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Goldman Sachs misses estimates on weak trading, shares drop

A jump in trading revenue boosted major bank earnings in the last few quarters and continued to help the earnings of Citigroup and JPMorgan Chase in the first quarter. (GS) on Tuesday reported first-quarter profit of $2.26 billion.

The company said profit rose to $5.15 per share from $2.68 a year earlier, but still missing analyst forecasts of $5.15 per share, according to Thomson Reuters. Equities trading revenue fell 6 percent while fixed income trading was essentially flat, though analysts were more disappointed in that business relative to their expectations. Citi, Bank of America and JP Morgan on average, 1Q FICC trading results were up about 5 percent versus 2015. Finally, CLSA reaffirmed an "outperform" rating and set a $275.00 target price on shares of Goldman Sachs Group in a report on Friday, January 13th.

Newly appointed finance chief R. Martin Chavez said Goldman's clients traded less with the bank because markets were calmer and because it does not lend as much as competitors.

Goldman Sachs's share price surged 32 percent from the US presidential election through the end of a year ago on optimism Trump would usher in pro-growth economic policies, and as firm alumni including former President Gary Cohn took up key positions in the administration.

As of 1338 GMT shares in the lender were down by 2.77% to $220.0 in pre-market trading.

Revenue was down by 5% to end the quarter at $7.27 billion, which was higher than analyst estimates of $7.17 billion. Trading revenue grew just 1% year over year.

Trump's favorite conspiracy theorist claims he's just a 'performance artist'
But if Jones' lawyers are to be believed, Jones is just a "performance artist" and his InfoWars persona is just a "character". Lawyers for both Jones and his wife, who are under a gag order, did not respond to requests for comment on Monday.

PM Narendra Modi arrives in Odisha for BJP's national executive meet
Modi, L K Advani, Amit Shah and Arun Jaitley at party's national executive meet. "Modi", "Bharat Mata Ki Jai" and "Bande Mataram". Prasad also told media persons that the BJP chief would tour, for 95 days, different parts of the country till September.

Jaguar F-Pace SUV wins World Car of the Year 2017 title
On top of this the F-Pace was also awarded the World Car Design award, with the SUV showcasing Jaguar's design pedigree. Some people thought that the automaker must not experiment with an SUV as it can only excel in exquisite luxury cars .

Revenues surged 26.6% from previous year to $8.03 billion, but still missed analysts' view for $8.33 billion.

The New York-based investment bank earned $2.16 billion compared with $1.2 billion in the same period a year earlier. The first quarter is typically the strongest for trading desks, as the investors return from the holidays and reposition their portfolios for the new year.

Revenue, however, came below the market expectation of around $8.4 billion, which pushed Goldman Sachs stocks lower in Wall Street.

Goldman's shares tumbled 4.8 percent to US$215.44. However that part of Goldman's business tends to swing up and down as the bank sells investments or puts new valuations on those investments.

Investment banking revenue, which includes M&A, debt underwriting and stock underwriting, rose 16.4 percent to $1.7 billion.

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