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Stock Market & Financial Investment News

News Breaks
January 15, 2014
13:13 EDTCEarnings Preview: Outlook mixed for Citigroup into Q4 results
Citigroup (C) a bank holding company, is scheduled to report fourth quarter earnings before the open on Thursday, January 16, with a conference call scheduled for 11:00 am ET. EXPECTATIONS: Analysts are looking for EPS of 96c on revenue of $18.18B, according to First Call. The consensus range for EPS is 83c-$1.14 on revenue of $17.23B-$19.01B. LAST QUARTER: Citigroup reported weaker than expected third quarter results. The bank stated that its third quarter performance was hampered by the economy. The company’s fixed income business was especially hurt by the macro situation, the bank stated. Among the macro issues that hurt Citi were global spread compression and regulatory changes in certain markets, and headwinds from North America mortgages. The bank’s net interest margin inched down to 2.81% in the third quarter, from 2.85% in the second quarter. Citi predicted that its net interest margin would remain "roughly flat" in the fourth quarter, adding that it expected to release loan loss reserves above the necessary amount in order to offset reduced mortgage origination rates in the fourth quarter. PEERS: So far the fourth quarter results of the large banks have been mixed, with JPMorgan (JPM) reporting higher than expected profits excluding certain items but lower than expected revenue, and Wells Fargo (WFC) and Bank of America (BAC) both reporting results that surpassed expectations. STREET RESEARCH: In a note to investors on January 7, research firm Oppenheimer called Citigroup's stock undervalued. Citigroup's Citicorp is the last great value in the banking sector, the firm contended. Moreover, Citigroup will eventually return its approximately $68B in excess capital to shareholders, according to Oppenheimer, which thinks that Citigroup's stock is worth $73-$78 per share if the value of the $68B is included in the calculation. It kept an Outperform rating on the shares. Less optimistic was research firm Jefferies, which listed several concerns about Citigroup in a note to investors on January 8. Specifically, the firm was concerned that analysts may cut their EPS estimates for the company, due to a weaker trading environment and a slowdown of emerging market economies. Although it's unlikely that the stock will drop significantly, it could underperform other large banks, added Jefferies, which kept a Hold rating on the stock. Similarly, Deutsche Bank on December 4 cut its rating on Citigroup to Hold from Buy, citing concerns about the macro economy and the valuation of its stock, along with the impact of the Fed's tapering program. Deutsche reduced its price target on Citigroup to $56 from $61. PRICE ACTION: Citigroup's stock is up nearly 8% over the last month, and is up 1.7% in today's trading ahead of tomorrow's earnings report.
News For C From The Last 14 Days
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November 24, 2014
09:46 EDTCCitigroup Global Markets fined $15M by FINRA for supervisory failures
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09:39 EDTCActive equity options trading
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07:01 EDTCFed could further restrict banks' commodities businesses, NY Times says
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November 21, 2014
07:24 EDTCBB&T CEO says 'banks lending recklessly' again, Reuters reports
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November 20, 2014
07:21 EDTCCitigroup's OneMain could receive bids from Springleaf, Centerbridge, WSJ says
Springleaf Holdings (LEAF) and Centerbridge Partners are said to be considering separate bids for OneMain, Citigroup's (C) subprime lending business, The Wall Street Journal reports. The unit could fetch over $4B, a source says. Other sources say the sale process for OneMain is in the early stages and other bidders may emerge. Reference Link
November 19, 2014
15:59 EDTCCitigroup latest bank to mull sale of index business, Reuters reports
Citigroup, amid increased regulatory scrutiny, is weighing a sale of its index business, said Reuters, citing two sources familiar with the situation. Reference Link
08:27 EDTCCiti cuts 35 capital markets jobs in London, Reuters reports
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07:51 EDTCClearing House Payments Company to hold a conference
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07:37 EDTCCitigroup to hold a conference
Global Financial Conference is being held in Singapore on November 19-20.
November 17, 2014
14:16 EDTCCitigroup reports October credit loss 2.18% vs. 2.53% last month
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