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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.
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July 14, 2014
10:29 EDTCCitigroup sees Citi Holdings remaining profitable for the rest of the year
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10:26 EDTCCitigroup sees NIM roughly flat to Q2 levels for rest of year
Says on track for headcount reduction goal in 2014. Says sees sequential revenue growth in Korea during the year. Sees FY NCL rate in Asia, Latin America roughly in line with 1H levels.
10:25 EDTCDOJ: Settlement doesn't absolve Citigroup, others from possible criminal charges
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10:08 EDTCCitigroup CEO says sees improved revenue picture in 2H
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09:48 EDTCCitigroup likely to outperform today following report, says Wells Fargo
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09:38 EDTCCitigroup says headwinds abating in Global Consumer Banking
Says Q2 Markets revenues were impacted by low volatility, ongoing macro uncertainty. Says results showing progress despite difficult operating environment. Says seeing continued underlying growth in Treasury & Trade Solutions. Comments from slides that will be presented on the Q2 earnings conference call.
09:36 EDTCActive equity options trading on open
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09:16 EDTCOn The Fly: Pre-market Movers
HIGHER: Citigroup (C), up 3.6% after reporting better than expected Q2 results, announcing $7B settlement with DOJ and FDIC... Apple (AAPL), up 0.7% after Barclays upgrades stock to Overweight, Morgan Stanley raises Apple estimates above consensus... Shire (SHPG), up 1.6% after receiving revised proposal from AbbVie (ABBV) of GPB 53.20 per share, which it says it would be willing to recommend to Shire shareholders. AbbVie is down 2.8% after the news... Mylan (MYL), up 4% after acquiring Abbott's (ABT) non-U.S. developed markets specialty and branded generics business in all-stock transaction valued at about $5.3B. Abbott up 1.6% after the news... Progenics (PGNX), up 13% after FDA says RELISTOR can be approved on data submitted in sNDA... Exelixis (EXEL), up 13% after announcing coBRIM Phase 3 trial met primary endpoint... URS (URS) up 8% after acquired by AECOM Technology (ACM) for $56.31 per share. AECOM shares alos up 2% after deal announcement... Whiting Petroleum (WLL), up 4.5% after agreeing to acquire Kodiak Oil & Gas (KOG) in a $6B transaction. Kodiak Oil & Gas up 3%... Kandi Technologies (KNDI), up 11% after announcing JV's sale of 4,114 EVs in Q2. LOWER: Riverbed (RVBD), down 4.5% after saying it sees its Q2 adjusted EPS at low end of 26c-28c range... Harmonic (HLIT), down 13% after reporting preliminary Q2 earnings results.. EBay (EBAY), down 0.5% after downgraded at Pacific Crest, confirming partnership plans with Sotheby's (BID).
08:05 EDTCCitigroup reports Q2 Citi Holdings assets down 15% to $111B
Citi Holdings revenues in Q2 increased 33% versus the prior year period to $1.5B. Revenues in the second quarter 2014 included CVA/DVA of negative $1M compared to positive $15M in the prior year period. Excluding CVA/DVA, Citi Holdings revenues increased 35% to $1.5B primarily driven by the absence of repurchase reserve builds for representation and warranty claims in the current quarter, a higher level of gains on asset sales compared to the prior year and lower funding costs. As of the end of the quarter, total Citi Holdings assets were $111B, 15% below the prior year period, and represented approximately 6% of total Citigroup assets.
08:03 EDTCCitigroup reports Q2 Citicorp revenue $17.88B
Reports Q2 Citicorp revenues of $17.9B declined 8% from the prior year period. CVA/DVA, reported within ICG, was negative $32M in Q2, or negative $20M after-tax, compared to positive $462M, or $284M after-tax, in the prior year period. Excluding CVA/DVA, revenues were down 5% from Q213, reflecting declines in both GCB and ICG revenues of 3% and 7%, respectively. GCB revenues of $9.4B declined 3% from the prior year period, as lower U.S. mortgage refinancing activity, regulatory changes, repositioning actions in certain markets and the continued impact of spread compression globally more than offset the impact of the Best Buy portfolio acquisition and ongoing volume growth in most international businesses. ICG revenues declined 11% from the prior year period to $8.5B. Excluding the impact of CVA/DVA, revenues were $8.5B, 7% lower than the prior year period, primarily reflecting a decline in Fixed Income Markets and Equity Markets revenues, partially offset by higher Investment Banking revenues.
08:03 EDTCCitigroup CEO: Businesses showed resilience during uneven economic environment
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08:02 EDTCCitigroup reports Q2 allownace for loan losses $17.9B
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08:01 EDTCCitigroup reports Basel III Tier 1 Common ratio 10.6% at quarter end
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07:59 EDTCCitigroup reports Q2 EPS $1.24 ex-items, consensus $1.05
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07:05 EDTCCitigroup to settle DOJ, FDIC claims for $7B
07:03 EDTCCitigroup CEO: Settlement in best interests of shareholders
07:02 EDTCCitigroup CEO says has resolved substantially all legacy RMBS, CDO litigation
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07:01 EDTCCitigroup to take charge of approximately $3.8B pre-tax in Q2
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07:01 EDTCCitigroup to settle DOJ, FDIC claims for $7B
Citigroup announced that it has reached an agreement to settle the ongoing investigation of the Residential Mortgage-Backed Securities Working Group, part of the Financial Fraud Enforcement Task Force. Today’s agreement resolves actual and potential civil claims by the U.S. Department of Justice, several state attorneys general and the Federal Deposit Insurance Corporation relating to RMBS and collateralized debt obligations (CDOs) issued, structured or underwritten by Citi between 2003 and 2008. Under the terms of the settlement, Citigroup will pay a total of $4.5B in cash and provide $2.5B in consumer relief. The cash portion consists of a $4 billion civil monetary payment to the DOJ and $500M in compensatory payments to the State AGs and the FDIC. The consumer relief will be in the form of financing provided for the construction and preservation of affordable multifamily rental housing, principal reduction and forbearance for residential loans, as well as other direct consumer benefits from various relief programs. Citigroup has agreed to provide the consumer relief by the end of 2018. Michael Corbat, CEO of Citigroup, said, “The comprehensive settlement announced today with the U.S. Department of Justice, state attorneys general, and the FDIC resolves all pending civil investigations related to our legacy RMBS and CDO underwriting, structuring and issuance activities. We also have now resolved substantially all of our legacy RMBS and CDO litigation. We believe that this settlement is in the best interests of our shareholders, and allows us to move forward and to focus on the future, not the past.”
07:00 EDTCCitigroup announces settlement with RMBS Working Group
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