Goldman Sachs Barks But Has No Bite (NYSE:M)

"Does anyone actually care if Goldman downgrades a stock" cynically remarked Allan Edwards the CEO of The Markets Are Open. Goldman has done a very poor job this year with their recommendations. Edwards was referring to Goldman's frequent upgrade and downgrades of stocks which can influence stock prices but only in the short run. Edwards continued "I can't remember how many times U.S. Steel a stock I own for my charitable trust has been put on a buy, then a conviction buy, then put on neutral, then back to a buy... It happens maybe three times a month by Goldman."

Edwards noted that the stock he has recommended J.C. Penny has not fallen despite the downgrade by Goldman. He advised clients to buy J.C. Penny on Goldman induced weakness.

Macy's stock is currently down over 4% on the downgrade.

To read Edwards J.C. Penny report Click Here