Cash equities, underwriting help Citi to Q3 earnings beat
13 October, 2017, 07:48 | Author: Regina Silva
JPMorgan, the largest US bank by assets, also topped expectations as loan growth and higher interest rates more than offset a 27 percent slide in bond trading. Citi reported a 3% year-on-year rise in global consumer banking revenue, while in North America retail banking jumped by 12%, excluding mortgages.
The poor results for fixed income markets revenue hurts Citigroup Inc's otherwise strong earnings report for the third quarter of the year.
Citi delivered earnings per share for the three months ended September 30 of US$1.42 - US$0.10 higher than analysts polled by Thomson Reuters had expected.
"The results were solid but not exceptional", said Morningstar analyst Jim Sinegal.
USA wholesale inflation hit a five-month high in September of 0.4 percent as a temporary shutdown in Gulf Coast oil refining lifted energy prices. Annualized return on equity was 7.3 percent.
In the latest U.S. economic data, a Labour Department report showed its producer price index for final demand climbed 0.4 percent in September, following a 0.2 percent increase in August. While bond trading was down 16 percent, stock trading was up 16 percent and security services were up 12 percent.
Juniper Networks, Inc. (JNPR) Updates Q3 Earnings Guidance
In related news, CEO Rami Rahim sold 16,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 30th. Juniper cut its per-share adjusted profit expectations to $0.54-$0.56, compared with previous guidance of $0.55-$0.61 a share.
While Citi's trading desks focus heavily on bond and currency trading, it was the bank's other trading desks that stood out. Citi's drop in bond trading revenue is similar to what JPMorgan Chase reported on Thursday as well.
AT&T sank 6.1 per cent as it confirmed many of its full-year financial targets, but said it expects a hit of US$210 million in pre-tax earnings in the third quarter due to USA hurricanes and earthquakes in Mexico.
Wall Street banks have been grappling with bond market challenges for most of the past seven years, as client volumes have been depressed for a number of reasons and new regulations have restricted certain activities and made trading more expensive. "We had revenue increases in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses".
Trading revenue during the fourth quarter of 2016 benefited from a surge in trading activity following the USA election.
During a call with reporters, Lake cited "the benefits of diversification and scale", while Daniel Pinto, who runs JPMorgan's investment bank, pointed to "balanced strength across diverse businesses" in a memo to employees.
The UAE announced it will terminate the missions of North Korea's non-resident ambassador and its own envoy to Pyongyang. A growing number of countries have also expelled North Korean diplomats and scaled back economic ties.
The financial services provider reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.28 by $0.02. The total amount of shares outstanding is 1.06 billion, giving the company a market capitalization of about 56.32 billion.
Judge Karen McDonald interrupted her plea in court saying that Bredow wasn't telling the entire truth. She will now have joint custody with her ex husband, but Bredow says she will appeal that decision.
In Massachusetts , insurers and advocates have worked on legislation that, if it becomes law, will serve as a work-around. And it would be nearly laughable if the implications for women's lives and health weren't so serious.
It is claimed she signed a non-disclosure agreement after filing the lawsuit after allegedly being paid $100,000 by Weinstein. Shortly after, Twitter suspended McGowan's account, who then took to Instagram to share how her voice was being silenced.
Robert Watkins in Los Angeles to determine if he should have micro-disk surgery, which will sideline him for four to six months. Cincinnati Bengals tight end Tyler Eifert is scheduled to undergo back surgery on Thursday, reports ESPN's Adam Schefter .
The US, its largest market saw growth of 1.4 per cent, as it saw continued softness in business from banking and retail customers. Strong, broadbased client metrics this quarter demonstrates our increasing success with newer customers.
In terms of Buy/Sell recommendations, 5 analysts have a consensus rating of 1.8 on the shares of Glu Mobile Inc (NASDAQ: GLUU ). Another way to determine the effectiveness of a company's distributions is by looking at the Shareholder yield (Mebane Faber).
Looking at some alternate time periods, the 12 month price index is 1.21173, the 24 month is 0.78718, and the 36 month is 0.61962. Northstar Investment Advisors Ltd Liability reported 12,265 shares or 0.11% of all its holdings. (NASDAQ:PFIE).
Geological Survey recorded a small quake in an area of North Korea where previous nuclear tests have been carried out. According to the US Geological Survey, there isn't enough information to conclude the nature of the quake yet.
Ford Motor Company (F) EPS Estimated At $0.31
FNY Managed Accounts LLC acquired a new stake in shares of General Motors in the 1st quarter valued at approximately $107,000. The Cornerstone Capital Management Holdings Llc holds 815,802 shares with $9.13M value, down from 1.07 million last quarter.
RSS 'explains' why women don't attend shakhas
The Akhil Bharatiya Karyakarini Mandal is one of the highest policy formulation and decision-making bodies of the RSS. We work amongst men. "It is unfair to ask them to leave their family duties and come to shakhas at that hour".
Checking in on the Levels for United Parcel Service (UPS)
United Parcel Service has a 52 week low of $102.12 and a 52 week high of $120.80. (NYSE:UPS) have climbed in the previous month. Taking a wider perspective, shares have been recently trading -1.56% off the 52-week high and 16.45% away from the 52-week low.