Financial Sector
Ruchi Pandya
05/11/2016
General Trend: Not a great week for financial sector firms.
Goldman Sachs:
- Mixed readings on economic growth and softening corporate profits dampened the appeal of risky assets
- The S&P 500 ended the week down, trading close to the lowest since April.
- NY regulator requests shell company info from GS
- GS raises gold price forecasts, still remaining cautious that there is not much scope for further increases in gold.
- Stock prices spiked up on 5/10
Berkshire Hathaway
- Trend this week has been bimodal
- In the first quarter, BNSF’s revenue fell 15% to 4.77 Billion
- Net profit dropped from 25% to $784 million
- Operating expenses fell by 12%, largely due to lower fuel prices
- Ended the quarter with a 33% increase in industrial products revenue, due to the Precision Castparts acquisition.
- Class A shares closed up 0.2% over the past 12 months.
Stocks to watch:
BAC
Deutsche Bank
·
New leadership
First Citizens Bank
·
Deal with First CornerStone Bank
WFC
JPM
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