August 14, 2022

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Shocking numbers from Goldman Sachs |  Finansavisen

Shocking numbers from Goldman Sachs | Finansavisen

We’re into a new week with new quarterly reports from some of the world’s largest listed companies. On Monday, Goldman Sachs announced that both the top and bottom lines in the second quarter were much better than expected. The main reason was the surprisingly high income from trading fixed income securities. At 4 o’clock, the bank’s share price was up more than 5 percent.

About 100 miles south, in Charlotte, North Carolina, rival Bank of America filed its accounts. It is the second largest bank in the United States after JPMorgan. Here, the top line was roughly in line with the average analyst estimate, while earnings per share were lower than expected. The latter was down 9 percent from the first quarter and up to 29 percent from the same period last year. On Monday afternoon, the Bank of America exchange rate was still about 1 percent higher.

Coinbase provided more excitement, with a 12 percent price increase. The cryptocurrency broker is benefiting from a long-awaited recovery in the cryptocurrency market. Ethereum, solana and cardano are up 6-10 percent in value in just one day, while bitcoin is once again costing more than $22,000.

Outside of the financial sector, Boeing has done well. The US aircraft manufacturer has announced that Delta Air Lines has ordered 100 new 737 Max aircraft. In addition, the company is close to delivering additional 787 Dreamliners after 16 months of outages. Boeing gained 4 percent stake.

Starbucks coffee chain was also in the news. The company is said to be considering selling its UK business. Investors interpret this as positive and Starbucks’ price increased by 1 percent.

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On the car front, Porsche presented its sales figures for the first half of the year. It was marked by an economic slowdown. The number of cars delivered fell 5 percent, to 145,860. The department explained the downturn with supply chain problems and China’s coronavirus shutdown. However, the sports car manufacturer’s share price rose 3 percent.

Incidentally, the Federal Reserve Bank of Atlanta late last week lowered its estimate of US GDP growth in the second quarter from minus 1.2 percent to minus 1.5 percent. The local central bank’s office estimates come from a computer model that constantly takes into account new economic statistics.