Goldman Sachs Lowers Financial Estimates (AB, ABLk, BLK, CLMS, CME, BEN, GBL, IVZ, JNS, NITE, LAB, LM, MKTX, NYX, TROW, PZN, NDAQ, TRAD)

Goldman Sachs has lowered estimates on many financial services players this morning:

• AllianceBernstein (AB) (buy);
• AMBAC Financial (ABK) (neutral);
• Blackrock (BLK) (buy);
• Calamos Asset Mgmt. (CLMS) (neutral);
• CME Group (CME) (buy);
• Franklin Resources (BEN) (neutral);
• Gamco Investors (GBL) (sell);
• INVESCO plc (IVZ) (neutral);
• Janus Capital (JNS) (neutral);
• Knight Trading (NITE) (buy);
• Labranche (LAB) (sell);
• Legg Mason (LM) (neutral);
• Marketaccess Holdings (MKTX) (neutral);
• NYSE Euronext (NYX) (neutral);
• T. Rowe Price (TROW) (neutral);
• Pzena Investment Mgmt. (PZN) (neutral);
• The NASDAQ Stock Market (NDAQ) (neutral);
• TradeStation (TRAD) (neutral)

Jon C. Ogg
January 10, 2008