Citigroup (C) just reported quarterly earnings at 8am. The company beat estimates posting $1.25 a share when expectations were for $1.17. Revenue also beat, topping $20 billion dollars for the quarter when consensus had been for $19.746. These results are similar to what we saw last Friday from JPMorgan (JPM) which made $1.60 a share versus estimates of $1.44. Wells Fargo (WFC) also beat, posting 98-cents when estimates were for 93-cents. As for Citi, its profits were up 42% for the quarter. The company has cut costs by firing thousands of workers and scaling back operations in less profitable countries. Citigroup is up 23% year-to-date. The stock is up a whopping 90% over the past year.
Boeing (BA) has been up nearly 2% in early trading. This follows a fall of nearly 5% on Friday when there were problems with two of the plane-maker's new 787s. In one case a Dreamliner parked at London's Heathrow Airport caught fire. In the other a 787 headed from England to Florida had to turn around because of a technical issue. Shares of Boeing have been up 32% this year, despite the face that the Dreamliner was grounded for several months.
UPS (UPS) is down more this morning after falling 5.8% on Friday. Shares tumbled after the company said Q-2 profits are going to come in below prior expectations. The shipping giant says it's being hurt both by overcapacity in the global freight market, and a slowing U.S. industrial economy. Shares of UPS are still up about 13% year-to-date. But Friday's warning also hurt the company's chief competitor FedEx, sending its shares down more than 2%.
Leap Wireless (LEAP) is up 117%. AT&T (T) announced Friday that it's buying Leap for $15 a share. The stock had been trading just shy of $8 before announcement of the deal. It may be a sign that AT&T is going on a buying spree. Bloomberg says the company will likely look to Europe for other acquisitions. AT&T stock is up just 2% so far this year as it struggles to grow profits with its existing businesses.
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