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3/19/2024 1:42:46 PM Eastern Time

Picking Up Steam
By Charles Payne, CEO & Principal Analyst

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After a tentative start, the market is picking up speed even as Communication Services take a break.

These are the session you want; although, crude oil is coming on even stronger. 

WTI is breaking out, as the rate of change is getting stronger.  There is some resistance at $85.00. 

It will be interesting to see if the market can close higher ahead of the Fed meeting tomorrow.

There will not be cuts, but there will be lots of fireworks during the Q&A segment. 

Long Idea: Goldman Sachs Group, Inc. (GS) @ $388.58
Industry: Financials; Banks
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BACKGROUND: The Goldman Sachs Group, Inc., a financial institution, provides a range of financial services for corporations, financial institutions, governments, and individuals worldwide. It operates through Global Banking & Markets, Asset & Wealth Management, and Platform Solutions segments. The Global Banking & Markets segment provides financial advisory services, including strategic advisory assignments related to mergers and acquisitions, divestitures, corporate defense activities, restructurings, and spin-offs; and relationship lending, and acquisition financing, as well as secured lending, through structured credit and asset-backed lending and involved in financing under securities to resale agreements. This segment also offers client execution activities for cash and derivative instruments; credit and interest rate products; and provision of mortgages, currencies, commodities, and equities related products, as well as underwriting services. The Asset & Wealth Management segment manages assets across various classes, including equity, fixed income, hedge funds, credit funds, private equity, real estate, currencies, and commodities; and provides customized investment advisory solutions, wealth advisory services, personalized financial planning, and private banking services, as well as invests in corporate equity, credit, real estate, and infrastructure assets. The Platform Solutions segment offers credit cards and point-of-sale financing for purchase of goods or services. This segm

SKINNY: GS reported very solid results for its fourth quarter despite challenges with investment bank generating 7%y/y driven by strong performance of the asset and wealth management business. Net earnings rose 51%y/y while its diluted EPS soared 65%y/y. The bank continues to stand out in its ability to raise capital from investors. Slow and steady best describe the earnings execution, and analysts' estimate suggest a more robust FY25 ahead. Our target is $470.