (JKS)Source: Shutterstock Researchers from the KTH Royal Institute of Technology, Malardalen University and Tsinghua University determined that, in all major Chinese cities, solar energy can be produced more cheaply than electricity from the grid. The research was originally reported in the journal Nature Energy.Meanwhile, the China Electric Power Planning and Engineering Institute has estimated that Chinese electricity demand would surge nearly 6% this year. Higher demand, combined with lower prices, is usually a winning formula for companies.Moreover, JinkoSolar's margins are likely higher in its home market because of lower shipping costs and the absence of any tariffs. Consequently, the coming expansion of solar energy in China should have a tremendously positive impact on Jinko's bottom line. * 10 Hot Stocks Staging Huge Reversals Also interesting is that, as of the end of the second quarter, the holders of JKS stock include some of the biggest names on Wall Street. The list includes names like Bank of America (NYSE:BAC), Citigroup (NYSE:C), Morgan Stanley (NYSE:MS) and UBS (NYSE:UBS). Those big boys are usually not all wrong about a stock. SunPower (SPWR)Source: IgorGolovniov / Shutterstock.com SunPower stock should benefit from four strong trends that are boosting solar energy in the U.S. SPWR will be boosted by the increasing cost-competitiveness of solar energy. But within America, SunPower is also getting huge lifts from state renewable energy mandates and from the increased use of solar energy by companies.Many states have passed laws requiring their utilities to obtain a specific percentage of their electricity from renewable energy. Of course, since solar is a leading renewable energy source, these mandates will cause demand for solar power to surge tremendously. And because SPWR is exempt from America's solar tariffs, it should benefit.For example, California is requiring its utilities to obtain 44% of their electricity from renewable sources by 2024. Plus, the state will require all new homes to be equipped with solar panels. SPWR's strategic partnerships with roofing companies should help it leverage this opportunity.And recently, there's been a sign that other governments controlled by Democrats could follow California's lead. Montgomery County, Maryland is poised to propose that all new homes in the county have solar panels by 2022. There are 1 million people in the county. If the trend spreads, look for SPWR stock and many other solar stocks to really take off. Daqo New Energy (DQ)Source: Shutterstock Like JKS, Daqo New Energy is likely to benefit from the relative cheapness of solar energy in China. Also based in China, DQ sells polysilicon which is used in the construction of solar modules. Among DQ's major customers are JKS and another Chinese solar powerhouse Longi Green Energy.Furthermore, as I reported last month, DQ has said that, "during the current quarter, demand for polysilicon in China will exceed supply, causing polysilicon prices to increase."As of June, many Wall Street heavyweights held meaningful amounts of DQ stock.JKS and DQ should benefit from the low price of solar power in China. SPWR stock is exploiting multiple, ongoing trends in the U.S. and all three names are very cheap. The market caps of JKS stock and DQ stock are both well under $1 billion, while their forward price-to-earnings ratios are a tiny 6 and 5, respectively. SPWR is more expensive, as the market cap of SPWR stock is $1.4 billion and its forward P/E ratio is 53.6. Still, its huge opportunity in the U.S. definitely makes it worth buying.As of this writing, Larry Ramer owned shares of JKS, DQ and SPWR stock. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Internet Stocks to Watch * 7 AI Stocks to Watch with Strong Long-Term Narratives * 10 Dow Jones Stocks Holding the Blue Chip Index Back The post 3 Solar Stocks to Buy for a New Day in Solar Energy appeared first on InvestorPlace.

  • JPMorgan Earnings Top, Goldman Misses; Citigroup, Wells Fargo Mixed
    Investor's Business Daily

    JPMorgan Earnings Top, Goldman Misses; Citigroup, Wells Fargo Mixed

    JPMorgan earnings easily beat Q3 views, while Goldman Sachs earnings missed. Citigroup and Wells Fargo earnings were mixed. JPMorgan stock and Citigroup stock rose into a buy zone.

  • What bank earnings tell us about the economy
    Yahoo Finance Video

    What bank earnings tell us about the economy

    JPMorgan beat earnings and revenue expectations. In other news, Citigroup, Goldman Sachs and Wells Fargo posted mixed results. Yahoo Finance’s Zack Guzman and Heidi Chung discuss with JMP Securities Managing Director and Equity Research Analyst Devin Ryan on YFi PM.