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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (166097)	11/21/2008 2:27:07 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

Hey Warren, check this out. Goldman Falls Below IPO Price, Erasing Almost 10 Years of Gains bloomberg.com Nov. 20 (Bloomberg) -- Goldman Sachs Group Inc. dropped below $53 for the first time since it went public almost a decade ago as the earnings outlook dims for a company that last year set a record for Wall Street earnings. The stock fell as much as $2.83 to a low of $52.35 in New York Stock Exchange composite trading this morning, giving Goldman a market value of $25 billion. At 9:38 a.m. the stock was down $1.89 to $53.29. The New York-based company's value reached a high of $105 billion, or $248 per share, on Oct. 31, 2007. Goldman, which converted from the biggest U.S. securities firm into a bank holding company in September, has given up more than 75 percent of its market value this year as investors shy from companies that derive financing and revenue from capital markets. Lloyd Blankfein, Goldman's chief executive officer, said last week that the firm intends to stick to its strategy of serving as an adviser, financier and investor. Earnings dropped 47 percent in the first nine months of the year compared with the same period in 2007, and several analysts expect Goldman to report its first quarterly loss for the three months through the end of November. After going public in May 1999, Goldman surpassed rivals including Merrill Lynch & Co. and Morgan Stanley to become the largest U.S. securities firm by market value and the most profitable in Wall Street history. On their first day of trading in 1999, Goldman's shares climbed 33 percent to $70.375. The company last year became one of about a dozen in the U.S. with a stock price above $200. To contact the reporters on this story: Christine Harper in New York at charper@bloomberg.net; Nick Baker in New York at nbaker7@bloomberg.net. Last Updated: November 20, 2008 09:43 EST