Dennis Block, co-chair of the corporate M&A practice at Cadwalader, Wickersham & Taft, told CNBC’s “Closing Bell” that activist shareholders are unlikely to break up Citigroup. “It’s a wakeup call,” Block said Friday. “(Citigroup) has a very competent CEO who understands the need to get out there and explain why the business makes sense and how he’s going to grow it and how share price is going to be reflected by his activities.”
Executives at Citigroup say activist hedge funds may step up pressure to break up the company, the Financial Times reported.
Stocks are barely budging ahead of the open today as traders wade through a few earnings reports and look to personal income and spending data, construction spending and the Chicago purchasing managers reports. European markets are higher, while oil is trading slightly lower.
Citigroup executives are worried that hedge funds may pressure a breakup of the world’s biggest financial services company, the Financial Times reported.
As if traders are taking a collective sigh ahead of this morning's gross domestic product report, stock prices are languishing in lower territory after their recent run. Earnings news continues to power prices of some standouts, like Microsoft, which is rising after yesterday's strong report.
Citigroup says its takeover bid for Japan's Nikko Cordial has succeeded after Nikko shareholders tendered 61% of the brokerage's stock at a cost of $7.7 billion. Citibank offered to buy all Nikko shares at 1,700 yen and was seeking a minimum 50% stake.
New York Attorney General Andrew Cuomo announced Wednesday that two more student lenders have agreed to abide by a code of conduct designed to protect students from questionable college lending practices.
Stocks are set to move higher at the opening, with the Dow heading straight for the 13,000 mark. European shares are higher, as the rising euro closes in on its all-time high against the dollar. Overnight, Asian stocks were lower, with Tokyo stocks falling on worries about the U.S. consumer after yesterday's weak housing data and consumer confidence number. Japanese automakers' shares were dented in the selling.
Citigroup takeover target Nikko Cordial reported a 38% increase in quarterly net profit on Tuesday as a beneficial change in its tax status compensated for a decline in underlying earnings.
Citigroup, HSBC and two other foreign banks on Monday officially began offering local currency retail banking services to customers in mainland China, aiming to woo potential clients with better services than local lenders usually provide.
JP Morgan Chase, the nation's largest bank, said Wednesday earnings rose 55%, reflecting strength across most of its primary business lines, although it increased reserves to offset subprime mortgage losses.
Celeb and champion poker player Chris Moneymaker widens his lead in first place to almost $60K with the smart bet on Rio Narcea Mines which was up 3.33%, and Garson lost on Mattel which was down 0.85%. AND--maybe more importantly-- Hall of Fame catcher Johnny Bench moves up two more spots from 8th to 6th on gains in American Oriental Bioengineering and CKX . Go, Johnny go!
Several large U.S. banks reported slowing profit growth on Tuesday amid struggles with interest-rate pressures and rising loan losses, including from mortgages. Wells Fargo, the fifth-largest U.S. bank, bucked the trend, boosting profit 11% despite its large exposure to the struggling mortgage sector.
Stocks are set to open higher, reversing an early negative trend, after consumer inflation data showed muted increases in core inflation. However, the CPI rose at a 0.6% rate when including food and energy, its highest rise since last April. Housing starts rose 0.8%, beating analysts expectatons but below February's increase.
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Investors celebrated Tax Day with a broad-based rally and the S&P 500 closed at its highest level in nearly seven years, boosted by Citigroup's strong earnings report and a surge in M&A activity. "Expectations for this quarter are quite low and so far everything has beat, which has given the market a boost," said Barry Hyman, market strategist at EKN Financial.
New York Attorney General Andrew Cuomo's office expanded a sweeping investigation into the student loan industry with subpoenas and information requests to 13 more lenders, including some of the largest U.S. banks. Among them: Bank of America; Citizens Financial Group, a unit of Royal Bank of Scotland; JPMorgan Chase; National City; PNC Financial Services Group; Regions Financial; SunTrust Banks; US Bancorp; Wachovia and Wells Fargo. Cuomo's office also sent inquiries to three closely-held student lenders: Access Group, College Loan Corp. and EdFinancial Services.
Wal-Mart, the world's largest retailer, has reclaimed its position as the largest corporation in the U.S. among the Fortune 500, pushing Exxon Mobil down to number two. With more than $351 billion dollars in revenue, the magazine ranks Wal-Mart slightly ahead of the energy giant. Wal-Mart is on top for the fifth time in six years.
Financial services heavyweight Citigroup, said Monday its first-quarter operating earnings topped market expectations, thanks to strength in its markets and investment banking businesses.
The stock market enters the week boosted by a merger-driven buzz. Asian stock markets closed higher, and merger activity is helping European markets there gain. Earnings news, retail sales for March, and the Empire state manufacturing survey could all influence trading. Retail sales for March were up 0.7%, more than expected.