Uber banking bear Meredith Whitney downgraded Goldman Sachs (NYSE:
GS) on Thursday, and JP Morgan Chase (NYSE: JPM) got the underwriting
crown for 2009.
Chart Courtesy of StockCharts.com
For several weeks, we've been noting that shares of Goldman have
been making lower highs and lower lows, tracing a bearish chart
pattern. Now, the street is piling on.
Whitney, in a note to clients, cut the estimates for Goldman without really giving
much of a reason. But when Ms. Whitney speaks, people still listen, so the stock
got hit some more and made a marginal new low.
On the same day, JP Morgan Chase reported that it became the number one bank
for IPO underwriting, garnering $2.2 billion in fees for 2009. Bank of America
was number 2 and Goldman fell to number 3.
Much of the IPO money was made in Asia, making the news item even more interesting
and suggesting that Goldman may have lost some of its luster of late.
The question is whether Goldman has seen better days or whether it will resurge
in 2010. The price of the stock, as of now, says no.
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