It didn’t really help that the last few weeks my bedtime reading at night was the “Billion Dollar Whale”, the story of the now-infamous Malaysian Jho Low and the pilfering of the 1MDB Malaysian sovereign debt fund, where Low basically spent $12 billion of the fund’s proceeds on everything from excessive partying, to artwork, to real estate, to yachts, to you name it, some of the debt issuance aided by the most respected of all former white-shoe firms, Goldman Sachs (GS).

Gary Cohn and Lloyd Blankfein aren’t exactly portrayed in a favorable light at the end of the book, particularly after the posturing post-2008, but all that being said, the issue is behind Goldman and it’s not worthy of further discussion.

Goldman reports its Q3 ’20 financial results on Wednesday, October 14th, before the opening bell, with current Street consensus per IBES by Refinitiv, expecting $5.22 in EPS on $9.25 billion in revenue for expected y/y growth of 9% and 11% respectively.

It was a monster second quarter that Goldman reported in mid-July ’20, when the investment banking giant printed $6.26 in earnings per share versus a $3.13 estimate on revenue of $13.3 billion versus the IBES/Refinitiv estimate of $9.76 billion for upside surprises of 100% and 36% respectively.

Goldman’s net revenue grew 41% y/y in Q2 ’20, generating 8% EPS growth, also y/y.

Q2 ’20 results were emblematic of the late 1990s’/early 2000s’ monster quarters the investment banks printed in robust markets.

Fixed-income revenue was 120% higher y/y while equity revenue was 60% higher, with fixed income primarily driven by the explosion in corporate bond issuance after Jay Powell lit the lamp in late March/early April ’20 announcing the various Fed liquidity programs.

Buyback Impact

GS Share Buyback Impact

Source: Internal valuation s/sheet from earnings releases, 10-Qs

When looking at current forward estimates

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, February 1, 2020. REUTERS/Francis Mascarenhas/Files

BENGALURU (Reuters) – Indian shares rose on Wednesday as Reliance Industries gained after securing a $750 million investment in its retail arm and Titan Company rose after flagging a strong recovery at its jewellery division in the second quarter.

The NSE Nifty 50 index .NSEI rose 0.53% to 11,724.35 as of 0436 GMT, while the S&P BSE Sensex .BSESN was up 0.68% to 39,837.65.

Shares of Reliance Industries RELI.NS rose as much as 4.5% to 2,309 rupees after it said on Tuesday Abu Dhabi Investment Authority would invest 55.13 billion Indian rupees in its retail arm.

Titan Company TITN.NS said its jewellery division saw a quarterly recovery rate of 98% while it continued to sell excess gold in its inventory, sending its shares up to their highest in seven months and making it the top gainer on the Nifty 50.

“Markets have been gaining on the back of quarterly commentary coming from companies and then a big support to the market has been Reliance,” said Siddhartha Khemka, head of retail research at Motilal Oswal.

Meanwhile, the Trump administration announced a rule that may curb U.S. companies’ use of skilled foreign workers by narrowing the definition of “specialty occupations” eligible for H-1B visas and require companies to pay higher wages to those enrolled in the visa program.

The Nifty IT index was trading 0.14% lower, with Infosys INFY.NS down 0.8% and Wipro WIPR.NS 0.6%.

Shares of Tata Consultancy Services TCS.NS, however, rose as much as 1.8% to a record high ahead of its quarterly results, with the top IT services exporter expected to lay out a highly-anticipated share buyback.

Shares of gas producers Oil and Natural Gas Corp

Apogee  (APOG) – Get Report Enterprises, a provider of glass and metal products and services for construction and art framing, resumed its share buyback, five months after it was interrupted by covid-19. 

The Minneapolis company had halted the buyback on April 30 to manage its cost structure and economic uncertainty due to the pandemic.

About 2.1 million shares are authorized for buyback, Apogee said. At Aug. 29, Apogee had 26.5 million shares outstanding.

At last check Apogee shares were trading 8.8% higher at $23.21.

The suspension was one of a number of steps it took to conserve cash, including reducing salaries for the CEO and staff, fee reductions for the board, furloughing manufacturing staff and reducing hours worked for salaried employees.

In an Oct. 5 Securities and Exchange Commission filing, Apogee also said it planned to reduce selling, general, and administrative expense to improve productivity across the company. 

Apogee said this could result in annual cost savings of at least $10 million to $20 million by the end of fiscal 2023. 

“The costs to implement such opportunities are likely to be recognized during the latter part of the fourth quarter of fiscal 2021 and during fiscal 2022,” the company said in its SEC filing.

“These SG&A reduction opportunities are in addition to the cost-savings actions, of $40 million on an annualized basis, referenced in the company’s second-quarter earnings.”

Last week Apogee said it completed a sale-and-leaseback transaction for its McCook, Ill., facility. The sale price is $25 million. The leaseback is for an initial five years with multiple options to renew.

The company said it expected to record a pretax gain on the sale of $19 million.

For the second quarter ended Aug. 29 Apogee reported net income per share fell 6.9% to 67 cents from 72 cents