S&P 500
7,401.00
+0.91%
Dow Jones
49,665.70
+0.19%
Nasdaq 100
29,241.00
+2.43%
Russell 2000
2,860.88
+0.82%
FTSE 100
10,263.70
+0.48%
Nikkei 225
63,767.70
+2.68%

Banking, finance, and taxes

Meredith Whitney Dumps Goldman Sachs Ahead of Earnings (GS)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
Goldman Sachs Group Inc. (NYSE: GS) is on deck for earnings this week.  Its earnings news may have just been derailed by a key influential analyst call.  Meredith Whitney, now with Meredith Whitney Advisory Group rather than Oppenheimer, has come out and downgraded the stock.  Goldman Sachs was her only “BUY” rated stock before this morning, and now the rating has been taken down to “NEUTRAL” ahead of earnings.

If you go back to when she raised her rating to a BUY it was at much lower prices (roughly $141 before her call) and she did note that her buy rating at the time was solely on a trade basis.  Whitney has remained cautious ahead of Q4 on all the major banks because of consumer credit losses and additional writedowns.  While that may not be as large of a situation at Goldman Sachs since they have no real bank, the price is now $190.00 or was before this morning’s drop.

It is too early to get a real handle on its pre-market trading, but shares appear to be down around $187 or so after closing at $190.15 on Monday.

Happy earnings season.  You can join our open email distribution list to get updates each morning on analyst upgrades and downgrades, top day trader alerts, IPO’s and secondary offerings, Warren Buffett and other guru activity, M&A and more.

JON C. OGG
OCTOBER 13, 2009

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Douglas A. McIntyre |

Goldman Sachs & Meredith Whitney: The Good Bad Call (GS)

The Goldman Sachs Group Inc. (NYSE: GS) is seeing some buying interest based upon an influential analyst call.  Meredith Whitney…

Douglas A. McIntyre |

Meredith Whitney Pans Goldman & Morgan (GS, MS)

Financial stocks were already looking mixed at best early this morning with the largest offering in capital markets history pricing…

Douglas A. McIntyre |

Weekend Thoughts, Meredith Whitney’s New Contra-Opinion On Banks (GS, MS, JPM, BAC, WFC, BX)

Notorious banking analyst Meredith Whitney turned out to be right in her recent calls against being long the major banks…

Douglas A. McIntyre |

Top Financial Earnings on Deck (JPM, GS, C, BAC, PRSP, FAS, FAZ)

This week is the week we have 6 DJIA components reporting earnings as the first real week of earnings season,…

Douglas A. McIntyre |

Meredith Whitney Now Pouncing on JPMorgan (GS, MS, JPM)

Meredith Whitney must be staggering her bank coverage news out to get more exposure, or at least that is a…

Douglas A. McIntyre |

Meredith Whitney’s Replacement at Oppenheimer Far Less Negative (GS, MS, BAC, C, JPM)

Meredith Whitney is and was one of the most influential banking analysts on Wall Street. She was  negative on the…

Jon C. Ogg |

24/7 Wall St. Top Analyst Upgrades & Downgrades of the Week (MO, ANGI, AAPL, CIT, GS, GMCR, HUN, KKD, LULU, NOK, SHLD, URBN, VZ, WSM, HOGS)

Jon OggThis was the first week after the holidays and many analyst calls were made this week with updated outlooks…

Jon C. Ogg |

24/7 Wall St. Top Analyst Calls of the Week (BK, BEAM, CTIC, CSCO, DMD, FSLR, GE, GS, RAX, S, VPRT, AAPL)

Each morning 24/7 Wall St. compiles a summary of the analyst upgrades, downgrades and initiations seen from Wall St. research…

Douglas A. McIntyre |

Goldman Sachs: Analyst Calls Versus Technical Analysis (GS)

Goldman Sachs Group Inc. (NYSE: GS) is feeling some pressure on analyst rating actions.  Many traders and investors have thought…

Top Gaining Stocks

Akamai
AKAM • Vol: 21,556,944
Micron Technology
MU • Vol: 65,135,624
Intel
INTC • Vol: 227,504,426
Monster Beverage
MNST • Vol: 15,284,847
Dell Technologies
DELL • Vol: 12,167,525

Top Losing Stocks

Mettler Toledo International
MTD • Vol: 539,266
Motorola Solutions
MSI • Vol: 3,101,643
Expedia
EXPE • Vol: 4,189,786
Coterra Energy
CTRA • Vol: 73,319,495
Fidelity National Information Services
FIS • Vol: 11,468,820