Posts Tagged Citigroup
Citigroup Posts Q4 and FY Loss
Posted by Belisarius in Markets on January 19, 2010
The TARP repayment has cost Citigroup and its shareholders $6.2 billion. It seems that shareholders can’t get enough of value decreasing and diluting efforts by the Citi management. Shares are trading +1.2%. The loan loss provisions were again reduced while credit delinquencies rose.
Citigroup today reported a full year 2009 net loss of $1.6 billion, or $0.80 per share. Managed revenues were $91.1 billion for the year. The fourth quarter 2009 net loss was $7.6 billion, or $0.33 per share. Excluding the $6.2 billion after-tax loss associated with TARP repayment and exiting the loss-sharing agreement, the fourth quarter net loss was $1.4 billion or $0.06 per share.
Citgroup Equity Offering Becoming A Correction Catalyst?
Posted by Belisarius in Markets, U.S. Housing on December 17, 2009
Asia closed negative today, Europe is trading also negative -0.5% on average.
After I started began to doubt my calls on TARP repayments as a potential correction catalyst the Citigroup equity offering has turn out to be full blown fiasco. The offering was priced yesterday at $3.15 per share, a 20+ percent lower the share was trading before the offering announcement. Treasury delayed sale of its stake because the $3.15 per share price is 10% lower from the price the Treasury acquired its stake. Bloomberg story: U.S. Delays Sale of Citigroup Stake as Shares Sell at Discount.
Searching For A New Theme
Posted by Belisarius in Markets on December 9, 2009
I feels like the markets are searching for a new theme. The signs of a U.S. dollar strength have scared off recent themes (falling dollar = rising risk assets). Combined with a Bank of America capital issuance and a desperate attempts of Citigroup and Wells Fargo to do the same have completely altered the investing landscape.
International headwinds (Dubai, Greece, Spain) brought the additional suspense.
U.K. imposed a new tax levy on banker bonuses and it is planing to raise income tax. Sometimes this kind of, on first sight, unimportant changes cause large sentiment swings. Bloomberg story: Darling Raises Taxes on Income to Curb Deficit.
Same Old Story
Posted by Belisarius in Markets on November 9, 2009
Well, new week, same stories. Asia ended higher, Europe is trading higher on no news (media in claiming on G-20 stimulus). Looks we have relief rally, we survived last week filled with economic data and events and now on no major economic announcement or earnings (except WMT) this week we move up. Skeptical, as I am, I will remain only spectator of the market.
China car sales came out today, up 76% last month on stimulus and tax breaks. Bloomberg story: China’s October Passenger-Car Sales Rise on Stimulus.
Wells Fargo And Stuff
Posted by Belisarius in Markets on October 21, 2009
As I wrote before Wells Fargo earnings came better than expected. I gave gone through the material and I have to say the the way management presents the data gave me a sort of the confidence that they know their job, but when I reviewed the details the seen has only scared me. Presentation.
Just Buy
Posted by Belisarius in Markets on October 16, 2009
A wave of reckless optimism has taken over the financial world. We saw new highs in U.S. equities yesterday and European today. As I wrote before “better taken expected” has taken over the investor hart and souls. It doesn’t feel rational for me so I will pass on being long for the time being.
On the earnings announcement front yesterday we had good results (better then consensus, worse than market expected) from Goldman Sachs. In short Goldman has remained one of its kind in the proprietary trading and that will continue. Bloomberg story: Goldman Sachs’s Earnings Surge Falls Short of Record.