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2.23%
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Why is Goldman Sachs Group Inc (GS) Stock down?
We've noticed a 5.89% decline in Goldman Sachs Group Inc (GS) stock during the 2024-08-02 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
18 Oct, 2023:
Goldman Sachs (GS) dropped by 2.39% from $309.36 to $301.96 in the trading on Wednesday October 18, 2023. The reason why GS stock down today include Q3 earnings report and lower estimates from analyst.
- Q3 revenue stood at $11.8 billion, down about 1% compared to the year-ago quarter, driven by trading revenue.
- Net income fell 33% compared to the same period last year to $2.06 billion due to its missteps into consumer banking with losses from the sale of GreenSky and Marcus portfolios. Impairments on real estate investments also dragged down earnings.
- Lower estinates: The analyst lowered out-year estimates by -2% (higher compensation and credit costs), while maintaining the target price (implying a +40% total return).
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