Fox-Pitt Kelton Slashes Estimates on Goldman Sachs (GS)

Fox-Pitt Kelton cut Q4 EPS estimates on Goldman Sachs (NYSE: GS) and now sees a loss at the investment bank for the quarter due to an estimated $2.7 billion mark-down on principal investments.

The firm now sees a loss of $1.55 per share at Goldman, versus its prior view of $2.59 profit. The firm cut its '09 EPS estimate to $9.08 from $12.15. They said Goldman's principal investment portfolio will likely sees an unusually large markdown due to the dramatic slide in global equities.

Shares of Goldman are down 3.8% in pre-open trading today to $68.50 and down 60% over the past three months.

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