Citigroup (C) is set to report Q2 results before the market open on Monday, July 16 with a conference call scheduled to take place at 10:00 am. Analysts' consensus estimate is 89c for EPS and $18.76B for revenue. The consensus range is 82c-$1.03 for EPS and $18.18B-$19.20B for revenue, according to First Call. Citigroup investors may be encouraged after both JPMorgan (JPM) and Wells Fargo (WFC) reported higher than expected Q2 EPS earlier today. Wells Fargo said that its credit quality trends improved in Q2, although it added that the economic recovery is still uneven. On a negative not for Citigroup, however, Moody's downgraded the bank's debt by two notches last month. The ratings agency said that the bank doesn't have any stable businesses that can mitigate the effects of capital market turbulence. While the bank has taken steps to mitigate its risk, these steps are still untested, Moody's said. Also, on June 18, Ctigiroup CEO Vikram Pandit said that he did not believe that capital markets would improve anytime soon, suggesting that the bank's Q2 trading performance may not be superb.
The market is hovering around flatline ahead of the most highly anticipated Federal Reserve meeting of the year. …