Goldman Sachs shares fall for a second straight session on Wednesday, bank appoints three new executives to management committee

May 30, 2019 6:42 am

Three new executives have been appointed to Goldman Sachs Group’s (GS) management committee – Todd Leland and James Paradise, the co-presidents of Goldman’s Asia Pacific operations, excluding Japan, and Beth Hammack, Goldman’s global treasurer, a memo sent by the bank’s top management revealed.

Goldman Sachs shares closed lower for a second consecutive trading session in New York on Wednesday. The stock went down 0.29% ($0.54) to $188.05, after touching an intraday low at $184.93, or a price level not seen since January 15th ($176.40).

Shares of Goldman Sachs Group Inc have risen 12.57% so far in 2019 compared with an 11.02% gain for the benchmark index, S&P 500 (SPX).

In 2018, Goldman Sachs Group’s stock went down 34.43%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

Goldman Sachs’s Chief Executive Officer David Solomon noted in the memo that the appointment of Todd Leland and James Paradise reflected “the importance of the Asia Pacific region to the firm’s strategy and our focus on strengthening and growing our businesses in that diverse region.”

Todd Leland also heads Goldman’s investment banking operations in the Asia Pacific area, while James Paradise heads the group’s securities division there.

Leland and Paradise are to join Masanori Mochida, Goldman Sachs’s President in Japan and also a member of the management committee.

According to CNN Money, the 24 analysts, offering 12-month forecasts regarding Goldman Sachs’s stock price, have a median target of $222.50, with a high estimate of $312.00 and a low estimate of $170.00. The median estimate represents an 18.32% upside compared to the closing price of $188.05 on May 29th.

The same media also reported that 14 out of 29 surveyed investment analysts had rated Goldman Sachs’s stock as “Hold”, while 10 – as “Buy”. On the other hand, 3 analysts had recommended selling the stock.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for Goldman Sachs Group Inc (GS) are presented as follows:

Central Pivot Point – $193.96
R1 – $198.36
R2 – $203.72
R3 – $208.12
R4 – $212.52

S1 – $188.60
S2 – $184.20
S3 – $178.84
S4 – $173.48

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