Big News: Goldman Sachs Group, MGM Resorts International, H&R Block


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NYSE:GS / NYSE:HRB
03/08/2013 [ACCESSWIRE]

NEW YORK, March 08, 2013 - vb-news.net, one of the leaders in providing investment alerts on U.S. stocks are announcing Investment Highlights on Goldman Sachs Group, MGM Resorts International, H&R Block.

Goldman Sachs Group, Inc.(NYSE:GS) has comes to the decision that it would name managing directors in every 2 years instead of doing so on a yearly basis.

Reuters has reported this after viewing a memo. The less often formula will take effect in after the 2013 batch of managing directors are declared.The immensely popular title has been so far awarded yearly since 1996 since the system kicked in.

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A spokesman on behalf of Goldman Sachs has confirmed the details mentioned in the memo.

The memo written by CEO and Chairman, Lloyd Blackfein and Chief Operating Officer Gary Cohn revealed that the biennial process will let the company put in more money in the selection process of the managing director. That way, the process will remain to be a rigorous as well as a disciplined routine. 

The move will help in making sure that the title of managing director remains to be inspirational as it should be for the top performers in the company.

There were no details regarding the change affecting the number of managing directors being chosen in the memo.

In other news, Asian Coast Development that is developing the first largest scale integrated resort in Vietnam has stated on Thursday that MGM Resorts International (NYSE:MGM), its partner, will not be managing the project anymore.

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This can be seen as the most recent setback in the project.  The resort in Ho Trum is two-hour’s drive from Ho Chi Minh City. It has been beset with issues including licensing and financing problems. Its location away from the main city makes it less convenient to access for gamblers.

ACDL has given no reason for MGM’s move. Officials at MGM could not be reached for a comment immediately.

CEO Lloyd Nathan stated that MGM has assisted in the employing and training processes of ACDL’s 2,000 workers, who were a part of the Vietnamese hospitality. 

H&R Block, Inc.(NYSE:HRB) late Thursday reported a net loss of $17.7 million or 7 cents a share for the quarter to January 31. That compares with a loss of $3.3 million, or a penny per share, in the same period a year earlier.

Revenue fell 29 percent, to $472 million.  

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Adjusting for one-time items, H&R Block's loss was $60 million, or 22 cents per share. The results lagged expectations.

Analysts had, on average, anticipated an adjusted loss of a penny per share on revenue of $563.6 million.

The company's stock rose $2.20, or 9 percent, to $27.18 following the release of the earnings report and hit a new 52-week high of $27.50. It is up over 30 percent so far this year. 

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