Goldman Sachs Group reported an 33 percent rise in quarterly earnings on Tuesday as a strong gain in trading was offset by a one-time charge to repay government loans.
Wall Street's largest surviving investment bank reported net income for common shareholders of $2.7 billion, or $4.93 a share, compared with $2.05 billion, or $4.58 a share, in the closest year-earlier quarter.
Analysts polled by Reuters Estimates forecast, on average, $3.49 a share, while those surveyed by First Call predicted earnings per share of $3.54. It was not immediately clear if the estimates were comparable to the reported figure.
The results came in above analysts' consensus forecast.
Goldman shares fell less than 1 percent in electronic premarket trading.
Goldman, the first major U.S. bank to report second-quarter earnings, saw its performance bolstered by improving markets and strong trading results, as well as an upswing in advisory fees.
Gains were tempered by a one-time $426 million charge related to the repayment of $10 billion in loans from the U.S. Treasury's Troubled Asset Relief Program, known as TARP.
Producer Prices, Retail Sales Rise More Than Expected
http://www.cnbc.com/id/31903601
Reuters | 14 Jul 2009 | 08:41 AM ET
U.S. producer prices jumped by twice as much as expected in June on a big rise in finished energy prices, a government report showed Tuesday.
The seasonally adjusted index for prices paid at the farm and factory gate increased by 1.8 percent, the steepest gain since November 2007. Core prices, which strip out volatile food and energy, also rose a much greater-than-expected 0.5 percent, boosted by car and truck sales.
Analysts polled by Reuters were expecting a 0.9 percent rise in producer prices and a 0.1 percent rise in core producer prices.
Meanwhile, a separate report from the Commerce Department showed sales at U.S. retailers rose a stronger-than-expected 0.6 percent in June, boosted by a big jump in auto sales.
Economists polled by Reuters had expected a 0.4 percent gain, after a 0.5 percent advance in May.
Excluding autos and parts, which recorded a 2.3 percent gain, retail sales were up a more modest 0.3 percent, short of analysts' expectations for a 0.5 percent advance.
Gasoline stations showed strong gains, helped by rising prices. The average price per gallon of gas rose to $2.68 in June from $2.32 in May, according to government data.
Excluding both autos and gasoline, sales were down 0.2 percent, the fourth consecutive monthly decline. Department stores and restaurants were among the laggards, suggesting that consumers remained reluctant to resume discretionary spending despite signs the recession may be drawing to a close.
Analysts polled by Reuters were expecting a 0.9 percent rise in overall producer prices and a 0.1 percent increase in the core PPI.
Energy prices rose by 6.6 percent as gasoline costs surged 18.5 percent. Both were the biggest rises since November 2007.
Light truck prices rose 3.4 percent, the largest gain since November 2006, while passenger car prices increased 2 percent, the steepest rise since September of that year.
Compared with the same period last year, however, producer prices fell 4.6 percent.
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