It’s not surprise that Goldman Sachs Group Inc.’s stock is declining in the wake of first-quarter results reported before the open, but how much it’s falling may shock for investors. The banker’s stock slumped 4.2% in morning trade to $216.78 after both profit and sales missed expectations. That would be the biggest one-day, post-earnings percentage decline since it fell 4.7% on Jan. 19, 2011 after Goldman reported fourth-quarter 2010 results. On the day following the previous 25 quarterly reports since then, the stock has fallen after 16 of them, by an average of 1.5%, according to an analysis of FactSet data. On the days after quarterly reports that the stock rose, the average gain was 2.8%. Analyst Steven Chuback at Instinet said Tuesday’s report offers Goldman bears “quite a bit of fodder” given the significantly weaker trading results than its peers. He reiterated his neutral rating and $220 stock price target, which is just 0.8% above current levels. The stock has tumbled 9.3% year to date, while the SPDR Financial Select Sector ETF has eased 0.6% and the Dow Jones Industrial Average has gained 4%.
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