Goldman Sachs Earnings Prove Detrimental, But Not All Banks Are Taking a Hit

Goldman Sachs GS reported disappointing earnings this morning, with a Q2 EPS of $1.85 vs. $2.27 and revenues of $7.28 billion vs. $8.14 billion. This news comes just one day after Goldman Sachs hit a new 52-week low at $128.29. Following today's announcements, the company's shares continued to decline. Bank of America's BAC, meanwhile, posted a Q2 net loss of $8.8 billion, or $0.90 per share (compared to a net income of $3.1 billion, or $0.27 per share, in the year-ago period). While BAC shares began to rise this morning during pre-market hours, the stock has since dropped back to levels near yesterday's close at $9.72. Wells Fargo WFC is doing a little bit better, no doubt thanks to its EPS of $0.70 vs. $0.69 and revenues of $20.39 billion that are nearly in line with estimates. Bank of New York Mellon Corp. BK is also up slightly in pre-market trading following the company's surge in net profit. Bank of New York Mellon Corp. reported a quarterly net profit of $735 million, or $0.59 per share – up from $658 million, or $0.54 per share, in the year-ago period. Follow me @LouisBedigian