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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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August 31, 2015
06:35 EDTCCiti plans to rebuild equities franchise, Reuters reports
Citigroup (C) is planning to rebuild its equities franchise in an effort to capitalize on a retrenchment by rivals in the face of new rules created to make the financial system less risky, Reuters reports, citing people familiar with the bank's plans. It may be tough to overcome leaders such as Goldman Sachs (GS), Morgan Stanley (MS), and JPMorgan Chase (JPM), that have long dominated the sector, the report says. Citi is aiming to profit from a retreat of rivals slow to adapt new rules forcing banks to keep more capital, the report says. Deutsche Bank (DB), Credit Suisse (CS), and Barclays (BCS) are among others rebuilding their investment banking businesses, the report adds. Reference Link
August 28, 2015
10:02 EDTCOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: ADP (ADP) upgraded to Outperform from Market Perform at William Blair... ASML (ASML) upgraded to Buy from Hold at Berenberg... Abercrombie & Fitch (ANF) upgraded on Hollister fundamentals at RBC Capital... Akamai (AKAM) upgraded to Outperform from Market Perform at JMP Securities... Ares Capital (ARCC) upgraded to Outperform from Market Perform at Raymond James... Banco Santander (SAN) upgraded on valuation at Deutsche Bank... CIBC (CM) upgraded to Neutral from Underperform at Credit Suisse... Canon (CAJ) upgraded to Hold from Sell at Deutsche Bank... Citi (C) upgraded to Buy from Neutral at Guggenheim... Ctrip.com (CTRP) upgraded to Buy from Hold at Stifel... El Pollo Loco (LOCO) upgraded at Stifel... Genomic Health (GHDX) upgraded to Market Perform from Underperform at Raymond James... Golar LNG (GLNG) upgraded on valuation, upcoming project completion at Stifel... Habit Restaurants (HABT) upgraded to Buy from Hold at Stifel... Helmerich & Payne (HP) upgraded to Overweight from Equal Weight at Stephens... Himax (HIMX) upgraded to Outperform from Neutral at Credit Suisse... Huntington Bancshares (HBAN) upgraded to Buy from Neutral at Guggenheim... InterContinental (IHG) upgraded to Outperform from Neutral at Credit Suisse... Knight Transportation (KNX) upgraded to Strong Buy on valuation at Raymond James... LogMeln (LOGM) upgraded to Overweight from Sector Weight at Pacific Crest... Patterson Companies (PDCO) upgraded to Overweight from Neutral at Piper Jaffray... Qunar (QUNR) upgraded on valuation, positive catalysts at Stifel... Regions Financial (RF) upgraded to Buy from Neutral at Guggenheim... Ryder (R) upgraded to Strong Buy from Outperform at Raymond James... SVB Financial (SIVB) upgraded to Buy from Neutral at DA Davidson... Seagate (STX) upgraded to Buy from Hold at Cross Research... Sinopec (SNP) upgraded to Neutral from Sell at Citi... Summit Hotel Properties (INN) upgraded to Outperform at Baird... Texas Capital (TCBI) upgraded to Buy from Neutral at DA Davidson... The Medicines Co. (MDCO) upgraded to Buy from Hold at Jefferies... U.S. Bancorp (USB) upgraded to Buy from Neutral at Guggenheim... Weatherford (WFT) upgraded to Overweight from Equal Weight at Stephens.
06:48 EDTCCiti upgraded to Buy from Neutral at Guggenheim
August 27, 2015
13:42 EDTCAnalyst says Abbott-St. Jude deal looks unlikely
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07:57 EDTCPlatts to hold a conference
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06:46 EDTCFed ups scrutiny of U.S. bank payment systems, WSJ reports
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06:34 EDTCBanks, investors may suffer from margin calls, WSJ reports
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August 25, 2015
16:49 EDTCHSBC, others back Abengoa capital increase, Reuters says
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16:06 EDTCOptions Update; August 25, 2015
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12:20 EDTCOn The Fly: Top stock stories at midday
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11:12 EDTCNumerous analysts upgrade Bank of America amid market rebound
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August 24, 2015
07:05 EDTCCitigroup volatility at high end of range
Citigroup August weekly call option implied volatility is at 39, October is at 30; compared to its 52-week range of 14 to 30, suggesting large near term price movement.
August 21, 2015
16:01 EDTCOptions Update; August 21, 2015
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August 20, 2015
06:07 EDTCSamsung Bioepis picks Citi, Goldman as lead managers for IPO, Reuters says
Samsung Bioepis has selected Citigroup (C) and Goldman Sachs (GS) as the lead managers for its planned listening on Nasdaq next year, a source tells Reuters. Morgan Stanley (MS) and Credit Suisse (CS) will also take part in the listing for Samsung's (SSNLF) biosimilar drug development arm, the source says. Reference Link
August 19, 2015
10:58 EDTCCiti to pay $15M to settle SEC charges of compliance, surveillance failures
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10:06 EDTCCiti reports July credit loss 2.33% vs. 2.49% last month
Reports July delinquencies 1.46% vs. 1.42% last month.
06:24 EDTCCiti to give back additional $4.5M in fee overcharges, Reuters reports
Citigroup subsidiary Citigroup Global Markets has reached an agreement with the New York attorney general to return $4.5M in account management fees charged on roughly 15,000 frozen accounts, Reuters reports. As a result of the deal, more than $20M will be refunded to Citi customers for overcharges in a probe started by New York attorney general Eric Schneiderman, the report says. Reference Link
August 18, 2015
08:06 EDTCCiti sells alternative investor services unit to SS&C
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08:02 EDTCSS&C acquires Citi's alternative investor services business
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07:56 EDTCCiti reports July credit loss 2.33% vs. 2.49% last month
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