66.08 0.00 (0.00%)
After hours: 7:17PM EDT
|Bid||65.98 x 4000|
|Ask||66.09 x 800|
|Day's Range||65.20 - 66.09|
|52 Week Range||48.42 - 75.24|
|Beta (3Y Monthly)||1.84|
|PE Ratio (TTM)||9.62|
|Earnings Date||Jul 15, 2019|
|Forward Dividend & Yield||1.80 (2.55%)|
|1y Target Est||79.92|
Futures closed 0.2% lower in New York on Tuesday. Federal Reserve Bank of Boston President Eric Rosengren said the trade standoff is adding a downside risk to the central bank’s forecasts, while the Paris-based Organization for Economic Cooperation and Development downgraded its projection for global growth. Meanwhile, the industry-funded American Petroleum Institute reported U.S. crude stockpiles rose 2.4 million barrels last week, according to people familiar with the data.
It has also been amended to reflect that shares of Arabian Centres are due to start trading on Wednesday. It will be the biggest initial public offering since the $6bn listing of lender National Commercial Bank in late 2014.
Citigroup Inc NYSE:CView full report here! Summary * Perception of the company's creditworthiness is neutral * ETFs holding this stock have seen outflows over the last one-month * Bearish sentiment is low Bearish sentimentShort interest | PositiveShort interest is extremely low for C with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting C. Money flowETF/Index ownership | NegativeETF activity is negative. Over the last one-month, outflows of investor capital in ETFs holding C totaled $12.56 billion. Additionally, the rate of outflows appears to be accelerating. Economic sentimentPMI by IHS Markit | NeutralAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is strong relative to the trend shown over the past year, but is easing. Credit worthinessCredit default swap | NeutralThe current level displays a neutral indicator. C credit default swap spreads are within the middle of their range for the last three years.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Give credit where credit is due. The new leaders of General Electric (NYSE:GE), most notably CEO Larry Culp, have pledged to be more transparent with investors. That honesty already has boosted GE stock, which has gained some 40% so far this year.Source: Shutterstock As bearish as I've been on GE, the optimism makes some sense. Culp worked wonders at Danaher (NYSE:DHR). GE has some valuable assets. Its problem areas -- notably Power and GE Capital -- have weighed on the stock in part because the bad news never seemed to end. As I wrote a little more than two years ago, GE clearly lost investors' trust. In the interim, Culp, CFO Jamie Miller, and other executives have made regaining that trust a priority.The problem -- as General Electric stock climbed above $10 yesterday before falling back -- is that GE is being honest about real problems with the business at the moment. Meanwhile, GE stock might seem "cheap" given its long fall from $30+, but it still has a market capitalization of $86 billion -- and a larger amount of debt and pension expense.InvestorPlace - Stock Market News, Stock Advice & Trading TipsCulp and Miller have time to fix General Electric and they well might succeed. But there's a long way to go and still some success priced in at $10. GE Gets HonestIt's an interesting argument as to whether management's increased transparency has helped GE stock. Certainly, there have been short-term relief rallies, starting with the 7% pop that came when Culp was named CEO at the beginning of October. In late January, GE missed estimates in fourth quarter earnings -- and the stock still soared after Culp projected improvement in the struggling Power business, albeit not until 2020. Meanwhile, 2019 guidance in March similarly disappointed, and yet GE stock rose again, with Culp calling 2019 a "reset year." * 10 Retirement Stocks That Won't Wilt in a Bear Market When Culp talks, investors cheer. And he literally has put his money where his mouth is, buying more than $2 million in GE stock last year. He's also laid out a strategy for GE to be slimmer, more nimble and more financially solid. The dividend was cut again, saving cash flow to pay down debt, and assets are up for sale to drive further deleveraging. Importantly, GE has been crystal-clear in detailing those strategies.The latest example of that came last Wednesday. JPMorgan Chase (NYSE:JPM) analyst Stephen Tusa long has been bearish -- and right -- on General Electric stock. In a note released Wednesday morning, Tusa said the company still was managing the headlines in its Power business, seemingly highlighting a big order number cited by Reuters on Tuesday, a report which Tusa said overstated the early success of the turnaround in Power.It hardly seems a coincidence that hours later, CFO Miller told a conference that the company still expected "significantly negative" free cash flow from Power this year, and that Q1 orders didn't signify a change in trend. Indeed, it looks like GE management wants not even the appearance of trying to obscure the real problems facing Power -- and the business as a whole. Will It Help GE Stock?It's a worthwhile strategy. But it's also worth noting that for all the optimism so far, it hasn't actually worked. General Electric stock is down almost 9% from where it traded the day before Culp's hiring was announced. The YTD rally seems due at least in part to the recovering broad market -- and many of the short-term bumps driven by management commentary have soon fizzled.Meanwhile, GE is being honest but it's important to listen to what management actually is saying. Miller said Wednesday that margins in Power won't recover for at least three years. Culp said in March that free cash flow outside GE Capital would be negative this year.The sale of GE Biopharma to Danaher for $21.4 billion will help the balance sheet. But it also sends a key earning asset out the door, and -- again, according to management -- limits the likelihood of a spin-off of GE Healthcare. Even with GE Capital, which has driven several multi-billion dollar charges in recent years, Culp hasn't made any promises that all the problems are solved. General Electric Stock Has a Long Road AheadThe transparency coming from GE is welcome … and a long time coming. Shareholders and potential investors deserve to know what they're getting into. Perhaps more importantly, a turnaround -- for GE or for any other company -- can't happen until or unless management truly understands what needs to be fixed. * 7 Stocks to Buy that Lost 10% Last Week But the problems here are real. GE stock hasn't collapsed because of negative coverage from Tusa, or pressure from short sellers, or just because former CEOs Jeff Immelt and John Flannery weren't paying attention. The power industry on the whole is shrinking. GE Capital took risks similar to those that hurt big banks like Bank of America (NYSE:BAC) and Citigroup (NYSE:C) last decade; it simply took this long for some of the costs to come to light.So while it's worth appreciating the newfound honesty at GE, it's also worth listening to that honesty. Cash flow is negative. Power is years away from improving while the market for gas-powered turbines may continue to shrink. (Admittedly, some observers see growth.) GE Capital may still have some issues to iron out.Aviation, Renewable Energy, and Healthcare have value but I argued a year ago that even with that strength, the fair value of GE stock looked to be about $9-$11 per share. Honesty is helpful, but it doesn't change that core problem.As of this writing, Vince Martin has no positions in any securities mentioned. More From InvestorPlace * 4 Top American Penny Pot Stocks (Buy Before June 21) * 7 High-Yield REITs to Buy (Even When the Market Tanks) * 5 Great Blue-Chip Stocks to Buy Today * 7 Tech Stocks to Buy That Are Also Perfect for Retirement Compare Brokers The post Honesty Is A Good Start But Not Enough To Boost General Electric Stock appeared first on InvestorPlace.
Mexican President Andres Manuel Lopez Obrador said on Monday his government will order an end to tax forgiveness for the country's largest companies, saying $20 billion in exemptions given by his predecessors was akin to theft by gangsters. Of the firms that benefited from tax breaks totaling more than 400 billion pesos, 58 are listed on the stock exchange, said Mexico's tax chief Margarita Rios-Farjat at the president's regular news conference. Nearly a third of the companies listed on the benchmark S&P/BMV IPC received tax breaks, she said.
Discover the 10 best checking accounts for expats, including those that do not charge for debit card transactions and ATM withdrawals.
Bahrain-based alternative investment manager Investcorp has mandated Citi and JPMorgan to coordinate the refinancing of a $400 million loan, sources familiar with the matter said on Sunday. Founded in 1982, Investcorp is one of the oldest Middle Eastern private equity houses. As of the end of last year, it had $22.5 billion in assets under management.
The Consumer Financial Protection Bureau has filed a lawsuit against a New York debt collection firm that sues on behalf of creditors including Discover Financial Services and Citi for filing collection lawsuits against consumers without meaningful attorney involvement. The CFPB lawsuit against Forster & Garbus alleges the firm has used nonattorney support staff, automation, and both a cursory and deficient review of account files to attempt to collect more than 99,000 debts, collecting substantial sums of money from consumers who may not actually owe debts or may not owe debts in the amounts claimed. The CFPB is seeking an injunction against Forster & Garbus, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of a civil money penalty.
Carlson Capital is a Dallas, Texas-based multi-strategy alternative hedge fund that provides additional offices in Houston, New York City, Palm Beach Gardens, Greenwich, and London. It was founded by Clint Carlson back in 1993 and grew big since then, now managing more than $7 billion in hedge fund and CLO assets. Prior to launching his […]
Liz Truss: anti-wealth objection This week’s Brexit and Beyond conference, put on by the FT, was predictably downbeat as panellists debated the chaotic building site that Leave negotiations have become. ...
Rating Action: Moody's assigns A3 Issuer Rating to Citigroup Inc. New York, May 16, 2019 -- Moody's Investors Service has assigned an A3 issuer rating with stable outlook to Citigroup Inc., (Citigroup) in line with Citigroup's A3 senior debt ratings. Issuer ratings are opinions of the ability of banks to honor senior unsecured debt and debt-like obligations.
BRUSSELS/LONDON (Reuters) - Barclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros ($1.2 billion) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market. Banks have been hit with billions of dollars in penalties worldwide over the last decade for the rigging of benchmarks used in many day-to-day financial transactions, further damaging the industry's fragile reputation after the financial crisis.
Citigroup Inc., Royal Bank of Scotland Group Plc and JPMorgan Chase & Co. are among five banks that agreed to pay European Union fines totaling 1.07 billion euros ($1.2 billion) for colluding on foreign-exchange trading strategies. Citigroup was hit hardest with a 310.8 million-euro penalty, followed by fines of 249.2 million euros and 228.8 million euros for RBS and JPMorgan, the European Commission said in a statement on Thursday.
Barclays, Citigroup, J.P. Morgan, MUFG and Royal Bank of Scotland have been fined a total of 1.07 billion euros ($1.2 billion) by EU antitrust regulators for rigging the spot foreign exchange market for 11 currencies. Swiss bank UBS was exempted from a 285 million euro fine since it alerted the existence of two cartels to the European Commission. A similar case with the U.S. regulators is ongoing where Barclays, BNP Paribas, Citigroup, J.P. Morgan, Royal Bank of Scotland and UBS have entered related guilty pleas, and been collectively fined more than $2.8 billion.
The lender is expanding its team in Riyadh after getting regulatory approval last month to start cash-equities trading and custody services, Chief Country Officer Carmen Haddad said in an interview. MSCI Inc.’s move to include Saudi stocks in emerging-market indexes will boost trading, and Citigroup wants to be ready, she said. “We’ve had about 14-15 people on the ground and that will grow to about 20 this year,” Haddad said.
Citi’s Issuer Services business, acting through Citibank, N.A. has been appointed by Jiayin Group Inc. , a Cayman Islands exempted company with operations in China, as the depositary bank for its American Depositary Shares program.