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Goldman Sachs broke a record Wednesday. But not the kind shareholders typically rejoice about.
The stock fell for the 11th day in a row, its longest consecutive-day losing streak dating back to the company’s initial public offering in May 1999. Goldman‘s second longest losing streak was a nine-day slide in May of 2008.
Shares fell more than 1.1 in early trading Wednesday but closed 0.9 percent lower, bringing Goldman’s total decline to roughly 6 percent over the 11 days.
The stock is down about 10 percent this year, compared to an 8 percent rise in the S&P 500. Morgan Stanley is down about 9.5 percent this year, while rival J.P Morgan is up about 6 percent.
Rumors of a slump in trading revenues have put pressure on the stock, according to CNBC’s Jim Cramer.
“It’s really about time we heard about something else other than trading,” Cramer said on CNBC’s Fast Money Halftime Report Wednesday. “I think Goldman is ridiculously cheap, but I’m waiting for that story to end that says ‘trading’s bad’.”
Last quarter, Goldman Sachs’ profit surged 40 percent to $2.57 billion, beating analysts’ estimates on better-than-expected revenue from every major business except trading. Equity trading in the second quarter brought in $1.89 billion, slightly below the $1.91 billion estimate.
The New York Times also published a report this week about ethics concerns at the global investment bank.
