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.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Tax-Advantaged Forex Investing
Did you know that you can invest individual retirement funds (IRA’s) into forex?
Have you been following forex and have the time to devote to trading, but lack the free funds to invest? Tax advantaged forex investing may be for you.
Special Offer
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.






