C - Citigroup Inc.

NYSE - NYSE Delayed Price. Currency in USD
71.11
+0.19 (+0.27%)
At close: 4:00PM EDT
Stock chart is not supported by your current browser
Previous Close70.92
Open70.72
Bid71.17 x 2200
Ask72.09 x 3200
Day's Range70.68 - 71.29
52 Week Range48.42 - 75.24
Volume7,086,044
Avg. Volume12,964,087
Market Cap160.645B
Beta (3Y Monthly)1.82
PE Ratio (TTM)9.89
EPS (TTM)7.19
Earnings DateOct 15, 2019
Forward Dividend & Yield2.04 (2.88%)
Ex-Dividend Date2019-08-02
1y Target Est82.24
Trade prices are not sourced from all markets
  • Wall Street Invaders Won’t Clear This Moat
    Bloomberg13 hours ago

    Wall Street Invaders Won’t Clear This Moat

    (Bloomberg Opinion) -- Supply-chain finance is the secret sauce behind Citigroup Inc.’s mid-20% return on equity from transaction banking.That might sound counterintuitive, especially in Asia. The export-led region is facing the brunt of supply dislocations as the U.S.-China trade war intensifies. But the skirmish isn’t a showstopper for financing. As production moves from one country to another, transactions that need to be greased with money or credit will occur somewhere else. They won’t disappear.For evidence, take a peek at Citi’s recent quarterly results. The bank has $715 billion in deposits from institutional clients. About $166 billion of it is in Asia, up 8% from a year earlier and growing faster than consumer banking deposits. What’s more, Citi doesn’t even have to aggressively seek corporate liquidity by promising high interest rates. It just has to work with a few hundred clients – not just Western multinationals like Procter & Gamble Co., but also Asian ones such as Alibaba Group Holding Ltd. and Xiaomi Corp. – by lubricating their vast global supply chains running into tens of thousands of vendors.Imagine a detergent maker in Indonesia that gets paid by P&G 90 days after billing. The company would be tempted to accept money from Citigroup even for 120 days if doing so helps to keep its domestic bank-financing lines unencumbered. Citi doesn’t take any credit risk on this small supplier because the bank is going to be paid by P&G, which also benefits by getting an extra 30 days to settle its bills. A big chunk of the corporate cash swirling on Citi’s balance sheet is what the multinationals have in their accounts at the bank , vast sums that ensure supply chains function smoothly.In a two-part series about virtual banking – the hottest new thing in Asian finance this year – my colleague Nisha Gopalan and I concluded that corporate cash management may be a more lucrative bastion than retail for the digital warriors to storm. That’s particularly so for Wall Street banks looking beyond fickle investment-banking revenue. However, even that “more modest leap of faith,” as we described the lure of transaction banking to the likes of Goldman Sachs Group Inc., will have trouble clearing Citi’s moat. It may not be impossible for an online-only bank to operate in more than 160 countries, deal with heavy penalties in case it flouts sanctions or gets dragged into a money-laundering scandal, and over time build its own war chest of deposits. But it’s certainly going to be difficult.None of this means that traditional transaction bankers can rest easy. In the world they’re familiar with, materials move one way; money in the opposite direction. The greater the risk of interruption to the flows, the higher the premium for ensuring they don’t. This age-old landscape is changing fast. The consumption of a Netflix movie or a Spotify song is purely digital. Deloitte estimates that by 2025, more than a third of all consumption in Australia, Hong Kong, Singapore and Malaysia will be done by people born after 1980. The spending of digital native generations – Y and Z – will be light on materials.Transaction bankers can’t dig themselves into a hole and pretend they’re engaged in a pure business-to-business activity. If you want to bank Uber Technologies Inc., you have to grapple with the financing of the discount coupons on late Uber Eats deliveries.Many things in the new digital supply chain will be done more efficiently by non-banks. Deloitte cites the example of Traxpay, chosen this year by Edeka Group, a large German food retailer, to handle the working capital needs of its vendors. Platforms like Traxpay will still need banks. But the real profit lies in owning the client relationships, not in providing money. To retain their edge banks will either have to buy promising fintech firms, or build their own rival products. Both options are capital-intensive; neither is guaranteed to succeed.We’ve previously characterized transaction banking as humdrum to distinguish it from its flashier cousin of retail digital banking. But not only is supply-chain finance juicy for banks, its meat-and-potatoes wholesomeness is drawing in fintech and Wall Street investment banks. The $715 billion of cheap liquidity sitting on the balance sheet of the big daddy of transaction banking is both a temptation for challengers, and a dare. It’ll be interesting to see where those deposits are five years from now.\--With assistance from Nisha Gopalan To contact the author of this story: Andy Mukherjee at amukherjee@bloomberg.netTo contact the editor responsible for this story: Matthew Brooker at mbrooker1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Top Analyst Reports for UnitedHealth, Citigroup & Honeywell
    Zacks18 hours ago

    Top Analyst Reports for UnitedHealth, Citigroup & Honeywell

    Top Analyst Reports for UnitedHealth, Citigroup & Honeywell

  • Market Realist20 hours ago

    David Rosenberg Is the Latest to Warn of Recession

    David Rosenberg said that earnings are “rolling over” and economic data indicates that the economy is very close to recession.

  • Financial Timesyesterday

    Peter Charrington: an eye to the future at Citi Private Bank

    Peter Charrington has arrived for one of his regular visits to the European hub of Citi Private Bank, just off Pall Mall, London. The trip from America by the bank’s global head to his native UK is too brief for him to join colleagues at Wimbledon but the lessons of the world-famous tennis tournament are not wasted on Mr Charrington as he considers the latest rising stars.

  • Software Provider Medallia’s Trading Debut Ranks Among Year’s Best
    Bloomberg4 days ago

    Software Provider Medallia’s Trading Debut Ranks Among Year’s Best

    (Bloomberg) -- Medallia Inc. ended its first day as a public company with one of the year’s 10 best trading debuts after its $325.5 million initial public offering.Shares of the enterprise software provider, which rose as much as 88% Friday, closed up 76% to $37.05. That gave it the eighth-best first-day performance out of 105 IPOs in the U.S. this year, according to data compiled by Bloomberg.The company and some of its investors sold 15.5 million shares on Thursday for $21 each after marketing 14.5 million of them for $16 to $18. The listing values the company at about $4.5 billion, based on the additional stock sold and the number of shares outstanding, as listed in regulatory filings.Beyond Meat Inc. had the year’s best U.S. trading debut after its $276 million IPO in May. The meat-substitute producer soared 163% on first day and is now up 581% from its offer price, also the best in the U.S. this year.Medallia Chief Executive Officer Leslie Stretch said he was pleased with the company’s debut, as well as its progress toward profitability.“We need to invest in sales and marketing -- go to market -- and we’re doing that aggressively,” Stretch said in an interview. “We’re going to continue with our trajectory.”The San Francisco-based company’s net loss for the quarter ending April 30 was $2.6 million on revenue of $94 million, it said in the filings. That compared with a net loss of $28 million on revenue of $71 million for the same period last year.The offering was led by Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. The shares are trading on the New York Stock Exchange under the symbol MDLA.(Updates with closing share price in second paragraph)To contact the reporter on this story: Michael Hytha in San Francisco at mhytha@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • The Fed Cherry-Picked Its Way to a Rate Cut. Here’s Proof.
    Bloomberg4 days ago

    The Fed Cherry-Picked Its Way to a Rate Cut. Here’s Proof.

    (Bloomberg Opinion) -- The Federal Reserve has resorted to fallacy.After the central bank’s June meeting, policy makers indicated that the case for easing monetary policy had grown but that they wanted to wait to see further evidence of weakening data before lowering interest rates. U.S.-China trade tensions were certainly a risk, but as Chair Jerome Powell noted on June 25, a week after the central bank’s decision, “the amount of tariffs that are in place right now is not large enough to represent a major — from a quantitative standpoint — threat to the economy. The concern is about confidence and financial market ripple effects.”Fast-forward to the present, and you’d hardly recognize that patient, prudent stance. Bond traders in the past 24 hours have rapidly moved toward pricing in not just an interest-rate cut at the end of the month, but a steep, 50-basis-point reduction. New York Fed President John Williams and Fed Vice Chair Richard Clarida tag-teamed to jolt the market odds before the central bank’s self-imposed blackout period begins. Williams said that “when you only have so much stimulus at your disposal, it pays to act quickly to lower rates at the first sign of economic distress.”(2)Where’s the economic distress, exactly?Powell has cited “crosscurrents from global growth and trade” as potentially reverberating onto the U.S. economy. But there’s scant evidence of that happening on a large scale. He said he was watching to see whether tariffs would hurt confidence and financial markets. But a Bloomberg index of expectations for the American economy is the highest since November. The S&P 500 Index is near record levels. High-yield corporate bond spreads are around their one-year average.The only conclusion I can draw from watching the Fed over the past month is that, at best, officials have resorted to cherry-picking data (or ignoring it entirely) to support their plan to lower interest rates. This is sometimes referred to as the fallacy of incomplete evidence. At worst, the central bank caved to political pressure from President Donald Trump for lower rates and a weaker dollar — a point he hammered home again on Friday as he criticized the central bank’s “faulty thought process.”To put the Fed’s cherry-picking in stark relief, I selected a handful of U.S. data and compared it collectively with each month since the central bank’s tightening cycle began in earnest in December 2016. I chose the following metrics:Change in nonfarm payrolls: Arguably the most-watched number to assess the health of the labor market Core Consumer Price Index: Measures the less-volatile components of inflation Empire State Manufacturing Index and Philadelphia Fed Business Outlook: Both are considered good cyclical indicators Retail sales: A closely watched figure for retailers and wholesalers, as well as consumer spending Markit Manufacturing and Services PMIs: Gauges of the industrial and services parts of the economyEvery single one of these measures, when released in the past three weeks, beat analysts’ estimates.(1)That has never happened in a month going back to the end of 2016. It’s a stunning contrast to the baked-in expectations that the Fed will cut by at least a quarter-point, and quite possibly more, because the economy needs a boost.Am I cherry-picking a bit myself? Perhaps. Housing starts and building permits came in weak, for one, and average hourly earnings were an ever-so-slightly disappointing part of the jobs report. But overall, the data has certainly improved since the Fed’s last meeting, captured succinctly by U.S. economic surprise indexes from Citigroup Inc. and Bloomberg, both of which are at the highest since early June.How do top Fed officials explain themselves in the face of this flurry of stronger-than-expected economic figures? They now appear content to simply abandon the pretense of data dependency. Clarida remarked that “you don’t need to wait until things get so bad to have a dramatic series of rate cuts,” adding that research favors acting preemptively. He emphasized “disappointing” global data, while calling U.S. data “mixed.”As I wrote last week, a rate cut this month was never in doubt after Powell’s congressional testimony, which made every effort to highlight risks to the U.S. economy, however small, and areas where it’s doing worse than expected. He could have quite easily left the door open to keeping policy steady, especially after the rebound in the jobs data — in fact I laid out the path to doing so here — but he instead decided it wasn’t worth the effort.That’s too bad. For the Fed to maintain credibility, Powell is going to have to explain at his press conference after the July decision whether the central bank’s reaction function has changed. Because this abrupt change in the span of just a few months, from holding steady to potentially a shocking 50-basis-point cut, tests the limit of plausibility. It certainly seems as if officials are much more focused on comparing their policy to others around the world.I still think the most likely outcome is a consensus quarter-point cut on July 31. In fact, the aggressive commentary from Clarida and Williams could be seen as a way to move the goal posts and make a “smaller” rate cut seem like the patient and prudent way to handle monetary policy — effectively pulling off a “hawkish surprise” and an interest-rate cut at the same time. Indeed, Citigroup Inc. strategists were among those who rushed to adjust their call to a 50-basis-point drop in rates mere hours after the Fed duo moved the markets. Others expect the same.It’s important for bond traders to see through this shift and understand its implications. The Powell Fed of old is no more. Nothing fundamentally has changed in the U.S. economy in recent months, and yet the most influential members of the central bank are clearly determined to ease policy. Whatever the opposite of data-dependency is, that’s what’s driving interest-rate decisions now.(1) A New York Fed spokesman later said the following: "This was an academic speech on 20 years of research. It was not about potential policy actions at the upcoming FOMC meeting."(2) For those of you who take issue with using CPI over the Fed’s preferred measure of inflation, the most recent reading of the core personal consumption expenditures index also topped forecasts when released on June 28.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Financial ETFs Caught Between Solid Earnings & Falling Yields
    Zacks4 days ago

    Financial ETFs Caught Between Solid Earnings & Falling Yields

    Though Q2 banking earnings are upbeat so far, a slump in long-term bond yields kept financial ETFs in check.

  • Morgan Stanley Earnings Beat As Wealth Management Gains Offset Weak Trading
    Investor's Business Daily5 days ago

    Morgan Stanley Earnings Beat As Wealth Management Gains Offset Weak Trading

    Morgan Stanley earnings beat Q2 estimates, following results from Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America.

  • Bank of America CEO reveals millennials shockingly aren't broke, but have $200 billion saved
    Yahoo Finance5 days ago

    Bank of America CEO reveals millennials shockingly aren't broke, but have $200 billion saved

    Bank of America CEO Brian Moynihan just went a long way in showing not all millenials are broke.

  • Here is how corporate stock buybacks are changing the earnings picture
    Yahoo Finance5 days ago

    Here is how corporate stock buybacks are changing the earnings picture

    Earnings season is underway and corporate buybacks are set to boost earnings per share for S&P 500 companies.

  • 3 Bank Stocks to Buy After Earnings Headlines
    InvestorPlace5 days ago

    3 Bank Stocks to Buy After Earnings Headlines

    This week marked the start of the bank earnings season. Coming into it, I favored owning three bank stocks: JP Morgan (NYSE:JPM), Bank of America (NYSE:BAC) and Square (NYSE:SQ).The reactions to JPM and BAC earnings were tentative. So the opportunities there remain intact. The third hasn't yet reported, so the SQ stock price continues to hold its own for the bulls.So in light of the recent reports, are they still good to buy at these levels? The short answer is, yes.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSo, today, I reiterate the reasons why and I also add Citigroup (NYSE:C) to the list of banks to own for the long term.The first few days of the earnings season are muted and did not yet erase the predominant idea that bank stocks are boring and cannot rally. So the investment in them now should continue to be under the assumption that it's for the long term. So What About Their Environment?Contrary to popular belief, banks stocks do perform in lockstep with the general equity markets. Year-to-date JPM and BAC are up just as much as the S&P 500 and Citigroup stock is up double that.In addition, since all of them passed their stress test, they are all committed to defending their own stock prices with financial engineering.They will increase dividends and buy back their own shares so the efforts from the sellers will have to go against a tremendous headwind of cash flow from the banks themselves.The U.S. Federal reserve and other central banks have wreaked havoc with banks' ability to conduct business. They keep manipulating the interest rates and this creates tremendous confusion, especially on Wall Street.Most investors believe that banks need higher rates to profit, but that is not true. Money center banks need a wide spread between short- and long-term rates to profit.So the recent commitment from the Federal reserve to lower short-term rates should invite more lending activity and at a wide spread. Banks borrow short term to lend us long term. So I am not worried about their business models this year. * 10 Best Cryptocurrencies to Keep on Your Radar With that in mind, let's dive a bit deeper into what makes these three stocks to buy. JP Morgan Chase (JPM)Source: Shutterstock Perception on Wall Street is that JPM is the best of the best. Fundamentally it's cheap as it sells at a price-to-earnings ratio of 12x. The book value fluctuates from 1.2 to 1.6, so it's not likely to be a financial debacle to own it here. In addition, JP Morgan stock pays a respectable 2.8% dividend.The management team is a proven winner. They survived the worst financial crisis of the modern era, so they've seen a few hard days. The regulations that followed the 2008 financial crisis made it so that their balance sheets are bullet proof. Recently, JP Morgan recommitted to more capital return via buybacks and dividends.In addition to the value below, JPM stock is trading inside a tight range. It has support at $112 and $110 per share and a neckline at $116.5, above. Technically, this makes for a breakout opportunity since the bulls have been setting an ascending trend of higher lows while knocking at a resistance zone. If they can break through the resistance zone above, then they can overshoot higher and mount a $9 rally.I would own the shares here for this short-term opportunity and/or for the long-term equity investment. Either way, I think JPM stock is a winner.For those who like to trade options there is also the possibility to sell put spreads at the support levels for August and/or buy calls just above the current price. The combination would be cost neutral thereby offering an opportunity to profit with no out-of-pocket expense.The JPM earnings report did not add any new worries so the ongoing fundamentals still favor the long-term bullish thesis than the short. Bank of America (BAC)Source: Shutterstock The fundamentals for BAC stock are very similar to those of JP Morgan. The stock on the other hand trades in a much tighter range. Case in point, in the last few weeks, the Bank of America stock price is ping-ponging inside a $1 wide box and this includes the reaction to an earnings event.BAC sells at a 10.8 P/E and 1.1 times sales, so it's even cheaper than JPM stock. Management is also beyond reproach since they not only survived the crisis but also saved a few banks along with it.Since BAC trades in a tight bunch, I prefer to trade it via options. I like to sell puts into dips and what others fear. It's a low-priced ticker, so I don't mind being out of the stock if one of those trades temporarily fails. Over the long term it will work out. This way I generate income without any out-of-pocket expense.For example, if I sold the Jan $25 puts before the earnings they now are almost 20% cheaper to close the position. The stock only moved up 2% in comparison. And in my scenario, I risked no money out of pocket.It is important to note that I don't sell naked puts unless I am willing and able to own the shares.Since BAC stock is now tight, technically it too has an opportunity to breakout. The bulls need to overcome the current resistance level, so they can target $31.2, which was the fail of April 29. * 7 Battery Stocks for High-Powered Gains Here too the Bank of America earnings report did not change the overall bullish thesis on the stock. Citigroup (C)Source: Shutterstock Citigroup's reactions to earnings was negative. Since then, the C stock price has traded inside that earnings day candle. So, technically, I note the edges of it as short-term catalysts. Meaning that any breach of its sides would carry some momentum in that direction.So if the bulls can beat $72, they can target $76 per share. Conversely, if the sellers can break below $70, they can target $68 per share.Either way, it would be an exercise in short-term trading and won't change the long-term bullish thesis on the stock. Citigroup stock, for the long term, remains a "BUY" in my book and the experts on Wall Street agree since it has very few HOLD and almost no SELL ratings.So which one is best?They are all quality stocks to buy, but from a 2019 perspective, C stock has the best score. Logic says to stick with the winner.However, of the three banks today, C is my least personal favorite. This is nothing against its own fundamentals and more so my worry over its exposure to international situations. Specifically the chatter surrounding its exposure to entities like Deutsche Bank (NYSE:DB) for example. I don't have anything concrete, but if there is a rumor, then there must be some truth to it, and I don't want the surprise of finding out one day.In summary, I can confidently state that the major U.S. banks are almost all stocks to own almost at any time, while they carry their current fundamentals. JPM, BAC and C stock have so much value below that they make the bearish scenario seem shallow at its worst.Nicolas Chahine is the managing director of SellSpreads.com. As of this writing, he did not hold a position in any of the aforementioned securities. Join his live chat room free here. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Stocks Top Investors Are Buying Now * The 10 Best Cryptocurrencies to Keep on Your Radar * 7 Marijuana Penny Stocks That Could Triple (But You Won't Make Money) The post 3 Bank Stocks to Buy After Earnings Headlines appeared first on InvestorPlace.

  • Morgan Stanley and Goldman Sachs Play the Long Game
    Bloomberg5 days ago

    Morgan Stanley and Goldman Sachs Play the Long Game

    (Bloomberg Opinion) -- Goldman Sachs Group Inc. and Morgan Stanley are the two Wall Street banks most connected to high-stakes trading. Historically, that made them seem glamorous relative to the other big U.S. institutions, which focused on the more steady business of retail banking.The tide has turned. Persistently low volatility has made it clear that banks can’t count on traders to drive profits. Goldman’s equities revenue beat expectations earlier this week, in a small sign of hope, but Morgan Stanley’s results on Thursday were more far more indicative of the trend. Its $2.13 billion from equities was the highest among banks but was down 14% from a year ago and fell short of even the lowered estimates of $2.27 billion. In fixed income, currencies and commodities, revenue dropped 18% rather than the expected 7% decline.This puts Goldman and Morgan Stanley in a tough spot. They’re not well positioned to immediately compete with Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. in catering to the banking needs of Main Street. At the same time, the bank executives have to feel pressure to limit the quarter-to-quarter fluctuations that are at the mercy of the whims of the global markets.Reading between the lines, their answer to this quandary appears to be more emphasis on wealth management.Now, this isn’t exactly a revelation, nor an abrupt shift. Morgan Stanley has been moving into wealth management strategically for a while, and Goldman’s division already oversees more than $1 trillion in assets. Still, the banks’ latest commentary and moves in the past quarter make clear that they see this business, which produces a steady stream of fee-based income, as a way to leverage their reputation as titans of Wall Street.In Morgan Stanley’s earnings call on Thursday, Chief Executive Officer James Gorman specifically praised Dan Simkowitz for his work on building up the firm’s asset-management unit. And by all accounts it was well deserved, with the division’s revenue at the highest in five years. On the wealth-management side, Morgan Stanley posted $4.41 billion of revenue, which was 2% higher than last year and blew away analysts’ estimates for a 9% decline.Moreover, Morgan Stanley’s wealth-management division posted an impressive 28% profit margin. So impressive, in fact, that it drew more than one question from analysts about whether the bank can sustain that sort of momentum, including from Mike Mayo of Wells Fargo. Gorman insisted “it’s not like we are sitting back and saying we are really milking this.” Rather, “we’re playing for the long run.”At Goldman, Chief Executive Officer David Solomon on Tuesday highlighted its $750 million purchase of wealth manager United Capital, which was announced in May and represented one of Goldman’s biggest acquisitions in recent memory. Bloomberg News’s Sridhar Natarajan noted at the time that Solomon has made building out fee-based businesses a high priority so that shareholders can more easily estimate the bank’s growth and earnings.None of this is to say that Morgan Stanley and Goldman will abandon their positions as premier trading firms. But it’s notable to parse what Morgan Stanley Chief Financial Officer Jon Pruzan told Bloomberg News’s Sonali Basak in an interview. “We’re No. 1 in the world” in equities trading, he said, adding that “we would expect to maintain our market share in this type of environment.” He reiterated those comments during the analyst call.It’s certainly possible that volatility will resume, given that stock markets are hovering near all-time highs and global central banks are on the verge of further easing monetary policy. But framing expectations in terms of maintaining market share would seem to indicate that Pruzan expects further challenges for trading in the coming months and years. Ted Pick, who oversees all of Morgan Stanley’s traders and investment bankers, made some interesting comments in May about the equities business. He said he had led the division with “high levels of paranoia” because it felt like a couple of competitors were coming after the bank, either on price or looser risk requirements or something else. He said “that’s not a game we’re going to play.”Rather, as these second-quarter earnings make clear, Morgan Stanley is playing the long game. So is Goldman. When it comes to dealing with the fickle nature of financial markets, sometimes the most sound strategy is to play the hand you’re dealt.To contact the author of this story: Brian Chappatta at bchappatta1@bloomberg.netTo contact the editor responsible for this story: Daniel Niemi at dniemi1@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Zacks5 days ago

    Morgan Stanley (MS) Beats on Q2 Earnings Amid Trading Woes

    Rise in interest income and lower costs support Morgan Stanley's (MS) Q2 earnings. However, weak trading and investment banking performance is on the downside.

  • Zacks Earnings Trends Highlights: JPMorgan, Citigroup and CSX
    Zacks5 days ago

    Zacks Earnings Trends Highlights: JPMorgan, Citigroup and CSX

    Zacks Earnings Trends Highlights: JPMorgan, Citigroup and CSX

  • Business Wire5 days ago

    Citigroup Declares Common Stock Dividend; Citigroup Declares Preferred Dividends

    The Board of Directors of Citigroup Inc. declared on July 17, 2019 a quarterly dividend on Citigroup’s common stock of $0.51 per share, payable on August 23, 2019 to stockholders of record on August 5, 2019.

  • Banking giant PNC to open first retail branches in Boston
    American City Business Journals5 days ago

    Banking giant PNC to open first retail branches in Boston

    A year ago, PNC executives said they had no immediate plans to open the offices in Boston. Those plans have changed.

  • Mixed Start to Q2 Earnings Season
    Zacks6 days ago

    Mixed Start to Q2 Earnings Season

    Mixed Start to Q2 Earnings Season

  • Big banks lean on strong consumer amid trading troubles
    Yahoo Finance6 days ago

    Big banks lean on strong consumer amid trading troubles

    All four big banks beat earnings estimates on the top and bottom lines, thanks to a strong U.S. consumer.

  • Bank Of America Earnings Top But Rate Cuts Weigh On Guidance
    Investor's Business Daily6 days ago

    Bank Of America Earnings Top But Rate Cuts Weigh On Guidance

    Bank of America earnings topped second-quarter views, with shares rising Wednesday. The banking giant has been nearing a buy point.

  • Netflix Earnings Will Show Whether Price Hikes Are Paying Off
    Bloomberg6 days ago

    Netflix Earnings Will Show Whether Price Hikes Are Paying Off

    (Bloomberg) -- Netflix Inc.’s earnings should help answer a key question for the streaming giant: whether customers are willing to pay more in an increasingly competitive market.After boosting prices in markets around the world, the company will deliver its second-quarter results on Wednesday afternoon. Analysts don’t expect much growth at home -- they’re predicting a mere 309,240 subscriber additions in the U.S. on average -- but the hope is that the increases and more users overseas will let Netflix sustain the expansion investors have come to expect.“Recent price increases in multiple countries should result in revenue acceleration starting this quarter,” Citigroup Inc. analyst Mark May said in a research note.Wall Street is projecting revenue of $4.93 billion for the period, up 26%. Analysts also will be closely watching the growth in average revenue per user, international profitability, domestic streaming contribution margins and user engagement.Netflix is the dominant paid video streaming service, but it has reason to shore up its position right now. Walt Disney Co., AT&T Inc.’s WarnerMedia and Comcast Corp.’s NBCUniversal are all racing to deliver their own online services, ushering in a new era of intense competition.Against that backdrop, Netflix is building its presence overseas. The company is expected to report the addition of 4.75 million subscribers internationally in the second quarter, according to analyst data compiled by Bloomberg.Shares in the company have risen 36% this year, nearly double the gain of the S&P 500. But it’s still unclear how many customers globally are willing to pay for its product. Greg Peters, the company’s chief product officer, has hinted at the need for a lower-priced subscription tier for users with less disposable income.Read more: The ‘Stranger Things’ hunt for a billion-dollar franchiseSunTrust analyst Matthew Thornton views investor sentiment as neutral-to-cautious heading into earnings, particularly with the stock down as much as 1.2% intraday. But Netflix’s June content slate should lift some spirits as the bank has seen increased web searches for original series like “When They See Us” and “Black Mirror,” Thornton told clients in a note.Things should get more interesting for Netflix in the second half. On the plus side, the Los Gatos, California-based company will get a boost from new seasons of “Stranger Things” and “Orange Is the New Black.” Earlier this month, “Stranger Things” got off to a record start, with 40 million household accounts watching in the first four days of the new season.But Disney’s highly anticipated $6.99-a-month streaming service, called Disney+, arrives in November. Though no one is expecting a large-scale defection from Netflix to Disney+, it should shake up the industry.What Bloomberg Intelligence Says:The price increases should accelerate 2Q average revenue per unit and revenue gains, even as operating margin isn’t expected to improve until 2H with a 13% target for the full year.-- Geetha Ranganathan, senior media analyst-- Click here for the researchJust the Numbers2Q streaming paid net change estimate +5.06 million (Bloomberg MODL data)2Q U.S. streaming paid net change estimate +309,240 2Q international streaming paid net change estimate +4.75 million2Q revenue est. $4.93 billion (range $4.73 billion to $4.98 billion) 2Q GAAP EPS est. 56c (range 52c to 65c)3Q revenue estimate $5.23 billion (range $4.89 billion to $5.52 billion)3Q GAAP EPS estimate $1.03 (range 63c to $1.39)Data32 buys, nine holds, four sells; average price target $398.57 Shares rose after six of prior 12 earnings announcements GAAP EPS beat estimates in nine of past 12 quarters To see deep estimates in this story NFLX US Equity MODLTimingEarnings release expected 4 p.m. (New York time) July 17Conference call website; also follow along on our live blog(Adds SunTrust commentary in eighth paragraph, updates share move and estimates.)\--With assistance from Karen Lin.To contact the reporter on this story: Kamaron Leach in New York at kleach6@bloomberg.netTo contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Nick Turner, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Benzinga6 days ago

    Apparently, Some Traders Are Nervous About Bank Earnings

    Citigroup (NYSE: C ) got the party started on Monday while JPMorgan Chase (NYSE: JPM ), Goldman Sachs (NYSE: GS ) and others in the financial space, continued the earnings parade yesterday. In other words, ...

  • Why Buybacks Could Fuel Stocks Even Higher
    Investopedia6 days ago

    Why Buybacks Could Fuel Stocks Even Higher

    Despite talk that stock buybacks may be on the decline, share repurchases are on a new record pace in 2019.

  • Citigroup CEO: I Don’t See a Recession in the Near Future
    Meredith Videos4 days ago

    Citigroup CEO: I Don’t See a Recession in the Near Future

    Michael Corbat explains why he’s optimistic.