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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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May 20, 2015
10:15 EDTCFive banks agree to parent-level guilty pleas in settlement over forex rigging
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10:09 EDTCCiti, JPMorgan, RBS, Barclays, UBS agreed to guilty pleas in forex settlement
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10:05 EDTCCiti announces ForEx settlements with Department of Justice, Federal Reserve
Citi announced that it has entered into settlements with the United States Department of Justice and the Board of Governors of the Federal Reserve System to resolve investigations into Citiís foreign exchange business. The settlement with the DOJ includes a guilty plea by Citicorp, a subsidiary of Citigroup, to a violation of the Sherman Antitrust Act and fine of $925M. The settlement with the Fed includes the entry of a cease and desist order and a civil money penalty of $342M. Citi also announced that it has reached a separate agreement to settle related private U.S. class action claims for a payment of $394M, subject to court approval. Citi expects to maintain its licenses and does not expect a material impact on its operations or ability to serve its clients. The payments required by each of the settlements Citi announced today are covered by existing legal reserves and will not require a charge to earnings in the second quarter of 2015.
10:05 EDTCCiti announces ForEx settlements with Department of Justice, Federal Reserve
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08:21 EDTCATM data theft soars to highest rate in two decades, WSJ says
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May 19, 2015
15:42 EDTCBanks' settlement over forex rigging to be announced tomorrow, CNBC says
Several banks are said to plan to plead guilty and pay "billions" in fines in a settlement over their roles in foreign exchange manipulation that is expected to be announced Wednesday, according to CNBC's Kate Kelly. Prior media reports have listed Barclays (BCS), Royal Bank of Scotland (RBS), UBS (UBS), JPMorgan (JPM) and Citigroup (C) as having been in talks with U.K. and U.S. authorities for their roles in foreign currency rigging.
May 18, 2015
09:46 EDTCMPLX enters common unit sales agreement for up to $500M
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09:36 EDTCActive equity options trading on open
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08:01 EDTCList of potential buyers of Citi Egyptian retail unit narrows, Reuters reports
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07:12 EDTCBarclays expected to face over GBP250M in fines for rigging, Telegraph says
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06:15 EDTCCiti divests 16% stake in Grupo Aeromexico, Reuters reports
Citigroup (C) has sold its 16% stake in Grupo Aeromexico, the Mexican airline says, Reuters reports. According to the airline, Barclays Capital (BCS) acquired about 8% of shares through a financial operation with Delta (DAL). Reference Link
May 15, 2015
14:07 EDTCCiti reports April credit loss 2.78% vs. 2.50% last month
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12:13 EDTCThird Point gives quarterly update on stakes
NEW STAKES: Yum! Brands (YUM), NXP Semiconductors (NXPI), FedEx (FDX), McKesson (MCK), and J M Smucker (SJM). INCREASED STAKES: Actavis (ACT), Roper Technologies (ROP), Delta Air Lines (DAL), and FleetCor Technologies (FLT). DECREASED STAKES: Ally Financial (ALLY), Amgen (AMGN), Phillips 66 (PSX), eBay (EBAY), and Anheuser Busch Inbev SA (BUD). LIQUIDATED STAKES: Alibaba Group (BABA), Citigroup (C), EMC Corporation (EMC), Anglo American (AAL), and Williams Companies (WMB).
07:50 EDTCDOJ tearing up prior UBS rigging settlement after new violations, WSJ reports
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May 14, 2015
06:49 EDTCBanks to pay several billion over alleged currency violations, NY Times says
Barclays (BCS), JPMorgan Chase (JPM), Citigroup (C) and the Royal Bank of Scotland (RBS) are expected to agree to pay a combined "several billion dollars" as part of a settlement with the U.S. over alleged foreign exchange rigging, according to The New York Times, which cited unnamed sources. The banks are also expected to plead guilty to criminal antitrust violations, but it is not anticipated that their operations will be significantly affected as a result of those pleas, the newspaper stated. Meanwhile, UBS (UBS) will pay a fine of up to $500M related to alleged "foreign currency misconduct," the newspaper stated. Reference Link
May 13, 2015
08:59 EDTCEasterly Government Properties names Meghan Baivier as COO
Easterly Government Properties (DEA) announced that Meghan Baivier has been named EVP and COO, effective May 12. Baivier will be responsible for overseeing the alignment of the firmís growth strategy and financial goals with operations, capital markets and finance activities. Prior to joining Easterly Government Properties, Baivier served as VP of Citigroupís (C) Real Estate and Lodging Investment Banking group.
07:29 EDTCUBS to hold a conference
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May 12, 2015
16:01 EDTCOptions Update; May 12, 2015
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14:13 EDTCBove says it may be time to buy bank stocks
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07:48 EDTCStandard & Poor's to hold a summit
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