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What To Watch--July17th 2012

Financial News Network
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July 19, 2012 AT 1:13 AM
From Fnno.com, 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 fnno.com or follow us on twitter @FNNOnline. I'm Chuck Pierce.