No Breakout in Sight for Goldman’s Stock

My computer picked a good day to crash. The weather was wonderful and The Masters is on television. Sure beats writing about Yahoo!. Besides, Goldman's annual meeting was the big story today. Lloyd Blankfein has a point, but it does not make his stock any more attractive to Moi:

Lloyd Blankfein, Goldman Sachs' chief executive, yesterday said there was "light at the end of the tunnel" for the investors and financial firms hit by the credit crunch - the latest sign of Wall Street's belief the current turmoil may be nearing its end. FT

His counterparties are in such bad shape he has few pockets left to pick. Clients of Goldman, please take note. You might be the only patsy left at the table.

Goldman's chart has some work ahead of it. Far more work, in fact, than many of its bankers who got their walking papers today....``As you'd expect given market conditions, we have been looking at a number of areas of the firm where we believe we have too many people,'' Lucas van Praag, a Goldman spokesman in New York, said today in an interview. ``We have transferred some to other areas and other regions but unfortunately others have been asked to leave the firm.'' Bloomberg

Suddenly Goldman, and its stock, are not looking so invincible. And what happened to that $8 billion share repurchase?

All the news that fits, some blogs print. There has got to be a better way to kill time.

Tennis anyone?

To be fair to Lloyd, he was the only one who handicapped the current crisis even closely:

July 24, 2007
“The biggest risk we face, and there are a lot of things that contribute to this risk, would be a very big crisis in the credit markets,’’ he said at a June 27 conference. ``Some of that is supply-demand fundamentals, but a lot of it is sentiment.’’1440 Wall Street

Goldman chief sees end to turmoil
FT

Goldman Cuts More Jobs, Citing `Market Conditions’
Bloomberg
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