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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 companyís 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 bankís 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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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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May 11, 2015
09:58 EDTCBarclays expected to pay GBP2B to settle forex rigging charges, FT says
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09:28 EDTCCiti says DOJ talks could include guilty plea on antitrust charge
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09:14 EDTCCiti says DOJ declined prosecution with respect to LIBOR
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08:18 EDTCBanks executives seek to push back on 'false, damaging' statements, WSJ reports
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May 10, 2015
20:03 EDTCCiti, JPMorgan, UBS consider exiting U.K., Financial Times says
Citi (C), JPMorgan (JPM), and UBS (UBS) are considering exiting their London operations due to the U.K.'s bank levy, reports the Financial Times, citing people familiar with the matter. There is particular focus among the banks to reduce repurchase agreements, said three senior industry figures. The Financial Times notes that the recent Conservative win could see political maneuvers to reduce or renegotiate the levy, potentially persuading the banks to stay. Reference Link
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