Wall Street Manna

An irreverent look at Wall Street

Tuesday, August 25, 2009

Remember Goldman's BIDU upgrade?

On June 17, Goldman Sachs upgraded BIDU to 350. The story is here. I shorted the stock into their upgrade, and pocketed the $25 points on the downside, covering my position on June 23, as advertised here.

What did Goldman Sachs do with the shares of BIDU that they owned? They sold, 340,399 shares in Q2, or 81% of their position.

6/30/2009 79,586 (340,399) (81.05%)

Goldman touted the stock higher, but they didn't believe their own tout, but to their credit BIDU did trade higher in Q3.

It's just another huddle for Goldman, I guess!


At August 25, 2009 at 11:50 PM , Anonymous Anonymous said...

You would think by now the public would have caught onto Goldman's little game.

At August 26, 2009 at 12:25 AM , Blogger Palmoni said...

I think they finally have.


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