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Stock Market & Financial Investment News

News Breaks
January 16, 2013
14:08 EDTCEarnings Preview: Citigroup to report results after naming new CEO
Citigroup (C) is scheduled to report Q4 earnings before the open on Thursday, January 17, with a conference call scheduled for 11:00 am ET. Citigroup is a bank that provides a wide array of financial services. EXPECTATIONS: Analysts are looking for EPS of 96c on revenue of $18.82B, according to First Call. The consensus range for EPS is 84c-$1.09 on revenue of $16.49B-$19.57B. LAST QUARTER: Citigroup reported Q3 EPS of $1.06 -- excluding certain items related to the valuation of derivatives -- against estimates for 96c, on revenue of $19.41B against estimates for $18.35B. Last quarter the bank's fixed income jumped 63% year-over-year, but its global consumer banking revenue increased just 2% and its overall securities and banking revenue fell 29% Citigroup stated that it was managing its risks "very carefully," and predicted that its net interest margin would remain pressured in the fourth quarter, but added that it expected to benefit from strong mortgage refinancing trends in the fourth quarter. In November former Citigroup CEO Vikram Pandit resigned after reportedly clashing with the bank's board over management issues. The board selected Michael Corbal, who was serving as Citigroupís CEO of Europe, Middle East and Africa, to replace Pandit. The bank on December 5 announced that it would cut 11,000 positions and on January 7 named two co-presidents, Jamie Forese and Manuel Medina-Mora. Forese is heading the bank's institutional businesses, while Medina-Mora is overseeing its Global Consumer Banking and its franchise in Mexico. Also on January 7 Citigroup estimated that it would take a pretax charge of $305M to settle charges of mortgage foreclosure improprieties. STREET RESEARCH: Several research firms have issued optimistic notes about Citigroup in recent weeks. On January 7 Wells Fargo added Citigroup to its Priority Stock List. Wells upgraded the stock because of what it sees as the bank's diversified fee revenue streams,ability to realize operating leverage gains, improving capital return, and ability to obtain above average returns from a late stage credit recovery. RBC Capital on January 9 increased its price target on Citigroup to $48 from $44. Although RBC lowered its estimates for the bank to reflect lower expected capital markets revenue from fixed income trading, the firm expects the stock to be supported by cost cutting and the continuing recovery of the U.S. economy. It maintained an Outperform rating on the shares. PRICE ACTION: Over the last three months, Citigroup's stock has risen over 14% to above $42, after reaching a trough of ~$34 in early December.
News For C From The Last 14 Days
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February 20, 2015
15:05 EDTCSpringleaf in lead to buy OneMain for over $4B, Reuters says
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14:18 EDTCSpringleaf in advanced talks to buy OneMain from Citi for over $4B, Reuter says
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10:47 EDTCNY AG says Santander Bank to adopt new policies regarding use of ChexSystems
New York Attorney General Eric T. Schneiderman announced that Santander Bank, N.A. (SAN) has agreed to adopt new policies governing its use of ChexSystems, a consumer-reporting agency that screens people seeking to open checking or savings accounts. Santanderís new policies are expected to allow thousands of additional New Yorkers and consumers nationwide to open bank accounts by September 30. The change comes amid concerns that screenings by ChexSystems and other consumer-reporting agencies, which are used by most of the nationís banks, adversely affect lower-income applicants and force them to turn to high-cost alternative financial services like check-cashing outlets. With this agreement, Santander now joins Capital One (COF) and Citibank (C) as the third bank to commit to overhaul its use of ChexSystems. The three banks operate a combined 613 branches across New York State and 2,822 branches nationwide.
08:54 EDTCCiti confirms retirement of global consumer banking head Manuel Medina-Mora
In a filing, Citigroup said that on February 18, Manuel Medina-Mora, Citiís Co-President and CEO, Global Consumer Banking, submitted a notice of retirement to Citi. The effective date of the retirement is June 1.
08:43 EDTCCiti's head of consumer banking set to retire in June, WSJ reports
Citigroup co-president and head of consumer banking, Manuel Medina-Mora, is planning to retire in June, The Wall Street Journal reports, citing memos sent by Medina-Mora and Citigroup CEO Michael Corbat. Medina-Mora is expected to stay with the bank as the non-executive chairman of Banamex. Citigroup plans to name a new head of the consumer bank "in the near future." Reference Link
February 19, 2015
06:47 EDTCReport shows subprime consumer loans at pre-2007 levels, WSJ says
Equifax (EFX) has released a report stating nearly 40%, or 50M, of auto loans, credit cards, and personal loans during the first 11 months of 2014 were made to subprime customers, the highest levels since the 2007 financial crisis, reports the Wall Street Journal. LendingTree (TREE) Chief Marketing Officer Gabriel Dalporto attributes the growth to nonbank lenders under less regulatory scrutiny than large banks. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
February 18, 2015
09:37 EDTCOption volume leaders on open
Option volume leaders: AAPL TSLA TWTR CELG APO NFLX AXP APA LNKD C GILD according to Track Data.
08:11 EDTCCiti announces $100b, 10-year commitment to finance sustainable growth
Citi announced a landmark commitment to lend, invest and facilitate a total of $100B within the next 10 years to finance activities that reduce the impacts of climate change and create environmental solutions that benefit people and communities. Citiís previous $50B goal was announced in 2007 and was met three years early in 2013. With this $100B initiative, Citi will build on its leadership in renewable energy and energy efficiency financing to engage with clients to identify opportunities to finance greenhouse gas reductions and resource efficiency in other sectors, such as sustainable transportation.
07:21 EDTCJPMorgan, Citi top government report of riskiest banks, Reuters reports
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February 17, 2015
16:00 EDTCOptions Update; February 17, 2015
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14:01 EDTCCiti reports January credit loss 2.30% vs. 2.79% last month
Reports January delinquencies 1.61% vs. 1.56% last month.
09:40 EDTCActive equity options trading on open
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08:04 EDTCWuXi PharmaTech enters into loan agreement with consortium led by Citi
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06:39 EDTCBanks settle claims related to mortgage securities, Reuters says
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February 13, 2015
17:52 EDTCThird Point gives quarterly update on stakes
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17:05 EDTCAppaloosa gives quarterly update on stakes
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06:32 EDTCSumitomo Mitsui may look to buy Citi's credit card unit in Japan, Nikkei says
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February 12, 2015
16:02 EDTCOptions Update; February 12, 2015
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15:38 EDTCFed to release results from latest bank stress tests in March
The Federal Reserve Board on Thursday announced that results from the latest supervisory stress tests conducted as part of the Dodd-Frank Act will be released on Thursday, March 5, and the related results from the Comprehensive Capital Analysis and Review, CCAR, will be released on Wednesday, March 11. Results for both exercises will be released at 4:30 p.m. Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC). Reference Link
13:02 EDTCCiti raises prices, margins for currency trades, Bloomberg says
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