All That Glitters Is Goldman — Wednesday’s IP Market Recap
by Kyle Woodley | January 18, 2012 5:16 pm
[1]The markets were plenty upbeat Wednesday as the S&P 500 cleared the 1,300 mark for the first time in months, pushed higher as big names in tech and finance gained on big news.
Financial giant Goldman Sachs (NYSE:GS[2]) gained 6.8% on Wednesday despite a 58% drop in profit. Even though Q4 earnings fell from $3.79 per share in 2010 to $1.84 last year, the result still was higher than the cellar-dwelling Wall Street expectation for $1.23. GS shares are closing in on their December high slightly above $105, finishing Wednesday trading at $104.31.
Sector brethren Morgan Stanley (NYSE:MS[3]) caught most of the lightning in GS’s bottle, climbing roughly the same as Goldman Sachs despite reports that it might be laying off more employees[4] after recently cutting 1,600 workers.
Embattled search giant Yahoo (NASDAQ:YHOO[5]) was up more than 3% today after Tuesday’s announcement that co-founder Jerry Yang was stepping down from his position on Yahoo’s board of directors. Yang was considered a roadblock to a possible sale or merger, and his departure was interpreted by many investors as a sign that Yahoo is on the trading block.[6] YHOO shares finished at $15.92.
Positivity on the German front also helped to boost the solar sector Wednesday. The world’s No. 1 solar market is expected to make cuts to subsidies, but a Deutsche Bank analyst said those cuts might be lower than thought[7]. Names like Suntech Power (NYSE:STP[8], +15.3%), First Solar (NASDAQ:FSLR[9], +7.5%) and Trina Solar (NYSE:TSL[10], +3.9%) jumped on the news.
Three Up
- Altera (NASDAQ:ALTR[11]): Up 9.9% ($3.66) to $40.72.
- ING Groep (NYSE:ING[12]): Up 6.7% (54 cents) to $8.65.
- Weatherford International (NYSE:WFT[13]): Up 6% (91 cents) to $16.18.
Three Down
- State Street (NYSE:STT[14]): Down 6.6% ($2.80) to $39.95.
- Apollo Group (NASDAQ:APOL[15]): Down 6.4% ($3.67) to $54.03.
- Zynga (NASDAQ:ZNGA[16]): Down 6.2% (57 cents) to $8.65.
Kyle Woodley is the assistant editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[17].
- [Image]: https://investorplace.com/hot-topics/investorplace-market-recap/
- GS: http://studio-5.financialcontent.com/investplace/quote?Symbol=GS
- MS: http://studio-5.financialcontent.com/investplace/quote?Symbol=MS
- might be laying off more employees: https://investorplace.com/2012/01/more-bad-news-at-morgan-stanley/
- YHOO: http://studio-5.financialcontent.com/investplace/quote?Symbol=YHOO
- Yahoo is on the trading block.: https://investorplace.com/2012/01/jerry-yang-departure-ahoo-sale/
- cuts might be lower than thought: http://www.businessweek.com/news/2012-01-18/solar-stocks-climb-on-hope-for-german-demand-consolidation.html
- STP: http://studio-5.financialcontent.com/investplace/quote?Symbol=STP
- FSLR: http://studio-5.financialcontent.com/investplace/quote?Symbol=FSLR
- TSL: http://studio-5.financialcontent.com/investplace/quote?Symbol=TSL
- ALTR: http://studio-5.financialcontent.com/investplace/quote?Symbol=ALTR
- ING: http://studio-5.financialcontent.com/investplace/quote?Symbol=ING
- WFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFT
- STT: http://studio-5.financialcontent.com/investplace/quote?Symbol=STT
- APOL: http://studio-5.financialcontent.com/investplace/quote?Symbol=APOL
- ZNGA: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZNGA
- here: https://investorplace.com/hot-topics/investorplace-market-recap/
Source URL: https://investorplace.com/2012/01/goldman-sachs-gs-morgan-stanley-yahoo-solar-stocks/