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Investment banking star, Goldman Sachs Group, Inc. (NYSE: GS), has many analysts scratching their heads. The turmoil in the financial sector, a weak economy and its conversion to a bank holding company result in a mixture that is difficult to value.
As a result of the uncertainty, GS shares have been trading with a high degree of volatility. Yesterday, a huge piece of uncertainty was removed from the equation.
With some expecting the company to post a massive loss in excess of $5 billion, GS managed to lose only $2.29 billion, or $4.97 per share. Even though the loss was greater than Wall Street expectations, investors cheered that the news was not worse.
GS shares were up $9.54 to $76 per share yesterday after the release.
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