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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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July 2, 2015
12:22 EDTCBrazil investigates banks for exchange rate manipulation
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July 1, 2015
07:57 EDTCU.S. banks not facing significant direct losses on Greek default, WSJ says
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June 29, 2015
16:00 EDTCOptions Update; June 29, 2015
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June 26, 2015
07:28 EDTCKKR-backed Coffee Day plans $181M IPO in India, Bloomberg reports
Coffee Day Enterprises, which includes KKR (KKR) among its investors, plans to raise as much as $181M from an initial share sale in India, Bloomberg reports. Kotak Mahindra Capital, Citi (C), and Morgan Stanley (MS) are among the managers to the planned sale, the report says. Reference Link
06:38 EDTCCiti plans to combine retail banking, mortgage operations, Reuters says
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June 25, 2015
10:11 EDTCBrooks Brothers, Citi announce exclusive credit card relationship
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07:13 EDTCFed director says full transparency in stress testing can be 'enormous weakness'
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05:35 EDTCCiti apppointed depository bank for Celyad ADR program
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June 24, 2015
10:00 EDTCOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: Autoliv (ALV) downgraded to Sell from Neutral at Goldman... Catamaran (CTRX) downgraded to Neutral from Buy at UBS... Citi (C) downgraded to Hold from Buy at Deutsche Bank... Esperion (ESPR) downgraded to Neutral from Outperform at Credit Suisse... Fortinet (FTNT) downgraded to Neutral from Buy at Citi... General Motors (GM) downgraded to Neutral from Buy at Goldman... Goldman Sachs (GS) downgraded to Hold from Buy at Deutsche Bank... IBERIABANK (IBKC) downgraded to Neutral from Outperform at Baird... Independent Bank (INDB) downgraded to Underperform from Neutral at Baird... Inphi (IPHI) downgraded to Market Perform from Outperform at Northland... MoneyGram (MGI) downgraded to Neutral from Outperform at Macquarie... Sensata (ST) downgraded to Hold from Buy at Cross Research... Teradyne (TER) downgraded to Buy from Conviction Buy at Goldman... Alcobra (ADHD) downgraded to Hold from Speculative Buy at WBB Securities.
06:37 EDTCDeutsche downgrades Citi, Goldman after share rallies
Deutsche Bank analyst Matt O'Connor recommends using the strong share performance of both Citi (C) and Goldman Sachs (GS) as on opportunity to take profits. The analyst this morning downgraded shares of both investment banks to Hold from Buy. Citi is up 21% from the lows on January 30 while Goldman is up 30% since July 1, 2014, the analyst points out. On Citi, O'Connor sees less near term upside with fixed income trading entering a seasonally weak period and core cost reductions largely over. On Goldman, the analyst sees a lack of catalysts to drive the stock meaningfully higher in the near term. His top picks among U.S. Banks are Bank of America (BAC), JPMorgan (JPM), M&T Bank (MTB) and SunTrust (STI).
06:27 EDTCCiti downgraded to Hold from Buy at Deutsche Bank
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June 23, 2015
09:36 EDTCActive equity options trading on open
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06:25 EDTCBarclays-Stifel deal marks end of Lehman legacy, Business Insider reports
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