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Options traders are loading up on Goldman Sachs Group Inc (NYSE:GS) today, following the blue-chip bank's trip to the earnings confessional.
Goldman Sachs recorded a 28% surge in quarterly profits — topping Wall Street's expectations thanks to surprising strength in the bank's trading and investment banking operations. The Wall Street giant said Monday its first quarter earnings jumped to $4.13 billion.
Revenue from investment banking and trading, the bank's traditional powerhouses, surged.
Gold recent resurgence has further to run according to Goldman Sachs, which has upped its price target for the year end to US$2,700 per ounce from US$2,300 previously. Traditionally, gold's valuation has been closely linked to real interest rates, growth expectations, and the strength of the US dollar, sys the broker.
Goldman Sachs (GS) came out with quarterly earnings of $11.58 per share, beating the Zacks Consensus Estimate of $8.54 per share. This compares to earnings of $8.79 per share a year ago.
Futures contracts have US stocks tipped to open higher today after Wall Street ended last week on a bum note due to lacklustre performances from Big Bank stocks. However, things could turn in the right direction today as Goldman Sachs smashed expectations for first-quarter revenues and earnings, with its trading teams delivering record numbers.
U.S. stock futures rose in premarket trading on Monday as Goldman Sachs kicked first-quarter earnings season into high gear.
Revenue from investment banking and trading, Goldman's traditional powerhouses, surged.
Goldman Sachs recorded a 28% jump in net income in the first quarter, in a surprise surge led by its traders. Sonali Basak reports on Bloomberg Television.
Goldman Sachs Group Inc (NYSE:GS, ETR:GOS) smashed Wall Street expectations for first-quarter revenues and earnings as its trading teams delivered record numbers. Net revenues of $14.21 billion came in 16% higher than a year ago and up 26% on the fourth quarter of last year, also well above the $12.92 billion consensus forecast, per LSEG.