26.42 +0.11 (0.42%)
Pre-Market: 8:23AM EDT
|Bid||0.00 x 900|
|Ask||0.00 x 1200|
|Day's Range||26.31 - 26.63|
|52 Week Range||25.86 - 30.33|
|PE Ratio (TTM)||N/A|
|Beta (3Y Monthly)||1.01|
|Expense Ratio (net)||0.14%|
Stocks (^DJI, ^GSPC, ^IXIC) drop as Apple slips, Saudi issues flare up. The real estate (XLRE) sector is the most in the green, and the technology (XLK) sector is the most in the red. Yahoo Finance’s Scott Gamm joins us live from the floor of the New York Stock Exchange to talk markets. To discuss the other big stories of the day, Yahoo Finance’s Seana Smith and Zack Guzman are joined by Yahoo Finance editor-in-chief Andy Serwer, Myles Udland, Brian Sozzi, and Emily McCormick. ...
Citigroup’s (C) efficiency ratio has improved in the past few quarters and is currently hovering around 56% compared to 59% at the beginning of 2017. The bank’s operating efficiency further improved in the third quarter and came in at 56.1%, down from 56.6% in the corresponding quarter last year and 58% in the previous quarter. Citigroup’s efficiency ratio is the second best among the top US banks (XLF).
JPMorgan Chase’s (JPM) CIB (Corporate and Investment Banking) segment reported lackluster results in the third quarter due to weak trading activities for fixed-income assets. Although the segment’s revenues of $8.8 billion increased 3% YoY (year-over-year), the numbers were down from the growth of over 10% registered in the first two quarters of 2018. The CIB segment’s revenues declined 11% sequentially.
Shares of Morgan Stanley rallied 1.9% in premarket trade Tuesday, after the investment bank reported third-quarter profits and revenue that rose above expectations. Net income rose to $2.02 billion, or $1.17 a share, from $1.69 billion, or 93 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.01. Total revenue increased 7% to $9.87 billion, above the FactSet consensus of $9.54 billion, as 13% growth in institutional securities revenue to $4.93 billion beat the FactSet consensus of $4.59 billion and the 4% rise in wealth management revenue to $4.40 billion topped expectations of $4.36 billion. Equity sales and trading revenue rose to $2.0 billion from $1.9 billion, in line with the FactSet consensus, while fixed income sales and trading revenue was unchanged at $1.2 billion, just above expectations of $1.15 billion. Tangible book value per common share was $35.50, compared with the FactSet consensus of $35.68. The stock has tumbled 17.2% year to date through Monday, while the SPDR Financial Select Sector ETF has lost 5.7% and the S&P 500 has gained 2.9%.
Citigroup’s (C) Global Consumer Banking (or GCB) segment’s revenue rose 2% YoY (year-over-year) to $8.7 billion. Excluding the impact of the US dollar and the sale of the Hilton portfolio of credit cards, its revenue rose 3%, mainly driven by higher revenues in Latin America, partially offset by revenue decline across North America and Asia markets.
Citigroup’s (C) total revenues of $18.4 billion fell short of analysts’ estimate of $18.5 billion. Total revenues for the quarter also declined marginally on a year-over-year (or YoY) and sequential basis. The YoY comparison reflects the net impact of a gain from the sale of its fixed income analytics business in the year-ago quarter, a gain on the sale of its asset management business in Mexico, and unfavorable currency exchange rates.
Citigroup (C) reported better-than-expected bottom-line results for the third quarter of 2018 on October 12. The bank posted earnings of $1.73, which came in above the Wall Street estimate of $1.69. Earnings rose 21.8% on a YoY basis and 6.1% on a sequential basis.
JPMorgan Chase’s (JPM) Consumer and Community Banking segment has risen at a relatively faster pace due to higher interest rate spreads. The division posted revenues of $13.3 billion in the fourth quarter—10.4% growth on a YoY (year-over-year) basis and 6.3% sequentially. The bank’s higher revenues were mainly driven by increased net interest income due to higher deposit margins and loan expansion across the card, merchant services, and auto lease volumes. The higher revenues were partially offset by softness in home lending.
JPMorgan Chase’s (JPM) third-quarter revenues of $27.82 billion beat analysts’ estimate of $27.5 billion and improved 5.2% YoY. However, JPMorgan Chase’s revenues declined ~2% sequentially. JPMorgan Chase mainly benefited from loan book expansion, which resulted in net interest income growth of 7% and non-interest income growth of 3%. In line with the expectations, the bank’s revenues declined sequentially due to weaker trading revenues.