Warren Buffett defends Goldman Sachs
“I haven’t seen anything in Goldman’s behavior that makes it any more subject to criticism than Wall Street generally,” Buffett said at a news conference yesterday, the report said. He explicitly addressed Abacus, the deal at the center of the SEC’s lawsuit against Goldman: “I have no problem with that Abacus transaction. If there [...]
Exxon Mobil profit climbs 38%, misses Street
Exxon Mobil on Thursday said its first-quarter profit climbed 38% on rising prices, while production rose 4.5% on contributions from mega-projects such as its Qatar liquid natural gas complex.
The Irving, Texas oil giant said it benefitted from higher crude oil prices and stronger chemical margins, while its downstream business remained
Exxon Mobil’s earnings for [...]
Dow Chemical Profit Soars, Shares Trade Higher
Dow Chemical Co. said Wednesday that its profit in the first quarter increased on the strong demand for its products and price increases, as the company beat Wall Street estimates for both earnings and revenue.
Net income rose to $551 million, or 41 cents a share, from $24 million, or 3 cents, a year earlier, Midland, [...]
Ford gains $2.1 Billion in profits
Ford Motor Company reported that it swung to a 1st quarter profit of $2.1 billion, 50 cents per share, from a loss of $1.4 billion, or 60 cents per share, a year earlier.
According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 31 cents per share.
“The Ford [...]
Goldman Sachs says ‘It’s not our intention to mislead’
Goldman Sachs Group Inc., facing a fraud lawsuit from U.S. regulators, said it would never intentionally mislead investors.
“We would never intentionally mislead anyone, certainly not our clients or our counterparties,” Goldman Sachs Co-General Counsel Greg Palm said today on a conference call with analysts. “We have never condoned and would never condone inappropriate [...]
Citigroup profits more than doubled, surprising analysts’ estimates
Citigroup Inc. said profit more than doubled, beating analysts’ estimates as the global economic rebound trimmed costs for bad loans and boosted revenue from consumer banking.
Earning a surprising $4.4 billion in the first quarter, its highest profit in almost three years. The poster child for “too big too fail” easily topped Wall Street estimates [...]
$3.3 Billion Income for JPMorgan Chase in 1st Quarter
“The firm’s net income of $3.3 billion reflected another strong quarter for the investment bank, particularly in fixed income markets,” Jamie Dimon, JPMorgan’s chief executive, said in a statement. “Unfortunately, these good results were partially offset by high losses in the consumer credit portfolios.”
After almost two and a half years of sobering news, the head [...]
Research In Motion Cut by Goldman Sachs
Goldman Sachs downgraded Research In Motion Ltd. (Nasdaq: RIMM) today from Neutral to Sell, following fourth quarter results after the close. The firm cut their price target from $73 to $65.
The firm said structural issues begin to weigh on growth. The firm commented, “We think RIM’s products will increasingly lose differentiation as the focus [...]
