Meredith Whitney Becomes Latest Analyst to Cut Estimates on Goldman (GS) and Morgan Stanly (MS)

Shares of Goldman Sachs (NYSE: GS) and Morgan Stanly (NYSE: MS) are trading down on the day and are moving lower following estimate cuts by Meredith Whitney.

Meredith Whitney cut Q4 earnings estimate on Goldman from $2.61 to $1.83, which is well below the Street's consensus of $2.09. Shares of Goldman are trading down 1.2 percent on the day to $93.45.

Meredith Whitney is also reducing Q4 earnings estimate on Morgan to $0.09 after excluding MBIA charge. The Street is currently forecasting a earnings loss of $0.54 for Morgan Stanly during the fourth quarter. Meredith's GAAP estimate sits at a loss of $0.51 per share. Shares of Morgan are trading down 2.2 percent on the day to $15.92.

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