What To Watch--July17th 2012

Financial News Network
July 19, 2012 AT 1:13 AM
From, this is the Financial News Network, your source for the latest business news. Here's a few things to watch for in the financial world today July 17.Goldman Sachs (NYSE:GS) beating analyst estimates on its second-quarter earnings this morning. The company posted an EPS of $1.78 per share on revenue of $1.33 billion. That is a 5% increase in revenue from the same quarter last year. The only bad news for the company is the 11% decrease in profits over the second quarter due to trading losses. But this has not deterred traders this morning. Goldman Sachs stock is up over 2%.HSBC (NYSE:HSBC) in trouble this morning as U.S. Senate reports are claiming the British bank allowed the laundering money for various illegal operations around the world. The probe into the bank ends a year-long inquiry with a review of 1.4 million documents and 75 interviews. There will be a hearing today with HSBC officials focused on the matter. The Senate will also have claims against the Office of the Comptroller of the Currency, a top regulator which, according to reports, failed to properly monitor HSBC. And Johnson & Johnson (NYSE:JNJ) is another company releasing their earnings this morning. The company posted an EPS of $1.30, basically in line with estimates of $1.29 a share. Revenue for the quarter fell 0.7% to $16.48 billion, below analyst estimates of $16.69 billion. This was lower than Johnson & Johnson expected and cited the negative impact of a stronger dollar as the cause. This led the company to cut its full-year forecast to the range of $5.00 to $5.07. Currently, JNJ stock is down close to 1%.Those were a few things to watch out for here on the Financial News Network. For more coverage and analysis of the business world check us out at or follow us on twitter @FNNOnline. I'm Chuck Pierce.