Congressman Bets on Goldman Sachs Ahead of Earnings Report

Congressman Michael Rulli (R-Ohio) recently disclosed several stock transactions for September, which have caught the attention of retail investors. On September 3, he sold between $1,000 and $15,000 worth of Wells Fargo (NYSE:WFC) stock and purchased a similar amount of Goldman Sachs (NYSE:GS) stock. Later, on September 28, he sold $1,000 to $15,000 in Microsoft Corp (NASDAQ:MSFT) stock.

The notable aspect of these trades is the timing, as both Wells Fargo and Goldman Sachs are set to report their quarterly earnings on October 13. Analysts expect Goldman Sachs to post earnings per share of $14.31, up from $12.25 year-over-year, and revenue of $16.98 billion, up from $15.18 billion. The company has a strong track record of beating estimates, having done so in six straight quarters for earnings per share and five of the last six quarters for revenue.

Rulli's trading history is relatively small, with 38 trades worth around $371,000, according to data from Quiver Quantitative. However, he has previously been flagged for disclosing some trades years after they were made, violating the STOCK Act. Rulli took office in 2024 and has a net worth of $27 million.