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MarketScreener Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group Inc.    GS

GOLDMAN SACHS GROUP INC.

(GS)
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Inflation, credit worries slam Wall St.

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08/19/2008 | 10:41am EST

NEW YORK (Reuters) - Stocks fell 1 percent on Tuesday on a report showing sharply higher inflation, which could threaten the economy, and more worries that financial companies face steep credit losses.

By Ellis Mnyandu

Data pointing to the slowest start rate in home building in more than 17 years highlighted the deterioration in housing.

Fanning gloom about the financial sector was a forecast by JPMorgan Securities that investment bank Lehman Brothers <LEH.N> will likely take a further $4 billion of write-downs in the third quarter due to losses from mortgage-related investments.

Lehman shares fell more than 4 percent as the S&P financial index <.GSPF> declined 1.4 percent.

The government's Producer Price Index shot up at the fastest annual rate in 27 years, while core producer prices, excluding volatile food and energy, notched their fastest rise since November 2006. Investors feared the specter of inflation could hinder the Federal Reserve's efforts to spur growth by keeping interest rates low.

"The Fed is stuck between a rock and a hard place, and it shows," said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in San Francisco. "The market is struggling a bit."

The Dow Jones industrial average <.DJI> fell 122.94 points, or 1.07 percent, to 11,356.45. The Standard & Poor's 500 Index <.SPX> slid 11.18 points, or 0.87 percent, to 1,267.42. The Nasdaq Composite Index <.IXIC> declined 23.41 points, or 0.97 percent, to 2,393.57.

Shares of Bank of America <BAC.N> , down more than 2 percent, were a top drag on the S&P 500, while American Express <AXP.N> , down 2.6 percent, weighed on the Dow.

"We are back to struggling again in the financial sector particularly," said William Stone, chief investment strategist at PNC Financial in Philadelphia. "Underneath some of that is just concern about the overall global economic slowdown."

If interest rates were to rise, that would increase borrowing costs for businesses and consumers and exacerbate the impact of the housing slump.

Lehman shares fell to $14.30 on the New York Stock Exchange, where shares of Bank of America, the No. 2 U.S. bank, declined to $28.09. Shares of credit card and travel services company American Express dropped to $36.81.

Shares of American International Group Inc <AIG.N> fell more than 4 percent to $20.66 after Goldman Sachs cut its price target on the insurer's stock.

Shares of home builders also slid following the Commerce Department's bleak report on housing starts.

Shares of Pulte Homes <PHM.N> , the No. 3 U.S. home builder, declined 1.5 percent to $12.32.

On Nasdaq, shares of Staples Inc <SPLS.O> tumbled nearly 5 percent to $23.36 after the leading U.S. office supply chain said tough market conditions hurt quarterly results.

The PPI data supported those arguing that the U.S. economy is dogged by mounting inflationary pressures even as growth slows due to the housing downturn. July's Consumer Price Index last week rose at the fastest pace in 17 years.

(Additional reporting by Herb Lash; Editing by Kenneth Barry)

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Financials (USD)
Sales 2019 34 951 M
EBIT 2019 11 400 M
Net income 2019 8 156 M
Debt 2019 231 B
Yield 2019 1,90%
P/E ratio 2019 10,1x
P/E ratio 2020 9,32x
EV / Sales2019 8,83x
EV / Sales2020 8,71x
Capitalization 77 988 M
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Technical analysis trends GOLDMAN SACHS GROUP INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 235,92  $
Last Close Price 220,25  $
Spread / Highest target 41,2%
Spread / Average Target 7,11%
Spread / Lowest Target -20,5%
EPS Revisions
Managers
NameTitle
David Michael Solomon Chairman & Chief Executive Officer
John E. Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
Marco Argenti Co-Chief Information Officer
Atte Lahtiranta Chief Technology Officer
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