Credit Suisse shares fell further on Wednesday after it sold blocks of shares in a number of companies as it continued to unwind positions related to last month's meltdown of Archegos Capital, traders said.
Goldman Sachs Group Inc surged past Wall Street expectations for first-quarter profit on Wednesday, as the U.S. investment banking giant capitalized on record levels of global dealmaking and a coronavirus-driven boom in equity trading.
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(Reuters) - Goldman Sachs Group Inc surged past Wall Street expectations for first-quarter profit on Wednesday, as the U.S. investment banking giant capitalized on record levels of global dealmaking and a coronavirus-driven boom in equity trading.
An unprecedented boom in private firms merging with listed shell companies to go public helped Goldman earn handsome fees from such deals, resulting in a 73% jump in revenue from investment banking to $3.77 billion.
Revenue from equities trading jumped 68% to $3.69 billion as heightened trading by ordinary investors fed stock market volatility.
“Overall, it’s quite stunning,” said Oppenheimer analyst Chris Kotowski.
Total revenue more than doubled to $17.7 billion in the quarter, while financial advisory revenue came in at $1.1 billion.
4 Min Read
(Reuters) - Goldman Sachs Group Inc surged past Wall Street expectations for first-quarter profit on Wednesday, as the U.S. investment banking giant capitalized on record levels of global dealmaking and a coronavirus-driven boom in equity trading.
FILE PHOTO: The Goldman Sachs company logo is seen in the company s space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo
An unprecedented boom in private firms merging with listed shell companies to go public helped Goldman earn handsome fees from such deals, resulting in a 73% jump in revenue from investment banking to $3.77 billion.
By Reuters Staff
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(Reuters) - Shares of GameStop Corp rose 18% on Wednesday, snapping a seven-day losing streak to post their biggest one-day increase since March 25.
FILE PHOTO: GameStop logo is seen near displayed stock graph in this illustration taken February 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
The video game retailer’s shares closed at $166.53 with trading volume that was more than twice the stock’s 10-day moving average. Other so-called meme stocks - shares favored by the denizens of online communities such as Reddit’s WallStreetBets - were also volatile on Wednesday.
Some supporters of the stock pointed to a late-Tuesday announcement that the company was voluntarily paying back $216 million in debt early as a catalyst for the gains.