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Recent Goldman Conviction Buy Upgrade Textron Apparently Knots Ahead Of Buffett's NetJets
A week ago, private jet maker Textron received a blessing for an upcoming follow on offering (presumably sole managed by Goldman Sachs), when the firm became Goldman's most recent Conviction Buy List company. Zero Hedge was modestly skeptical about the rationale provided by Goldman about this next iteration of sliced bread. Our modest skepticism was enhanced today, when Warren Buffet portfolio company, NetJets, announced it will be cutting over 300 jobs, following a prior announcement of a $253 million pre tax loss (but, but, Goldman said all is great in the private jet market?) and the involuntary departure of ex-CEO Richard Santulli.
And as for prospects for the private jet industry: well, on one hand you have Warren Buffett slashing NetJets' workforce: hardly an act done in anticipation of a private jet industry renaissance. On the other you have a Goldman report, with the following disclaimers:
Goldman Sachs beneficially owned 1% or more of common equity
(excluding positions managed by affiliates and business units not
required to be aggregated under US securities law) as of the second
most recent month end: Textron Inc. ($15.50)
Goldman Sachs has received compensation for investment banking services in the past 12 months: Textron Inc. ($15.50)
Goldman
Sachs expects to receive or intends to seek compensation for investment
banking services in the next 3 months: Textron Inc. ($15.50)
Goldman Sachs has received compensation for non-investment banking services during the past 12 months: Textron Inc. ($15.50)
Goldman Sachs had an investment banking services client relationship during the past 12 months with: Textron Inc. ($15.50)
Goldman
Sachs had a non-investment banking securities-related services client
relationship during the past 12 months with: Textron Inc. ($15.50)
Goldman Sachs had a non-securities services client relationship during the past 12 months with: Textron Inc. ($15.50)
Goldman Sachs has managed or co-managed a public or Rule 144A offering in the past 12 months: Textron Inc. ($15.50)
Goldman Sachs makes a market in the securities or derivatives thereof: Textron Inc. ($15.50)
Goldman
Sachs is a specialist in the relevant securities and will at any given
time have an inventory position, "long" or "short," and may be on the
opposite side of orders executed on the relevant exchange: Textron Inc.
($15.50)
Goldman Sachs holds a position greater
than U.S. $15 million (or equivalent) in the debt or debt instruments
of: Textron Inc. ($15.50)
Take your pick.
h/t Lizzie
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Absolutely mind blowing; Not the fact that the scam is so, but rather that the scam is so clear!
What scam. Textron is such a great company that it blew Buffett's NetJets right out of the water.
Thank you GS for knowing that ahead of time.
Jesus - no one gives those cagey Wall Street banksters any love!
So do GS executive fly on Cessnas or on Gulfstreams?
More important, ask Nancy why the tax payers pony up for the 75 out of Andrews to shuttle her to California and back...
Arnold doesn't take a paycheck and he foots his own travel bill... how many other polyticks can say that?
It doesn't take a lot of brains to hurd cattle/sheep/pigs either.
"...Wall Street, the most highly regulated, legally CORRUPT, industry in the world..." When will someone like Cuomo start investigating, then prosecuting, paper scams and pump & dump schemes like this? And, firms like Goldman are not even discrete about overt scams like this anymore. This nonsense has to stop.
Have you ever sat around and actually talked with an analyst at a Conference.....or listen to their questions on conf calls.....just painful so much of the time...heck it is like fingernails on a chalkboard just looking at the daily upgrades each day...and when I saw Textron upgrade it was like scraaaaatch on that board.
Worst sound in the world. Almost as displeasing as the time a Goldman wunderkind came to my house and layed out his reasoning for 200$ a barrel oil. Smelled like shit then, smells like shit now. One would expect some degree of deftness in the creation of these pump and dumps, but I guess as the show comes to a close the trick becomes more clear.
lol...200 barrel Oil.....the paaaaiiin.....And you know, they get paid pretty well for being such "pros".
You see Goldman can make pigs fly. It's true I tell ya, it's true.
Kass noted today that GE is contemplating a $3-5 Billion equity offering. How convenient - just a few days after JPM and Goldman upgraded the stock. What a coincidence!
hahahahaha - that is fricking fantastic.
there is no such thing as a coincidence.
saw the h/t lizzie...good eye on your part. thank you.
Nothing like the love between a god a farmer and his sheephearding pig.
http://www.youtube.com/watch?v=sWxkv3fPsag&feature=related
Lame. Sorry, not meaning to dis you.
High probability ain't seen nothing yet at NJ. And what does all this say about the macro view?
If a nation state's upper crust is reverting to feel ups by some TSA wearing germ-ridden blue latex gloves at Anyport, USA, and squashed in a sweat drenched middle seat sporting a 20 1/2" pitch, kiss goodbye the limo, FBO, catering, landing fees and myriad other associated velocity of money producing employment opportunities.
Go green shoots...
TD....may I please remind you that Lloyd B. has offered an apology on the financial crisis and it sure seemed genuine and sincere.
Furthermore, Lloyd has stated very clearly that GS wants to be "...a force for good."
Ergo, this textron thing is just a big coincidence, cuz otherwise it wouldn't be goodthiness.
Why do you hate Goldman? just ignore their advise.
well, having been a goldman sachs research analyst for many years (but now retired), i can assure you that the upgrade of TXT is up to the analyst and not at all influenced by anything that banking may or may not be up to. it may be a dumbass upgrade - i think so - but has nothing to do with an offering by TXT.
I know that few of you will "believe me" and that's fine; I don't expect you to. but I just thought I would share the truth for those that are open-minded and interested given that I have a (more) unique insight into the process.
66680.....based on what you say, do you see a distinction between a sell side and a buy side analyst?
there are many distinctions.
a sell side analyst has his reputation on the line, but no capital; a buy-side analyst has firm's capital on the line, followed by his reputation
a sell side analyst's opinion is public; a buy-side analyst's opinion is private
a sell side analyst is judged largely on the quality of his research, then his stock picks; a buy side analyst is judged largely on his stock picks, then his research
i have been both a sell side and a buy side analyst
thank you for responding.
i acknowledge what you said in your original post and certainly/wisely you properly pre-supposed a negative reaction and I can believe that some analysts act in the manner as you have stated about yourself. not referring to your former employer but to your peers across the spectrum, what percentage of analysts would you opine operate in an independent fashion like yourself? what percentage of analysts have been pressured by the other side of the house but stuck to their guns? or caved?
I don't know any analysts personally and I appreciate any insights. thank you.
Anon - really interested in your opinion on this. It would be a good point of reference. Also, could you give us some background on a few of the stocks you used to cover? In fact, maybe you could get a handle a submit a guest post to TD. Seriously. I'd like to read more of what you have to say. Be forewarned - a follow-up question will be whether you still have a personal interest in GS.
just checking back as I am hoping to hear more from the retired analyst and echo the curiousity expressed by Cursive. Thank you.
deadhead, put down the bong and step away from the keyboard. Anon is a liar, why do you show him any respect?
I don't presume that anon/retired analyst is a liar. I don't presume that every analyst is a liar. I am interested in what he/she has to say, kind of the content thing.
I prefer to show respect (and kindness) right off the bat, kinda like the whole innocent until proven guilty thingee.
not that it is germane, but it has been many, many years since i've done the bonging thing.
Total Bullshit.
Please provide a list of "sell" recommendations that Goldman has on any of their clients.
Goldman Sachs makes a market in the securities or derivatives thereof: Textron Inc. ($15.50)
GOLDMAN REPUTATION ZERO! But of course Mary we don't expect you to do anything it is after all "completely legal" ....as long as they disclose it....right?!
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Ya know, if the Cessnas don't sell, EZ Go Golf carts have got to have a V-shaped recovery. Or that fine piece of warfighting equipment, the V22 Osprey.
I have seen nothing to suggest that Santulli's departure from NetJets was involuntary. What is the source for that comment?
"WARNING, ALTITUDE ALTITUDE ALTITUDE"
No wonder in the recent past Imus hasn't mentioned Richard Santulli's name when talking about Netjet/Ijet which he uses. I always wondered the efficacy of the fractional ownership concept. --- ttime
You peel back the veneer of the well-crafted Wall Street haughtiness from these investment banks and they begin to look and sound like a Carlton Sheets infomercial.
I just got a larger Cessna Citation,you know - more seats, bigger bar, etc, it's a few years old (10) and the asking price was $2.3m. Try $800 cash. Sold to the man with cash. But the jet business is great - too bad there are no buyers.
Nice buy. Rumors floating around of 7 to 10 yr old G4 bids being hit for $10 to $12.
well, I guess our former GS analyst decided not to come back....if you do, please send your notes to zh in an email as I hope it will be published as a contributor item.
some of us check.....