Goldman Sachs (GS) has come a long way. After exiting its banking partnership with Apple (AAPL), the firm posted profit more than doubling in the second quarter. It reported strong debt underwriting and strong fixed-income trading.
Goldman earned $8.62 a share, or $3.04 billion. GS stock is a buy since the firm reported an increase in backlog. As a result, it will earn more fees from investment banking.
After Goldman’s consumer credit business failure with Apple, General Motors (GM) may replace it with Barclays. Goldman recorded a $58 million charge on the GM credit card business in Q2. In the Federal Reserve’s stress test, Goldman was among the worst for potential losses associated with credit card loans.
In the speculative long-term buy category, watch Palantir Technologies (PLTR) today. The stock bottomed at around $21 and broke out in June. It closed at $28.67 on Monday. SoFi (SOFI), an online bank, also broke out after consolidating at $6.50. The stock closed at $7.33, which is at the top of its trading range that formed in May.
Trade the cryptocurrency miners today. Riot Platforms (RIOT) needs to break out above $12.00 to surpass its April 2024 peak. RIOT stock gained 17% yesterday. Similarly, traders are watching Marathon Digital (MARA). They want to see if the weekly 26.05% gain is a blip or the start of an uptrend.
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