Futures Market News
Stocks looking weak after poor Goldman Sachs earnings data
Jul 20, 2010 10:56 AM
Goldman Sachs Group posted disappointing earnings figures that helped depress U.S. stock index futures on Tuesday morning, as the bank saw an 82 percent slide in profits. Chairman and CEO Lloyd Blankfein's company was not helped by a $550 million payment to settle a fraud lawsuit from the Securities and Exchange Commission.
Net income for Goldman Sachs in the second quarter came to $613 million, down from $3.44 billion during the same months of 2009. That comes out to 78 cents per share.
However, leaving out one-time costs such as the $550 million to the SEC and $600 million in a bank bonus tax to the government of the United kingdom, earnings per share would have been $2.75, suggesting that the company's woes may just be a temporary phenomenon.
Nevertheless, the news helped put a damper on traders' spirits, with futures on the Dow Jones Industrial Average index falling 86 points to 9,974 just before markets opened. Futures on the S&P 500 slipped 9.8 points to 1,054, while futures on the Nasdaq 100 took a hit of 15.75 points, dropping to 1,789.75.
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