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"We think we're getting close to a top," said Bill Strazzullo, chief market strategist for Bell Curve Trading. "The problem is the market is counting on this booster shot of lower interest rates and some of that has been taken out."
Citigroup, the nation's largest bank, said Friday its fourth quarter profit fell from a year earlier when earnings were boosted by a gain from the sale of a business. But the latest results beat analysts' forecasts, thanks to strength in corporate and investment banking.
Citigroup posted record revenues of $89.6 billion in 2006 – and even beat analyst estimates by 3 cents per share – but profits at the country's largest bank are still down from a year ago. CEO Chuck Prince has been under pressure to boost the bank’s bottom line and while he has made progress – the stock is up significantly in the last two months...
Stocks in the U.S. look set for a weaker opening, influenced by touchy tech stocks, earnings, and the big decline in oil. Dow components GE and Citigroup both reported earnings early today. GE's 12 percent increase was in line with expectations and Citigroup's lower profits were a bit better than Wall Street expected. Citigroup also raised its dividend by 10 percent.
Executives at financial giant Citigroup are preparing to rebrand the company with a shorter name -- "Citi" -- and a new logo without the signature red umbrella, according to the New York Times.
Financials and techs, two groups that pulled in the money last week, will be out in front of the news this week when earnings season is in full swing. Markets will also be watching key economic data, a parade of Fed speakers and whatever side show goes on when oil markets reopen, after last week's near six percent slide in crude.
Citigroup will close most of its Japanese consumer finance branches and take a $370 million fourth-quarter loss in that unit because of new laws that makes it tougher for lenders to profit.
Almost every analyst has an angle on how to beat the market, and investors pay big money for trading tips that promise guaranteed profits. But here on CNBC we give that advice away for free. John Prestbo, editor of Dow Jones Indexes, shared his “Dogs of the Dow” strategy on “Morning Call” today. It returned 32% in 2006.
Bullish sentiment took hold of markets as stocks charged higher--albeit on thin volume--with auto and homebuilding shares leading the way.
The bulls caught their breath today after a run-up last week. All major indexes ended the day in the red. The Dow Jones Industrial Average closed slightly lower today by 4 points, even as two of its biggest components – General Electric and Citigroup – surged with both stocks hitting highs (Citigroup closed at an all-time high, GE at a 52-week high). The Nasdaq and S&P 500 also faced selling pressure, closing down 22 and 5 points, respectively.
An early rally lost steam on Wall Street as all of the major indexes closed lower, weighed down by energy and technology stocks.
The government on Monday filed civil charges against former Fannie Mae chief Franklin Raines and the mortgage giant's former finance chief and controller, seeking fines and the return of millions in bonus money said to be tied to an improper accounting scheme.
A consortium led by Citigroup has won final regulatory approval for its $3.1 billion purchase of 85.6% of Guangdong Development Bank (GDB), the China Banking Regulatory Commission said on Monday, paving the way for a restructuring of the troubled southern China lender.
U.S. stocks moved higher after the November CPI report took investors by surprise – showing that consumer prices were unchanged for the month (an increase was expected). CNBC’s Mary Thompson had her “Eye on the Floor” of the NYSE on the last day of the trading week...
U.S. stocks surged Thursday, driving the Dow industrials to a record close on strong earnings from brokerages and other companies and an improving outlook for the U.S. economy.
Citigroup's cost-cutting campaign is coming at a time when the company needs to invest, says CNBC's Charlie Gasparino.
Just three days after appointing a new chief operating officer--Citigroup is holding an analyst and investors day. CNBC's Mary Thompson was live on the scene from the Manhattan location. Thompson said that no one should expect any more news on management changes for restructuring at the financial giant. That word came from the company's CEO Chuck Prince.
Despite management changes at Citigroup made late Monday, investors still aren’t happy. There are only two ways to unlock shareholder value, depending on whom you talk to: Either make some radical changes at the C level or break up the company. Sue Herera had two investors with large holdings in Citigroup on “Power Lunch” to debate the issue.
Citigroup has agreed to buy wealth manager Quilter from rival Morgan Stanley as it seeks to expand in the UK, the companies said.
Stocks closed lower amid muted reaction to the Federal Reserve's decision to leave interest rates unchanged.