7 Stocks you need to know for Wednesday
Goldman Sachs (GS | news | PowerRating | PR Charts ) reported a 53% decline in net profit, after writedowns and lower fixed income revenues. However, first quarter earnings of $3.23 per share beat estimates by $0.65.
Lehman Brothers (LEH | news | PowerRating | PR Charts ) reported first quarter earnings of $0.81, a 57% drop, but still beat estimates by $0.09. After the sudden collapse of Bear Stearns, speculation that LEH could be next to fall has been rampant, but today's numbers eased concern and led to a huge rally.
Bloomberg reported a Wachovia analysts' note to investors that stated Merrill Lynch (MER | news | PowerRating | PR Charts ) "is the riskiest" of the remaining U.S. investment banks.
Yahoo! (YHOO | news | PowerRating | PR Charts ) laid out its vision for the future, stating that it expects revenue to double over the next three years. The company also reaffirmed its Q1 and FY08 outlook.
After the close, Adobe Systems (ADBE | news | PowerRating | PR Charts ) reported earnings of $0.48, beating estimates by $0.03.
Visa (V | news | PowerRating | PR Charts ) is set to make its debut as a publicly traded company tomorrow. The $17 billion IPO will be the biggest stock sale in U.S. history, second only to the $22 billion offering of Industrial & Commercial Bank of China.
Morgan Stanley (MS | news | PowerRating | PR Charts ) is scheduled to report before the market open on Wednesday, with analysts looking for $1.03 per share.
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