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Stock Market Closing Report - 5/23/18 May 23, 2018

Tuesday, September 23, 2008

Goldman Sachs ( GS ) catches Buffett & Berkshire

You know, I was watching the stock market close today like I do every day, and I noticed two things. At about 3:53pmEST the market was tanking and Goldman Sachs ( GS ) was starting to take off. GS went from $119 to $125 on heavy volume but I could not find any news.

Well look what has the stock market futures taking off tonight!

The Goldman Sachs Group, Inc. (NYSE: GS) announced today that it has reached an agreement to sell $5 billion of perpetual preferred stock to Berkshire Hathaway, Inc. in a private offering. The preferred stock has a dividend of 10 percent and is callable at any time at a 10 percent premium. In conjunction with this offering, Berkshire Hathaway will also receive warrants to purchase $5 billion of common stock with a strike price of $115 per share, which are exercisable at any time for a five year term.

In addition, Goldman Sachs is raising at least $2.5 billion in common equity in a public offering.
“We are pleased that given our longstanding relationship, Warren Buffett, arguably the world’s most admired and successful investor, has decided to make such a significant investment in Goldman Sachs. We view it as a strong validation of our client franchise and future prospects,” said Lloyd C. Blankfein, Chairman and CEO of The Goldman Sachs Group, Inc. “This investment will further bolster our strong capitalization and liquidity position.”

“Goldman Sachs is an exceptional institution,” said Warren Buffett, Chairman and CEO of Berkshire Hathaway, Inc. “It has an unrivaled global franchise, a proven and deep management team and the intellectual and financial capital to continue its track record of outperformance.”

( GM ) General Motors CEO turns to Google's

Today, General Motors is reaching out to investors in attempt to clarify where the company is headed going into the future. Rick Wagoner posted this Youtube video today.

Stocks to Watch 9/23 - ABK, DSL, RIMM, BIDU, V

This morning the stock market futures are up slightly as the Government scrambles to put together a bailout plan for our financials markets. Yesterday Oil shot up $25 a barrel at one point due to buyers having to buy before contract options expiration. Oil is hovering around $108 right now in pre market.

Stock to Watch today: I am watching Research in Motion ( RIMM ) as I think there could be a nice trade here. RIMM has been all over the place over the past few weeks...with resistance being at that $110-$112 level. I can count several times where you could have bought under $100 and sold at $110 over the past few weeks. Even last week, you could have bought under $90 and sold at $107. So with RIMM today, i'd like to buy it under $95.

Ambac ( ABK ) is moving higher in pre market....this stock has gotten killed over the past few days due to fears that Moodys will cut their rating. The business is still sound, but if their rating gets cut, i'd assume they'd lose business. Day Trade ABK when it clears the high of the day. I could see it running back to $4.50-$5 in a few weeks. I would not hold it over night due to the Moodys problem.

DSL - They hired a new CEO....finally!

I'm looking to trade BIDU, Visa ( V ) and watching for the Gphone from Google ( GOOG ) to come out. The Google phone can do many things the Iphone can't such as..... Copy and Paste text into email and around the web like your normal computer can do. The iphone can't do this! The Gphone supports the open network and most of the Apps are free....where the Iphone you must pay for them. I think people will like the Gphone because of the freeness of the network....rather then Steve Jobs choosing what can go on your phone and what can't.

I will have another update later...don't forget about RIMM Earning 9/25/08