Oppenheimer's Whitney Lowers Estimates On Goldman Sachs (GS), Merrill Lynch (MER) And Lehman Brothers (LEH)
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Today, Oppenheimer's Meredith Whitney lowered Q3 EPS estimates on Goldman Sachs (NYSE: GS), Merrill Lynch (NYSE: MER) and Lehman Brothers (NYSE: LEH).
Whitney cut her Q3 earnings per share estimate for Goldman Sachs by 28% to $1.55. She lowered Lehman's EPS estimate from a $0.23 profit to a Q3 loss of $2.70 per share. Additionally, the estimate for Merrill Lynch was increased to $4.60 a share from $2.93.
Whitney said, "the primary drivers for these revisions are customer volumes, overall weak global equity markets, a highly challenging trading environment, and weak advisory and underwriting revenues.''
The Goldman Sachs Group, Inc. is a global investment banking, securities and investment management firm.
Merrill Lynch & Co., Inc. together with its subsidiaries, provide investment, financing, insurance, and related services to individuals and institutions.
Lehman Brothers Holdings Inc. serves the financial needs of corporations, governments and municipalities, institutional clients and high-net-worth individuals worldwide.
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