Before the opening of the market, Goldman Sachs(GS) released their quarterly earnings report with profit doubling and revenue rising double digit values! This allowed the stock to rise a few percent in pre-market trading, but it quickly fell with the market to end down 1.7%. This jump in revenue is largely due to overall stocks and bonds growth this year, caused mainly by Federal Stimulus. As the world governments tighten laws targeted at large investments firms to prevent another market crash, and Bernanke expresses his plans to taper the QE3, Goldman's future prospects are unclear. This caused the stock to dip into negative territory at the end of the day.
Tesla(TSLA) shares fell 14.3% at market close, inching down another 2% in after-hour trading. Today, the company received a poor price target from Goldman Sachs analyst Patrick Archambault. His expectation ranged from a low of $58 to a high of $84. Both of these values are much lower than $130 at which TSLA was trading before the downgrade. Tesla shares are up 200% this year largely due to earnings beats, market expansion, and overall development within the company.
Shares of Coca-Cola(KO) slid down 1.9% at the end of the trading day, dragging with it the Dow. For this quarter, the company's revenue and earnings both fell about 3%. As diabetes and obesity become growing problems world-wide, people are watching what the eat and drink. This may effect future earnings reports from the company, but the company stated they expect the second quarter to bear better results.
After market close, Yahoo(YHOO) reported a profit growth of 40% while revenue decreased. The increase in net income is largely due to stricter company policy enforced by CEO Marissa Mayer. Mayer, who transferred from Google last year, led the company in an ambitious plan for takeovers and a new line of online services. She stated that she has high hopes on Yahoo, even though the companies outlook is worse than expected.
Holden Lewis of BB&T Capital Markets downgraded Ex-One(XONE) today, sending share spiraling a frightening 12%. His downgrade effected the entire 3D Printing sector, sending 3D Systems(DDD) down 2.73%, Stratasys(SSYS) down 6.03%, and Xerox(XRX) down 1.12%. Lewis stated that he still expects large amounts of growth from XONE, but measures need to be taken to justify its current price.
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