Shares of Goldman Sachs Group Inc. slumped 1.1% in midday trade, as they started reversing earlier gains of as much as 1.7% just as the investment bank's post-earnings conference call kicked off. The share initially rallied after Goldman reported first-quarter profit and revenue that rose well above expectations. The stock's intraday high of $262.25 was hit in the opening couple minutes, while the conference call began at 9:30 a.m. ET. After spending $800 million on share repurchases during the first quarter, Chief Financial Officer Martin Chavez said on the call that given current capital levels, he didn't expect Goldman to execute share repurchases in the current quarter, according to a transcript provided by FactSet. Instinet analyst Steven Chubak said while results were "solid," they should spark "significant tug-of-war" among investors, as broad-based revenue strength is balanced with lower-quality revenue sources, such as from equity investing and the continued underperformance of its FICC (fixed income, commodities and currencies) business. The stock has gained 0.1% year to date, while the SPDR Financial Select Sector ETF has slipped 0.6% and the Dow Jones Industrial Average has gained 0.5%.
Read the full story: Goldman had a below-average quarter trading its own stock