Flying home to New Jersey from Chicago after the first two days at his new job, Sergey Aleynikov was prepared for the usual inconveniences: a bumpy ride, a late arrival.
A computer programmer working for Goldman Sachs was arrested last week on charges that he stole proprietary source code for software his employer uses to make sophisticated, high-speed, high-volume stock and commodities trades.
Wow, an actual, honest-to-goodness, venture-backed software IPO.
We’re getting one today.
Goldman Sachs analyst David Bailey this morning upped his estimates on Apple ahead of the company’s fiscal second-quarter earnings report, which is due after the close next Wednesday.
Bailey is looking for FY Q2 revenues of $8 billion, at the high end of the company’s guidance range of $7.6 billion to $8 billion, which would be down 21 percent sequentially, but up six percent year over year.
Cisco Systems shares are headed lower this morning after Goldman Sachs analyst Simona Jankowski cut her rating on the stock to Neutral from Conviction Buy, noting that the stock had reached her $18 price target. Jankowski writes that she maintains a positive long-term view on the stock, “as Cisco’s execution and balance sheet position it well to benefit from favorable secular trends in IP networking.”
Best Buy shares are getting a boost this morning from a bullish note by Goldman Sachs analyst Matthew Fassler, who added the stock to his firm’s Conviction List. Fassler had upgraded the stock to a Buy rating in early January. He has a price target on the stock of $33.
Fassler expects the company to benefit from the demise of rival Circuit City.
Goldman Sachs analyst David Bailey cut his target price for Sun Microsystems from $5 to $3, putting the company’s stock under some pressure this morning. His reason? Sun’s services are heavily concentrated in telecom and financial services, putting it at a disadvantage compared to its more diversified competitors, weakening its position during the economic downturn.
Shares in Baidu, the Chinese search engine, have jumped today after Goldman Sachs analyst James Mitchell raised his rating on the stock, while maintaining his recently reduced price target. Mitchell offers a variety of reasons for his more bullish stance–not the least of which is his estimation of a 30 percent yearly increase in search spending in China for the next several years.
Tim Boddy from Goldman Sachs has upped his rating on Nokia. The reason? It seems that now that the industry outlook has gotten to a certain level, any further adversity will most likely work in the company’s favor, as its competitors are more likely to fall by the wayside. Like in a Schwarzenegger movie.
Goldman Sachs is a little bit in love with Research In Motion this morning. “…we want to take advantage of the stock’s very compelling valuation and upcoming catalysts, including the Storm launch and fiscal Q3 (November) earnings,” according to the firm’s Simona Jankowski. She believes that the launch of both the Bold and the Storm in the same quarter can reduce the risk to RIM’s numbers. Also, sales of the Bold are “off to a good start.”
Numbers aren’t really working out that well for Dell. One of Its rivals scored points today with impressive preliminary results, but–of more significance–there are ominous sounds coming from Intel’s direction regarding the rest of this year and the whole of next year. Cautionary pre-earnings notes took their toll this morning as well, and drove the numbers down.
Goldman Sachs analyst Jennifer Watson slashed her price target on Orbitz from $6.80 to $2.70 this morning, based on its slow growth in comparison to Expedia and Priceline, and its heavy reliance on consumer fees. Accordingly, the stock has taken a tumble.
Goldman Sachs has updated its three “Technology Framework Lists,” which include its top five growth picks, its top five tech value plays, and–sadly–its five least favorite tech names.
SanDisk’ s stock is “too attractive to ignore,” says Goldman Sachs chip analyst James Covello. Since Samsung pulled its $26-a-share takeover, Covello estimates that the company’s IP is worth $6-$7 a share–which is still a compelling valuation, even with an overall bearish outlook. No surprise, then, that shares have gotten a boost today.
According to Mark Wienkes of Goldman Sachs, the company’s equity holders face “near-certain dilution via either higher interest charges or new share issuance. …” Given the facts of falling satellite radio demand in general and Sirius XM’s inability to cover operating expenses in particular, it seems like the company’s equity is headed in the wrong direction, and pretty quickly.
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