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David Solomon Wants His DJ Job Back
Sean H. & Jocelin A.
July 15, 2024 • Estimated Reading Time: 9 minutes
TLDR
MARKET RECAP → The Dow Jones Industrial Average (DIA) rose on Monday as investors speculated that the failed assassination attempt on former President Donald Trump would boost the Republican presidential candidate and the GOP's prospects in the upcoming November elections.
GOLDMAN SACHS SURGES IN Q2 2024→📈 Goldman Sachs (GS) smashed Q2 2024 expectations with a 17% revenue jump to $12.73B, EPS of $8.62, and hiked its dividend by 9%—classic overachiever move.
MACY'S ENDS BUYOUT TALKS → 🛑 Macy’s (M) ended buyout talks with Arkhouse and Brigade after rejecting multiple revised offers. Citing financing concerns and strategic misalignments, the company ultimately found the deals "less than compelling" for shareholders.
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TODAY’S TOP NEWS
Goldman Sachs Surges in Q2 2024
📈 Revenue and Profit Spike: Goldman Sachs reported a Q2 2024 revenue of $12.73 billion, a 17% increase year-over-year, surpassing the consensus estimate of $12.46 billion. Net profit surged to $2.89 billion, with earnings per share at $8.62, significantly beating analyst expectations.
💼 Investment Banking Boost: The investment banking division saw a 21% rise in fees, driven by higher revenues from debt and equity underwriting, including IPOs. Asset & Wealth Management also performed robustly, with revenues up 27% to $3.88 billion.
💸 Dividend Increase: Reflecting its strong financial performance, Goldman Sachs announced a 9% increase in its quarterly dividend to $3.00 per share. The bank also significantly reduced its provisions for credit losses to $282 million from $615 million the previous year.
TODAY’S TOP NEWS
Macy's Ends Buyout Talks
🛑 Negotiations Ended: After months of negotiations, Macy's terminated buyout talks with Arkhouse and Brigade, concluding the potential $6.6 billion acquisition was not in its best interest.
📉 Concerns Cited: Macy's cited concerns over financing details and the strategic focus on real estate assets as reasons for rejecting the proposals despite multiple revised offers.
🔍 Decision Process: The decision followed a back-and-forth where Macy's reviewed confidential information but ultimately found the offers "less than compelling" for shareholders.
BULL VS. BEAR
NOTABLE POSTS
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US markets are steady following assassination attempt on Trump (CNN)
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